Income Tax Rates for current year 2015-2016 (Assessment year 2016-2017)

Income Tax Rates for current year 2015-2016 (Assessment year 2016-2017)

Income Tax Rates for Assessment year 2016-2017:

Income Tax Rates/Slab for Assessment Year 2016-17	Rates/ %age
Up to 2,50,000 Up to 2,50,000 (for women) Up to 3,00,000 (for resident individual of 60 years till 80 years)	Nil
250,001 – 5,00,000 Up to 500,000 (for resident individual of 80 years and above, Tax is nil)	10% Nil
5,00,001 – 10,00,000	20%
10,00,001 upwards	30%

Education Cess of 3% is also applicable to Income Tax computed as per above slab.

There is no change in Income tax rates for year 2015-16. It is same as last year 2014-15 (AY 2015-16).

Source: http://incometaxreturnindia.com/

 

Income tax rates for Financial year 2015-2016

Income tax rates for Financial year 2015-2016

1). Individual resident aged below 60 years (i.e. born on or after 1st April 1955) or any NRI / HUF / AOP / BOI / AJP*

Income Tax :

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 2,50,000/-.	NIL
ii.	Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.	10% of amount by which the total income exceeds Rs. 2,50,000/-. Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv.	Where the total income exceeds Rs. 10,00,000/-.	Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore  (if applicable then Marginal Relief in Surcharge).

Education Cess : 3% of the total of Income Tax and Surcharge.

* Abbreviations used :   NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

2). Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year (i.e. born on or after 1st April 1934 but before 1st April 1954)

Income Tax :

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 3,00,000/-.	NIL
ii.	Where the total income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-	10% of the amount by which the total income exceeds Rs. 3,00,000/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 20,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv.	Where the total income exceeds Rs. 10,00,000/-	Rs. 120,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

3). Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1934).

Income Tax :

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 5,00,000/-.	NIL
ii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iii.	Where the total income exceeds Rs. 10,00,000/-	Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

4). Co-operative Society

Income Tax :

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 10,000/-.	10% of the income.
ii.	Where the total income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.	Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii.	Where the total income exceeds Rs. 20,000/-	Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

5). Domestic Company

Income Tax : 30% of total income.

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

• At the rate of 5% of such income tax, provided that the total income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
• At the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

6). Firm

Income Tax : 30% of total income.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

7). Local Authority

Income Tax : 30% of total income.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

8). Company other than a Domestic Company

Income Tax :

• @ 50% of on so much of the total income as consist of 
• (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or
• (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
• @ 40% of the balance.

Surcharge :

The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

• At the rate of 2% of such income tax, provided that the total income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
• At the rate of 5% of such income tax, provided that the total income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

Marginal Relief : When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Example :

In case of an individual assess (< 60 years) having taxable income of Rs. 1,00,01,000/-

1.	Income Tax	Rs. 28,30,300
2.	Surcharge @10% of Income Tax	Rs. 2,83,030
3.	Income Tax on income of Rs. 1 crore	Rs. 28,30,000
4.	Maximum Surcharge payable (Income over Rs. 1 crore less income tax on income over Rs. 1 crore)	Rs. 700/- (1000 - 300)
5.	Income Tax + Surcharge payable	Rs. 28,31,000
6.	Marginal Relief in Surcharge	Rs. 2,82,330/- (2,83,030 - 700)

 Note: There is no change in Income tax rates for year 2015-16. It is same as last year 2014- 2015 (AY 2015-16).

Source: http://www.taxdost.com/

 

 

Highlights of Union Budget for 2015-16

Highlights of Union Budget for 2015-16

 

Budget 2015-16 Highlights:

• GDP growth to be 8-8.5% in 2015-16
• Embarked on GST and JAM Trinity to use bank accounts, Aadhar and Mobile number to transfer government benefits
• Current account deficit below 1.3 percent of GDP
• Aiming for double digit growth rate, achievable soon
• Expects consumer inflation to remain close to 5 percent by March, opening room for more monetary policy easing
• Expects to implement goods and services tax by April 2016
• We will move to amend the RBI Act this year to form Monetary Policy Committee: Jaitley
• 50 lakh toilets constructed in 2014-15; on the way to achieve target of 6 crore toilets
• Coal bearing states will get several lakhs of crores of rupees as royalty following transparent auction process 
• FM Jaitley says outlook for India positive, reiterates partnership with states
• India is set for a faster growth trajectory
• Real GDP growth to jump to 7.4%, making India the largest growing economy in the world
• The govt wants to improve quality of life and to pass benefits to common man
• GST will put in place a state of art taxation system
• The rupee has become stronger by 6.4% 
• People of India have voted for quick change, faster growth, stable economy, we have lived up to their trust
• The credibility of Indian economy has been re-established
• Jan Dhana Yojana makes our aim of financial inclusion visible
• Three achievements of government: Success of Jan Dhan Yojana, coal auctions, Swach Bharat
• We inherited a sentiment of doom and gloom and the investor community had almost written us off
• World says it’s India’s chance to fly
• We are a round the clock, round the year government
• Govt has embraced states as equal partners in growth: FM

Source: http://www.taxdost.com/

For Year ending Mar 13, Income tax return filing due date was 31 st July. Due to heavy load on income tax efilling site the last date was extended to 05.08.2013.

Still there are some of us who have missed the deadline of 05th August 2013. What is the impact of late filing of income tax return , is there any penalty for filing late return, is there any interest on late filing of income tax return, in this article we are answering the FAQ on impact of late filing income tax return.

In case you miss 05.08.2013, for year ending mar 13 (ie Assessment year 2013-2014) then you can still file income tax return by 31.03.2015.

Case A) If you file income tax return by 31.03.2014 :  

1) Penalty: Then there is no penalty for late filing of income tax return
2) Interest for late filing : No interest is payable in case there is no tax due.
However, If there is any income tax due, then interest under section 234 A is payable for late filing of tax return.

Case B) If you file income tax return by 31.03.2015

Impact is given below:
1) Penalty: Then there is penalty of Rs 5000/- for late filing of income tax return.
2) Interest for late filing : No interest is payable in case there is no tax due.

However, If there is any income tax due, then interest under section 234 A @ 1% is payable for late filing of tax return till the date of filing income tax return.

This interest will be in addition to the 1 percent per month interest on non-payment of advance tax (for amount due after calculating TDS, amounting to over Rs 10,000).

Other Impact of missing the due date of 05.08.2013

1) Loss cannot be carried forward: if there is any capital loss, the loss cannot be carried forward. However house property loss and business loss on account of unabsorbed depreciation and capital expenditure on scientific research can still be carried forward to be set off against income of next year.
2) If there was any refund due: Then your refund will be processed late, resulting in loss of interest for yourself.
3) Revision of return is not possible: If you file your return after 05.08.2013, and later you find any mistake in your income tax return then you will not be able to revise the Income return.
- File your Income tax return with TaxDost.com

Cost Inflation index for financial year 2013-14

Income tax department has notified Cost inflation index(CII) for the financial year 2013-14. Income tax department issued every year CII figure which shows the inflation figure and it is very useful for calculating capital gain on the sale of the property. Income tax department has issued a notification no. 40 dated 6 June 2013 about the cost inflation index for the financial year 2013-14 and CII is 939. Full notification as well as cost inflation index of 33 years starting from financial year 1981-82 is as follows. New Delhi, the 6th day of June, 2013 S.O. 1464(E) – In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:- 2. In the said notification, in the Table, after serial number 32 and the entries relating thereto, the following serial number and entries shall be inserted, namely:- Cost Inflation Index for Year 2013-14 is 939 - See more at: http://www.taxdost.com/cost-inflation-index-for-financial-year-2013-14/

What is ITR V

What is an ITR-V?

ITR-V stands for ‘Income Tax Return – Verification’ form.

What is the significance of ITR V?

ITR V  is received when you e-file Income Tax Return without using a digital signature. Income Tax Department verifies the genuineness of income tax return when filed online without using a digital signature.

What I am Supposed to do ITRV?

One copy of ITR V should be saved in your records.
Another copy of ITR V should be signed and send to the Income Tax Department to complete the Income tax Return filing process.

Where should i Send ITR V?

To complete the return filing process, follow the below mentioned steps –

• Print and sign ITR-V.
• Do not fold this signed ITR-V. Enclose the same in A-4 size envelope.
• Mail the envelope within 120 days of e-filing to –

Income Tax Department CPC
Post Box No.1,
Electronic City Post Office,
Bangalore 560100, Karnataka.
Upon receipt of ITR-V, Income Tax Department will send an e-mail acknowledging the receipt of signed copy of ITR-V. This is your acknowledgement.

How will I know that my ITR V is received by Income tax department?

On receipt of ITRV you will be getting email and SMS from Income tax department. You can also login to income tax efilling site and know the status of ITR-V received or not?

What to do in case Income tax department does not receive my ITR V?

In case you do not get confirmation from Tax Department, please sign the ITRV again and send it by normal post.

Can I submit the ITR V by Courier?

ITRV sent by courier is not accepted. Tax Department has clearly stated to use Normal post or speed post only.
What if I do not submit ITR-V within 120 days?
If you miss submitting your ITR-V within 120 days, your return is consdired as never being filed.
In such a case you will have to file revised tax return, get a new ITR-V, acknowledgement number and submit again within 120 days.
Efile Income Tax Return  with Tax Dost.com

Income tax forms for filing income tax return for AY 2013-2014

Income Tax form for assessment year 2013-14 are released by Income Tax department. ITR-1 (Sahaj) ,ITR-2 ,ITR-3, ITR-4 and ITR-4S( sugam) has been released . ITR-5 and ITR-6 can only be filed through e filing mode .

Important points to be noted;

1) Due date to File income tax return for Assessment Year 2013-14 for non -audit cases is 31.07.2013.

2) All Individual/ HUF whose income exceed 5 Lakh have to e file their income tax return with or without digital signature.

3) Please use correct form for filing Income tax forms.

Correct Income Tax forms and  people who can use these Income tax forms is given below.  You can download Income tax forms from here.

Usage of Forms	Person	Form No	Instructions
For Individuals having1) Income from Salary / Pension/2) Income from One House Property(excluding loss brought forward from previous years) /3) Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses	Individual / HUF	Form 1 / Sahaj
1) Individual who can not file Sahaj above and 2) where the total income does not include any income chargeable to income-tax under the head “Profits or gains of business or profession”,	Individual / HUF	Form 2
For Individuals/HUFs1) being partners in firms and2) not carrying out business or profession under any proprietorship	Individual / HUF	Form 3
For individuals and HUFs having income from a proprietory business or profession	Individual / HUF	Form 4
Sugam – Presumptive Business Income tax Return	Individual / HUF	Form 4S /Sugam
For Partnership firms, AOPs and BOIs	Firms, AOPs and BOIs	Form 5	E filing only
For Companies other than companies claiming exemption under section 11	Companies	Form 6	E filing only
Acknowledgment for filing Income tax Return		ITR V

Don’t worry about selecting the correct form.

Call us now and File Income tax return now with TaxDost.com in 3 easy step.