Central Board of Direct Taxes has issued the notification for Cost inflation index(CII) for FY 2018-2019, each year CBDT declares CII so that income tax assessee can calculate the capital gain for Income tax purpose. The base year for the Cost Inflation Index is Financial Year 2001-2002, which means any property purchased before 1.04.2001, assessee has the option… Read More »
Income tax department has issued the Income tax return for FY 2016-17 i.e. for AY 2017-18 well on time and same can be downloaded for filling ITR for period 1st April 2016 to 31st March 2017. For Financial Year 2016-17 department has merged the different ITR and numbering of ITR has been changed and after… Read More »
Computation of Capital Gains under Proviso to S. 48 Statutory provisions According to proviso to S. 48, in the case of an assessee, who is a nonresident, capital gains arising from the transfer of a capital asset being shares in, or debentures of, an Indian company shall be computed by converting the cost of acquisition, expenditure incurred wholly and… Read More »
Rebate section 87A for AY 2016-17 is over and above the below Slabs Surcharge – 12% if the total income exceeds Rs. 1 crores Education Cess on income-tax- 2% Secondary and Higher Education Cess- 1% The income tax rates for FY 2015-16 are: New Income tax slab for FY 2015-16 / AY 2016-17 For Resident Senior Citizens 60 years< but… Read More »
Statement that “Filing of Income Tax is compulsory for all PAN CARD Holder” is False. Having PAN card does not make it compulsory to file returns. If income is taxable in a particular year, then you need to file return. However if income is below taxable limits, you can still have a PAN card and… Read More »
It is not true that income tax return once filed cannot be revised but only return filed after due date can’t be revised. Every person, being a person specified in S. 139(1), is required to furnish a return of his income on or before the due date. The due date for filing income tax return for corporate… Read More »
NEW INCOME TAX SLAB / RATES FOR FINANCIAL YEAR 2014-15 .i.e. AY 2015-16 as proposed by Budget 2014-15 Finance Bill 2014-15 Income Tax Slab/Tax Rates for Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person. Rates of income-tax in the case of every individual (other than those mentioned in (ii) and… Read More »
Every year the income tax rates are changed by the government and every year government charged tax on the new tax slab or on the latest tax slabs. The Income tax rates and slabs applicable for the financial year 2013-14 are same as it was during financial year 2012-13, except the two major changes which… Read More »
The Income-tax Returns in most cases have to be filed by 31st July, 2014. However, for the Corporate Sector as well as for persons who are having the requirement of tax audit the last date of filing Income-tax Return happens to be 30th September 2014. Rule 12 is concerned with filling of income tax returns. The Central Board of Direct… Read More »