In our last article we have discussed above tax rates that is applicable to an individual for the financial year 2015-2016 (assessment year 2016-2017). In this article we will be looking into the tax rates that are applicable to a partnership firm, Co-operative society and local authority for the financial year 2015-2016 (assessment year 2016-2017). These rates will be … [Read more...] about Tax rates applicable to partnership firm, Co-operative Society and Local Authority for financial year 2015-2016
Income tax
Tax rates applicable to individual for financial year 2015-2016 – Assessment year 2016-2017
Budget 2015 has been placed in parliament by finance minister Arun Jaitley on 28th February 2015. This budget has not changed anything related to tax rates applicable to an individual for financial year 2015-2016 in comparison to financial year 2014-2015 except additional surcharge for those individual whose income exceeds Rs 1 crore in a financial year. Here is a … [Read more...] about Tax rates applicable to individual for financial year 2015-2016 – Assessment year 2016-2017
Important tax provisions in Budget 2015-2016
Finance Minister Arun Jaitley today on 28th February 2015 has announced a budget for the financial year 2015-2016. According to him this budget is aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit. Here are your major changes in budget 2015-2016; No change in rate of … [Read more...] about Important tax provisions in Budget 2015-2016
Gross direct tax collection During April-December FY 2014-2015 is at Rs 546661 crores – up by 12.93%
Gross direct tax collection during April-December of the Financial Year 2014-15 is up by 12.93 percent at Rs 5,46,661 crore as against Rs 4,84,063 crore collected during the same period last year. Gross collection of Corporate tax has shown an increase of 12.79 percent and stood at Rs 3,50,494 crore as against Rs 3,10,754 crore collected during the same period last … [Read more...] about Gross direct tax collection During April-December FY 2014-2015 is at Rs 546661 crores – up by 12.93%
How to apply PAN card for a partnership firm in India
Partnership firm in India are governed by Partnership Act, 1932. In India anyone can form partnership firm either by writing a partnership agreement or by oral. For income tax purpose, partnership firm has to submit partnership deed as a proof of its existence along with PAN card application form 49A. Before applying you need to make sure that partnership deed is prepared … [Read more...] about How to apply PAN card for a partnership firm in India
CBI arrests an Income Tax Officer For Accepting Bribe of Rs. One Lakh
The Central Bureau of Investigation has today arrested an Income Tax Officer, posted at Khatima, Udhamsingh Nagar (Uttarakhand) for demanding & accepting a bribe of Rs.One Lakh from the complainant. A case was registered on 12-01-2015 against Income Tax Officer, Income Tax Office, Khatima, Udhamsingh Nagar(Uttarakhand) on a complaint alleging that Income Tax Officer … [Read more...] about CBI arrests an Income Tax Officer For Accepting Bribe of Rs. One Lakh
22 chartered accountants have issued more than 400 tax audit report for AY 2013-2014
As per the recent Report No 32 of 2014 (Performance Audit) of CAG, 22 chartered accountants have done more than 400 tax audits for assessment year 2013-2014 instead of the present limit of 45 tax audits. Out of the list one chartered accountant has done 2471 tax audits for the assessment year 2013-2014. To maintain quality of tax audit conducted by chartered accountants, … [Read more...] about 22 chartered accountants have issued more than 400 tax audit report for AY 2013-2014
When charitable trusts are required to file income tax return
Charitable trusts in India are set up for social causes. To get tax exemption these registered charitable trusts are required get their trust registered with income tax department and follow tax regulations as prescribed in India. As per Income Tax Act, 1961, charitable trusts in India are required to file income tax return before the due date as prescribed in the Act. … [Read more...] about When charitable trusts are required to file income tax return
Donation to political parties can be claimed as tax deduction
Donation to a political party can be done by an Indian citizen or Indian company. A non resident can also contribute if he or she has a valid passport. These individuals and Indian companies can claim tax deduction on their donations if conditions related there to have been satisfied. We have two sections related to tax deduction on donation to political parties. Section … [Read more...] about Donation to political parties can be claimed as tax deduction
TDS return filing forms and due dates – For quarterly filing
TDS returns are to be filed after deducting tax from eligible payments and depositing it with the government. TDS return, which is referred as return for tax deducted at source, has to be filed quarterly based on the type of tax deduction. In this article, we will be discussing various TDS return filing forms and the due dates for filing quarterly TDS statements. Different TDS … [Read more...] about TDS return filing forms and due dates – For quarterly filing