income tax slab rates

Surcharge on Income Tax on Income above Rs 1 Crore

Surcharge on Income Tax on Income above Rs 1 Crore

The Finance Act 2013 introduced the levy of Surcharge on Income Tax @ 10% on all categories of taxpayers earning income above Rs 1 Crore. Earlier this was levied only on Companies but now Surcharges on Income Tax is levied on everyone who has income above Rs. 1 Crore. However, the rates of Surcharge on Income Tax vary for different […]

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Tax Benefit on Home Loan: Section 24, 80C, 80EE

Tax Benefit on Home Loan: Section 24, 80C, 80EE

A very important criterion to be kept in mind while taking a Home Loan is the Tax Benefit on Home Loan. To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components:- Repayment of the Principal Amount Repayment of the Interest on Home Loan As the repayment comprises of 2 different […]

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Income Tax Slabs: Rates for Financial Year 2013-14 (A/Y 2014-15)

Income Tax Slabs: Rates for Financial Year 2013-14 (A/Y 2014-15)

Income Tax Slabs Rates for Financial Year 2013-14 i.e. A/Y 2014-15 and Financial Year 2014-15 i.e. Assessment Year 2015-16 are the same. The Income Tax Slab can be divided in the following categories:- A.INDIVIDUALS & HUF For Male Individuals below 60 Years of Age and HUF For Female Individuals below 60 Years of Age For all Senior Citizen above 60 […]

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Rounding off in Income Tax – Section 288A & 288B

Rounding off in Income Tax – Section 288A & 288B

For the purpose of simplicity and to facilitate easy payment of taxes, the income tax act suggests rounding off of income and the income tax payable thereon. The Rounding off of income is governed by Section 288A and rounding off of tax payable is governed by Section 288B. Recommended Read:- Computation of Income Tax as per Slab Rates Procedure for […]

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Budget 2013: Tax Impact of Budget on Common Man in India

Budget 2013: Tax Impact of Budget on Common Man in India

The Indian Finance Minister P. Chidambaram presented the India Budget 2013 on 28th February 2013 and the following are the major tax changes that would impact the Indian Common Man:- 1. TDS of 1% on Property With an aim to curb the Black Money that is being circulated in the Real Estate Market, the Finance Minister in his Budget 2013 […]

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Advance Tax Payment: Due Dates and Interest on Late Payment

Advance Tax Payment: Due Dates and Interest on Late Payment

If the Income Tax Liability of any assessee is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in instalments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called “Advance Tax” or “pay as you earn tax” […]

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ITR Form: Which Income Tax Form should you submit in 2013?

ITR Form: Which Income Tax Form should you submit in 2013?

ITR Form have been released by the Income Tax Department for Financial Year 2012-13 i.e. Assessment Year 2013-14. There are different ITR Forms (Income Tax Forms) for Different Classes of Assesses and the same has been explained below. Each type of ITR Form is in 2 Formats – Excel File and PDF File. Assessee’s opting for efiling of Income Tax […]

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Computation of Short Term & Long Term Capital Gain Tax in India

Computation of Short Term & Long Term Capital Gain Tax in India

At the time of Sale of any Asset, Tax is liable to be paid on the Gains earned on the sale of Asset. Such Gains could either be Short Term Capital Gains or Long Term Capital Gains. The basis of such Classification in the Income Tax Return has been given below:- Short Term Capital Gain (STCG): If the Asset is […]

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