Author: CA Tarannum Khatri

New Professional tax rates in Gujarat FY 2014-15 for employees

New professional tax rates in Gujarat for financial year 2014-15 ( Notification no. GHN 5 , PFT-2013. Monthly Salary Professional tax (per month) Less than 6000 Nil 6000 to 8999 Rs. 80 9000 to 11999 Rs. 150 12000 and above Rs. 200 Pls note that it is duty of employer to deduct and deposit professional tax on behalf of employee. Professional tax rates in Gujarat for other than employees are different as per profession. Visit site Gujarat commercial tax to know more. Professional tax return due date: If employees are less than 20, the return should be filed within 15 days of expiry of previous year in form no. 5AA. Professional tax return should be filed within 15 days of  expiry of previous month in form No. 5 if employees are more than 20. However, he can apply for annual return in form no. 5B. Professional tax payment due date in Gujarat: If he has less 20 or less than  20 employees, due date is 15 th day from the end of the quarter which are15th July, 15th Oct, 15th Jan, 15th March. If he has more than 20 employees, due date is 15th day from the end of the month. In short, professional tax for current year should be paid within 15th of next month. Interest on late payment of Professional tax in Gujarat: If he pays professional tax...

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Income tax slab for A.Y. 2013-14 and F.Y. 2012-13

Income tax slab for A.Y. 2013-14 and F.Y. 2012-13 for person other than senior citizen and super senior citizen: Income Income tax rate Up to Rs. 2,00,000 0 Income from Rs. 2,00,001 to Rs. 5,00,000 10% Income from Rs. 5,00,001 to Rs. 10,00,000 30,000 +20% Income exceeding Rs. 10,00,001 1,30,000 + 30%   Income tax slab  for senior citizen  for a.y. 2013-14 and financial year 2012-13 : (age 60 years or more during the previous year) Income Income tax rate Up to Rs. 2,50,000 0 Income from Rs. 2,50,001 to Rs. 5,00,000 10% Income from Rs. 5,00,001 to Rs. 10,00,000 25,000 +20% Income exceeding Rs. 10,00,001 1,25,000 + 30% Income tax rate for super senior citizen for a.y. 2013-14 and f.y. 2012-13: (aged 80 years or more During previous year): Income Income tax rate Income up  to Rs. 5,00,000 0% Income from Rs. 5,00,001 to Rs. 10,00,000 20% Income exceeding Rs. 10,00,001 1,00,000 + 30% Surcharge is NIL Education cess is 3% on above tax. You can get xml utility from income tax website. This slab is for non corporate assessee. Income tax slab for a.y. 2013-14 is helpful when the person gets notices or want to rectify his return or file revised or belated return. Last date of return filling revised or belated return  is...

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Income tax slabs for A.Y. 2015- 16

income tax slabs for A.Y. 2015-16 (F.Y. 2014-15): Income tax slabs for a.y. 2015-16 for individual (below age 60 years during previous year) or AOP, BOI, HUF, NRI, AJP  (for woman and man): Up to taxable income Rs. 250000 0 On taxable income exceeds Rs. 250000 but Does not exceed Rs. 5,00,000 10% (2000 rebate available for residential individual u/s 87A) On taxable income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25000 + 20 % on amount exceeding Rs. 5,00,000 On taxable income exceeds Rs. 10,00,000 Rs. 1,25,000 +30% on amount exceeding Rs. 10,00,000 Surcharge: 10%...

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income from house property calculation

  Income tax has five heads of income. Have you rental income ? It is covered under income from House property. Learn from this article income from house property computation from let out property and self occupied property and about deduction. Definition of income from house property: Income from building or land appurtenant thereto is taxable under the head income from house property. Two types of  house property income: Income from let out property Income from self occupied property. Income from house property calculation : with example Income tax on income from let out property: Let out property means...

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Gujarat work contract scheme 2014 for civil contractors

Gujarat government has introduced gujarat work contract scheme 2014  for civil work contractors and developers through budget 2014 vide notification GST-1014-884-VAT CELL dated . It is covered under section 41 of Gujarat Vat. Reason for the gujarat work contract scheme 2014 : In judgement of larson and turbo case, honable supreme courte has cleared the point that transfer of immovable property in contrustruction work  is taxable as deemed sale. Who can get benefit? Registered or unregistered dealer under gujarat vat can avail the scheme. Civil contractor can take the benefit of the scheme. The dealer who is under processing...

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