Income Tax : Discover the most important exemptions under the Income Tax Act Section 10. Learn about various categories of income that are exem...
Income Tax : The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided fa...
Income Tax : Personal income tax exemption limit should be further increased by Rs 50000 and slab limits should be revised accordingly. Current...
Income Tax : Many other suggestions include need for over hauling of tax structure, and minimum tax exemption limit be raised to Rs. 5.00 lakh ...
Income Tax : Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh. Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh Deduction...
Income Tax : Although the Committee had suggested raising the tax exemption limit to Rs 3 lakh, it is unlikely that Mukherjee will agree to it ...
Income Tax : Key recommendations of the Parliament Standing Committee on Finance Raise annual income limit for I-T from Rs 1.8 lakh to Rs 3 ...
Income Tax : The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near...
Discover the most important exemptions under the Income Tax Act Section 10. Learn about various categories of income that are exempt from taxation.
Many other suggestions include need for over hauling of tax structure, and minimum tax exemption limit be raised to Rs. 5.00 lakh in case of employees. creation of a separate Social Sector Affairs Department coordinating different ministries and experts and to include representative of such sectors so that the benefits reach directly to the real beneficiaries.
The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals , whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act (not being a case to which any other Paragraph of Part III applies) are as under :— Upto Rs. 2,00,000 – Nil.Rs. 2,00,001 to Rs. 5,00,000 – 10 per cent.Rs. 5,00,001 to Rs. 10,00,000 – 20 per cent. Above Rs. 10,00,000 – 30 per cent.
Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh. Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh Deduction up to Rs. 10,000 Proposed for Savings Bank Interest Senior Citizens not Having Income from Business Exempted from Payment of Advance Tax
Although the Committee had suggested raising the tax exemption limit to Rs 3 lakh, it is unlikely that Mukherjee will agree to it in view of the need to contain fiscal deficit. With limited space for give aways, the Budget is likely to balance populism with some tough measures to check tax evasion and generation of black money.
Key recommendations of the Parliament Standing Committee on Finance Raise annual income limit for I-T from Rs 1.8 lakh to Rs 3 lakh. 10% I-T on annual income beyond Rs 3 lakh and up to Rs 10 lakh. 20% on annual income beyond Rs 10 lakh and up to Rs 20 lakh. 30% on annual income over Rs 20 lakh
The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near double-digit inflation which has eroded purchasing power of rupee. The Bill has a provision to raise the limit to Rs 2 lakh. Currently, income of Rs 1.80-5 lakh attracts 10 per cent income tax, Rs 5-8 lakh 20 per cent and above Rs 8 lakh 30 per cent.
A key Parliamentary Committee will adopt tomorrow the crucial report on Direct Taxes Code (DTC) Bill and recommend raising the income tax exemption limit to Rs 3 lakh from Rs 1.8 lakh at present. the Standing Committee on Finance, headed by former Finance Minister and senior BJP leader Yashwant Sinha, will discuss the final draft of the report on the DTC Bill during its day-long meeting tomorrow.
The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets.The possibility of lowering the tax rates, however, is remote in view of the fiscal constraints being faced by the government, sources said, adding that the government will take on board some of the key recommendations of the DTC.
Tax experts are hopeful Finance Minister Pranab Mukherjee will increase the income tax exemption limit to Rs 2 lakh per annum from Rs 1.6 lakh to bring the rates in line with the Direct Taxes Code (DTC). To align the exemption limits under personal income tax with DTC, the Centre is likely to raise the IT exemption limit to 2 lakh
