income tax

10 Changes in Income Tax for Assessment Year 18-19

Income Tax - Article compiles top 10 Changes in Income Tax for Assessment Year 2018-19. 1. Change in Income Tax Slab Rate for AY 2018-19 for Individuals : The only change in Income Tax Slab Rate is change in the tax rate for income falling between 2,50,000 - 5,00,000, it has reduced from 10%(in AY 17-18) to 5%....

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Download Income Tax calculator for the FY 2018-19

Income Tax - The basic principles of taxation are nearly as old as human society—the history of taxes stretches thousands of years into the past. Several ancient civilizations, including the Greeks and Romans, levied taxes on their citizens to pay for military expenses and other public services....

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Income tax slab rates in India – AY 2018-19 (FY 2017-18)

Income Tax - Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2017-18 (relevant to Assessment Year 2018-19)....

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31 March 2018: Last date to file Income Tax Return for AY 2016-17 & AY 17-18

Income Tax - Those who are required to file ITR for the AY 16-17 and AY 17-18 and have not filed are requested to file well before 31st March 2018....

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Advance tax – Precaution is better than Cure!

Income Tax - Arjuna, If the income tax liability of any taxpayer is more than Rs 10000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called as Advance Tax....

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Pay Your Advance Tax for F.Y. 2017-18 if not already paid by 31st March, 2018

Income Tax - Pay Your Advance Tax for F.Y. 2017-18 if not already paid by 31st March, 2018 with interest and avoid payment of excess interest on Self Assessment later on ...

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Leave Travel Concession -Replace Calendar year by Financial year- ICAI

Income Tax - As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/ Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions....

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Auto fill of TDS data in Income Tax Returns (ITR)

Income Tax - Currently an assessee filing his income tax return needs to fill all the data manually wrt the taxes paid by him/ on his behalf (TDS) in excel utility. Since TDS returns are e-filed now days, an asseesee by manually punching the data relating to prepaid taxes like TDS is prone to committing errors....

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CBDT Releases Income Tax Return Statistics for AY 2015-16

Income Tax - Central Board of Direct Taxes (CBDT) has been proactively releasing Time-series Data relating to Direct Tax collections, number of taxpayers, cost of collection etc., as also data of number of PAN allotted and data relating to distribution of income and tax payable in the returns filed for different Assessment Years....

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FICCI demands across the board Income Tax rate cut in 2018-19 budget

Income Tax - FICCI has suggested Finance Minister Mr. Arun Jaitley to consider across the board tax rate cuts for businesses and individuals in the Budget for 2018-19 to spur domestic investment and demand....

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Registration U/s. 12AA cannot be denied for mere non filing of Return

CIT (Exemptions) Vs. M/s Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) (Punjab & Haryana High Court) - Advocate Akhilesh Kumar Sah Just because the assessee has not filed income tax returns in earlier years, it can not be said that the activities of the assessee of the charitable trust / society were not genuine and grant of the registration under section 12AA cannot be denied...

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Conversion of jumbo rolls of photographic films into small rolls of various sizes is manufacture or not?

M/s India Cine Agencies Vs Commissioner of Income Tax (Supreme Court of India) - India Cine Agencies Vs CIT, Madras Income tax - Sec 32AB benefits - assessee converts jumbo rolls of photographic films into small rolls of various sizes - claims Sec 32AB, Sec 80HH and Sec 80I benefits - AO says it is neither manufacture nor production...

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Section 43(5) CBDT notifies Indian commodity Exchange limited

Notification No. 91/2017 - (30/10/2017) - Notification No. 91/2017 U/s 43 (5) of IT Act 1961 Central Government notifies Indian commodity Exchange limited (PAN:AABCI9419D) as a 'recognized association' ...

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CBDT sets target of 1.25 Crore new I-T return filers for 2017-18

F.No. 312/46/2017-OT - (27/09/2017) - It has now been decided by the Board that an all-India target of adding 1.25 crore new income-tax return filers may be set for FY 2016-17 to concentrate efforts of the Department to this critical key result area....

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Generation of scrutiny notices u/s 143(2) for PAN selected in CASS 2017

F.No.DGIT(S)/ADG(S)-2/CASS 2017- 18/143/2017 - (27/09/2017) - Kindly refer to letter F. No. DGIT(S)/ADG(S)-2/CASS 2017- 18/143/2016 dated 03.07 2017 and F. No. DGIT(S)/ADG(S)-2/CASS 2017-18/143/2016 dated 18.09.2017 requiring Assessing officers to generate scrutiny notices u/s 143(2) (or PANs selected in cycle 1 and cycle 2 of CASS- 2017. ...

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TDS on interest under Capital Gains Accounts Scheme of deceased depositor

Notification No. 08/2017- Income Tax - (13/09/2017) - It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of th...

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Due date to file ITR & Income Tax Audit Reports extended to 31.10.2017

No. 225/270/2017/ITA.II - (31/08/2017) - CBDT hereby extends the 'due-date' prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by the said 'due date' from 30th September, 2017 to 31st October, 2017....

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Recent Posts in "income tax"

10 Changes in Income Tax for Assessment Year 18-19

Article compiles top 10 Changes in Income Tax for Assessment Year 2018-19. 1. Change in Income Tax Slab Rate for AY 2018-19 for Individuals : The only change in Income Tax Slab Rate is change in the tax rate for income falling between 2,50,000 - 5,00,000, it has reduced from 10%(in AY 17-18) to 5%....

Read More
Posted Under: Income Tax |

Download Income Tax calculator for the FY 2018-19

The basic principles of taxation are nearly as old as human society—the history of taxes stretches thousands of years into the past. Several ancient civilizations, including the Greeks and Romans, levied taxes on their citizens to pay for military expenses and other public services....

Read More
Posted Under: Income Tax |

Pay Your Advance Tax for F.Y. 2017-18 if not already paid by 31st March, 2018

Pay Your Advance Tax for F.Y. 2017-18 if not already paid by 31st March, 2018 with interest and avoid payment of excess interest on Self Assessment later on ...

Read More
Posted Under: Income Tax |

Income tax slab rates in India – AY 2018-19 (FY 2017-18)

Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2017-18 (relevant to Assessment Year 2018-19)....

Read More
Posted Under: Income Tax |

31 March 2018: Last date to file Income Tax Return for AY 2016-17 & AY 17-18

Those who are required to file ITR for the AY 16-17 and AY 17-18 and have not filed are requested to file well before 31st March 2018....

Read More
Posted Under: Income Tax |

Advance tax – Precaution is better than Cure!

Arjuna, If the income tax liability of any taxpayer is more than Rs 10000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called as Advance Tax....

Read More
Posted Under: Income Tax |

Tax Benefits From LIC Life Insurance Plans (F.Y. 2017-18)

In the cases of persons covered under the above categories having a total income exceeding Rs. 50 Lakh but up to Rs. 1 crore, the income tax as calculated above be increased by a surcharge at the rate of 10 per cent of such income- tax. If such income exceeds Rs. 1 Crore, rate of surcharge will be @15%....

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Posted Under: Income Tax |

7 Easy Tips to file Income Tax Return

Income tax return filing is a mandatory process that the assessee should carry out with due care. However, the otherwise basic and simple process becomes cumbersome with the lack of knowledge. Read on to know 7 easy tips that will make income tax filing process a lot simpler:-...

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Posted Under: Income Tax |

Leave Travel Concession -Replace Calendar year by Financial year- ICAI

As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/ Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions....

Read More
Posted Under: Income Tax |

Income Tax Prosecution Provision u/s 276B needs a review

Revenue Authorities must review this existing stringent provision u/s 276B of the Income Tax Act and must consider doing appropriate modifications/changes in it so as to enable an effective action against the willful and habitual tax evaders only and not against the bonafide assessees who create wealth for the Nation....

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Posted Under: Income Tax |
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