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CA Vinay Lunkad S
Is it worthwhile to continue the business as a Partnership Firm / LLP or to run as a corporate , since the later one enjoys the benefit of paying tax @ lesser rate by 5% , the intention of the Government seems to be give more benefits to a much organised structured entity.
| Income Tax Slab rates for the period April 2017 to March 2018 | ||||||
|
Legal Entity |
Income Details |
Tax Rate |
Surcharge | Cess | Net Tax Rate | |
| Individuals/HUFS/AOP/BOI | Upto 2.5 Lacs ** | |||||
| 2.5 Lacs to 5 Lacs | 5.00% | – | 0.15% | 5.15% | ||
| 5 Lacs to 10 Lacs | 20.00% | – | 0.60% | 20.60% | ||
| 10 Lacs to 50 Lacs | 30.00% | – | 0.90% | 30.90% | ||
| 50 Lacs to 1 Crore | 30.00% | 3.00% | 0.99% | 33.99% | ||
| > 1 Crore | 30.00% | 4.50% | 1.04% | 35.54% | ||
| Corporates | ||||||
| Domestic Companies | ||||||
| Turnover ## > 50 Crores | Upto 1 Crore | 30.00% | – | 0.90% | 30.90% | |
| 1 Crore to 10 Crore | 30.00% | 2.10% | 0.96% | 33.06% | ||
| > 10 Crore | 30.00% | 3.60% | 1.01% | 34.61% | ||
| Turnover ## < 50 Crores | Upto 1 Crore | 25.00% | – | 0.75% | 25.75% | |
| 1 Crore to 10 Crore | 25.00% | 1.75% | 0.80% | 27.55% | ||
| > 10 Crore | 25.00% | 3.00% | 0.84% | 28.84% | ||
| Partnership Firms /LLP’s | Upto 1 Crore | 30.00% | – | 0.90% | 30.90% | |
| > 1 Crore | 30.00% | 3.60% | 1.01% | 34.61% | ||
| ** | ||||||
| If Age is | Exemption Limit | |||||
| 0-59 | 2.5 Lacs | |||||
| 60-79 | 3 Lacs | |||||
| >=80 | 5 Lacs | |||||
| ## – Turnover for the period April 2015 to March 2016 is to be considered | ||||||
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Author Bio
Sir my expected net salary income is Rs 22,40,000/ for the financial year 2017-18. How much tax liability will be for the above financial year as it is I paid Rs 4,30,000/ tax advance till December-2017. Please advice,
I am a govt employe. my employer is not giving conveyance allowance. can claim exemption from income tax? if yes how much and where to claim in ITR1
Sir, can u please calculate tax on 99,00,000 and 10,100,000. and please clarify if why tax is higher for 99 lakh income..
This reference to capital gain, I have shop which was purchased through my father by my name in before the year 2000. After expired my father in year 2010, registered this shop in Aligarh (UP) authority by me in year 2011. Now, I want to sale this shop but as per government rules shop value is very high compare to actual market value. So making more capital gain. I need money for my daughter marriage. In this situation, what I can do?
Pl suggests me.
Investment under 80ccd 1b is useful or better to pay tax and invest 50k into SIP for better returns.
My salary is 1858000.(After Pf deduction)
80C – Full utilized
25k health insurance
70k – housing loan interest
How much would be the tax.
Please confirm and suggest how to save max TDS.
The New Income Tax Slab for the F.Y.2017-18 for First category upto Rs. 5 Lakhs is NIL and from % to 10 Lakhs 20% + requisite surcharge with less Rs. 12,500/- Please clarify.
I am senier citizen
A. Y. 2017-18 MY TOTAL NET INCOME IS 351000/- TAX @5% RS. 2550/- NO REBATE U/S 87A AS PER DECLEARED IN BUDZZET
BUT
A.Y. 2016-17 MY TOTAL INCOME IS RS.351000/- TAX @10% RS. 5100/- LESS REBATE U/S 87A RS. 5000/- BALANCE PAYBLE RS. 100/- SO LOSS RS.2450/- WHAT CORRECT ?
IAM SENIER CITIZEN
MY TOTAL NET INCOME OF A. Y. 2017-18 IS RS.351000/-
AS PER A. Y. 2016-17 TAX @10% RS. 5100/- LESS U/S 87A RS 5000/- NET PAYBLE RS. 100/-
BUT
A.Y. 2017-18 TOTAL TAX @5% RS,2550/- NO REBAT AS PER DECLEARED
SO LOSS AS PER BUZZET RS 2450/-
WHAT CORRECT ?
Please inform NRI income tax individual slab.
Can I file Income tax return for long term caital Gain or Loss for Housing property on line using ITR-2 on line?
reduced from 10% to 5% is ok but what about
relaxatation under section 87A
Sir, please advise as per the revised rate from 01 Apr 2017 onward the TDS rate on Retainership fees above 5 lakh to 10 Lakh.
Secondly, if below 5 Lakh then what would be the TDS rate.
IT IS MENTIONED THAT NO NOTIONAL INCONE WILL COSIDERED ONPROPERTY HELD AS STOCK IN TRADE.
WORDING OF SUCH AMANDMENT IS CONSIFUSING WHEN ONE HOLD THE PROPERTY FOR TRADING PURPOSE AT PRESENTLY NONOTIONALINCOME ON THESAME