Carry Forward and Set Off of Losses with FAQs

Set off of loss under the same head of income.(section 70) (Intra-head set off) -Income of a person is computed under five heads. ‘Sources’ of income derived by an individual may be many but yet they could be classified under the same head. For instance, an individual may have a dual employment, yet the income would be classified unde...

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Posted Under: Income Tax |

TDS Rate Chart for Financial Year 2018-19

Article compiles Section wise TDS Rates / TDS Rate Chart for Financial Year 2018-19 or Assessment Year 2019-20 with Nature of Payment, Threshold Limit and Percentage TDS rate applicable to Individual, HUF and to other category of Assessees. Section Nature of Payment  Threshold Rs Indv / HUF TDS Rate (%) Others TDS Rate (%) 192 […]...

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Service Tax Abatement Rate Chart from 01.04.2015

CA Sandeep Kanoi Abatement in Service Tax was First Introduced Vide Principal Notification No. 26/2012-Service Tax, dated 20th June 2012 and subsequently been amended vide Notification No. 2/2013 – Service Tax, dated the 1st March, 2013, Notification No. 9/2013 – Service Tax, Dated: May 8, 2013, Notification No. 08/2014 – Service Ta...

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Posted Under: Service Tax |

Investments which qualifies for deduction u/s. 80C

Under this section, you can invest a maximum of Rs 1.50 lakh (1 Lakh upto AY 2014-15) and if you are in the highest tax bracket of 30%, you save a tax of Rs 45000. The various investment options under this section include:PPF; Life Insurance Premium, Equity Linked Savings Scheme (ELSS), Provident Fund (PF) & Voluntary Provident Fund (VPF)...

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Impact of Service tax changes on Manpower Supply & Security Services

Impact of Change of Service tax liability structure from partial reverse charge to full reverse charge on manpower SUPPLY AND SECURITY services in transition period As discussed Supra, Notification No. 30/2012-ST dated 20-06-2012 has been amended vide Notification No. 7/2015-ST dated 01-03-2015, there by shifting the Supply of Manpower an...

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Reverse & Partial Reverse Charge Mechanism in Service Tax

The reverse charge mechanism (RCM) was first introduced effectively from 01-01-2005 vide Notification No. 36/2004-ST dt. 31-12-2004 read with Rule 2(1)(d) of Service Tax Rules, 1994. With effect from 01-07-1012 a new mechanism of reverse charge (RCM) and partial reverse charge or joint charge (PRCM / JCM) was introduced with the introduct...

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Posted Under: Service Tax |

Auto Income Tax Calculator for FY 2017-18 (AY 2018-19)

Auto Income Tax Calculator for Financial Year (FY) 2017-18 / Assessment Year (AY) 2018-19 in Excel Format after considering proposed amendment in Tax Rates, Deductions and Rebates vide Union Budget 2017-18....

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Posted Under: Income Tax |

Section 44ADA – Presumptive Tax Scheme for Professionals

Section 44ADA is inserted with effect from financial year 2016-17 and deals Special provision for computing profits and gains of profession on presumptive basis for Certain professionals referred to in section 44AA(1) of the Income Tax Act whose total gross receipts from profession does not exceed Rs. 50 lakhs in a financial year....

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Posted Under: Income Tax |

Income Tax Slab for FY 2014-15 AY 2015-16

CA Sandeep Kanoi Income Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year 2015-16 / Financial Year 2014-15 for Individual, HUF, AOP, BOI, Partnership Firms, LLP and Companies. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person. (i) The rates of income-tax as appli...

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Posted Under: Income Tax |

Rebate under Section 87A of Income Tax Act, 1961

A question which is coming in the mind of Taxpayers nowadays is do Rebate of income-tax under section 87A as available from FY 2013-14, also available for FY 2015-16 and subsequent years. One more question which comes to mind is amount of Rebate Available, i.e is it Rs. 2000/- or Rs. 5000/- for Financial Year 2015-16?...

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Posted Under: Income Tax |