Author: CA Tarannum Khatri

Income tax rates for A.Y. 2014 -15

Income tax return filling due date is near and you may be searching for income tax slab.Here I have given chart for income tax rates for A.Y. 2014-15 and F.Y. 2013-14  Tax rates for other than senior citizen for a.y. 2014-15 For individuals other than senior citizen (60 years or more age) and super senior citizen (80 years or more age)assessee   Income Tax Slabs Up to Rs 2,00,000 Nil Rs. 2,00,000 to Rs.5,00,000 10% plus rebate-10% of income up to 2000 Rs. 5,00,000 to 10,00,000 20% More than Rs. 10,00,000 30%   Surcharge -10% when income exceeds Rs. 1 crore Education and higher education cess-3% on tax and surcharge   Tax rates for senior citizen (60 years or more age) for a.y. 2014-15:   Income Tax Slabs Up to Rs 2,50,000 Nil Rs. 2,50,000 to Rs.5,00,000 10% Rs. 5,00,000 to 10,00,000 20% More than Rs. 10,00,000 30%   Surcharge -10% when income exceeds 1 crore Education and higher education cess-3% on tax and surcharge   Income tax rates for super senior citizen (80 years or more age) for a.y. 2014-15:   Income Tax Slabs Up  to Rs.5,00,000 Nil Rs. 5,00,000 to 10,00,000 20% More than Rs. 10,00,000 30%   Surcharge -10% when income exceeds 1 crore Education and higher education cess-3% on tax and surcharge.  ...

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How to calculate tax on agricultural income?

Agricultural income can give you tax advantage but you should know correct method for calculating tax.Learn how to calculate income tax liability when you have agricultural income. Step 1: Compute non agricultural income as if it was your only income. Step 2: Aggregate non agricultural income and agricultural income and compute tax on it. Step 3: Compute tax on agricultural income after adding basic exemption limit to it. Step 4: Step 2- Step 3 is tax payable Step 5: Add surcharge and education cess. This exemption is not available to company or firm. Don’t you think this is great benefit given to small tax payer. So follow the rule and save the tax.  know more about income tax by subscribing to Tax masala’s news...

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Income Tax Return due dates

In taxation field, dates are very important. you are late for one day and you have to pay interest , penalty etc. But don’t worry. Here I have given information about due date of Income tax return filling, belated return, revised return and defective return.It will help tax payers, students and professionals.Let’s take a look. Due date for filling income tax return (139(1)) Assessee Due date Company assessee 30th September Where accounts of the assessee are required to be audited under any law 30th September Where assessee is working partner in a firm whose accounts are audited under any law 30th September In any other case 31st July Benefits of filling return within due date: 1)      No interest chargeable for 234A, 234B and 234C. 2)      No penalty 3)      All losses can be carried forward to next year. Income tax return can be filed belated u/s 139(4) within one year from the end of the assessment year. Disadvantages of filling belated return: 1)      The assessee will be liable for penal interest under section 234A. 2)      A penalty of Rs. 5000 may be imposed u/s 271F. 3)      Few losses cannot be carried forward. Revised Return under section 139(5): Assessee can correct omission or wrong statement by filling revised return. The revised return is substitution of original return and once revised return is filed, assessment will be started according to the revised...

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Easy way to understand capital gain tax india

What is capital gain tax? Capital gain is one of the head of income tax . Capital gain tax is levied on gain on transferring assets. Asset must be included in definition of capital asset as per section 2(14). Definition: “Capital asset” means Property of any kind held by an assessee, whether or not connected with his business or profession, but does not include the following: 1.     Stock in trade, raw materials, and consumable stores held for the purposes of business or profession. so if you are selling stock, capital gain tax will not arisen. 2.     Personal effects of movable nature, such as furniture, utensils, and vehicles held for personal use by the assessee or any dependent member of the family: Kindly note that transfer of personal effects like jewelry, archaeological collections, drawings, paintings, sculptures or any work of art is taxable. 3.     Agricultural land in India which is situated in any rural area.           Specified area means  Any asset situated within the jurisdiction of municipality and its population should be less than 10000 as per last census. If not situated within jurisdiction of municipality, it should be situated under certain kilometers specified by central government.            So tax is not levied on transfer of rural agricultural land.      4. Gold bonds issued by government of India including gold deposit...

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TDS rate chart for financial year 2014-15

Section Type of payment Threshold limit TDS Rate 192 Payment of salary As per slab – 193 Interest on security 5000 10 194 Dividend –deemed div u/s 222(e) 2500 10 194A Interest other than interest on security 5000 10 194B Winning from lottery/crossword etc 10000 30 194BB Winning from horse races 5000 30 194C Payment to contractor/sub contractor Single contract -30000 Contracts during the year 75000 Payment to individual/HUF 1 Payment to any other person 2 194D Insurance commission 20000 10 194EE Payment in respect of deposit under NSC, 1987 2500 20 194F Payment on account of repurchase of Mutual fund/Uti 20 194G Commission on sale of lottery ticket 1000 10 194H Commission/brokerage 5000 10 194I Rent 180000 Rent of plant & Machinery 2 Rent of land/ building/furniture/fitting 10 194J Professional fees, technical fees, royalty 30000 10 Remuneration to director 10 194LA Payment to compensation on acquisition of certain immovable property 10 Made by CA Tarannum Khatri Founder – download this chart  TDS rate chartDon’t forget to share this chart with your friends to help them. subscribe to our email newsletter to get more knowledge about...

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