Union Budget 2017-18: Income Tax rate reduced, earning upto Rs 3 lakh not taxed

01-02-2017

Persons with annual Income upto Rs 3 lakh will not have to pay income tax and those having income upto Rs 5 lakh will be charged income tax at 5 per cent. To much joy of tax payers in the lower brackets of income tax, Finance Minister Arun Jaitley has relaxed the chargeable rates. Personal income tax in Rs 2.5 lakh - 5 lakh bracket has been reduced to 5 per cent from 10 per cent. Jaitley further announced that annual income up to Rs 3 lakh will be exempt from income tax. Earlier, the tax slabs had caps at annual income of Rs 2.5 lakh, Rs 5 lakh and Rs 10 lakh attracting income tax of 10 per cent, 20 per cent and 30 per cent respectively. Those with annual income

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Income Tax Rates FY 2016-17 (AY 2017-18) – Finmin Orders
January 26, 2017

CIRCULAR NO : 01/2017 F.No.275/192/2016-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 2nd January, 2017 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961. Reference is

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Aadhaar Number to be a must for Filing I-T Returns
January 21, 2017

The government of India is planning to make Aadhaar number a must for filing of income tax returns from next fiscal year and link all bank accounts to the unique identity number by the end of this financial year. All bank accounts to be seeded with Aadhaar by Mar 31, Aadhaar to be made mandatory for PDS as well. The government is planning to

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Income Tax department detects undisclosed income of over Rs 5300 crore
January 10, 2017

NEW DELHI: The Income Tax department has detected un-disclosed income of over Rs 5,343 crore and seized Rs 114 crore of new notes which were allegedly procured illegally in its nation wide operation against black money hoarders post demonetisation.  Official sources said the taxman, exactly after two months after demonetisation was announced,

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Here’s how to rationalise capital gains tax
December 29, 2016

A major spin-off a significantly lower rate of tax on income hinted at by the finance minister would be the possibility to reorganise the taxation of savings and capital gains on a rational basis. That basis is to treat as current income liable to bear tax at the rate appropriate for the relevant income bracket that part of any capital gain, after

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Simplify, reduce personal income tax: Economists
December 29, 2016

Leading economists urged Prime Minister Narendra Modi to simplify and reduce personal and corporate taxes in the upcoming Budget, as they called for a unified import duty of about 7 per cent for the manufacturing sector. “Tax simplification figured quite a lot...on the direct taxation, both corporate and personal income tax on simplifying,

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KNOW ABOUT – How to file Nil Income Tax Return? What Is Nil Income Tax Return? Here Is Why You Should File It
September 24, 2016

Did you know that you can file a tax return even if your income for the year is below the taxable limit? If your taxable income is less than the threshold limit of Rs. 2.5 lakh in a year, you are not mandated to file income tax return. But if you want to, you can file a nil return. But you may wonder why get into the hassle of filing a tax

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