personal income tax

Fee for delay in filing of Income Tax return w.e.f A.Y 2018-19

Income Tax - Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)...

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Section 80TTB: Rs. 50000 deduction on interest income to senior citizen

Income Tax - New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be allowed in these cases....

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Rate the Budget on Your Own (Income Tax)

Income Tax - This article would contain major amendments proposed vide union Budget 2018 along with the impact of the same on Taxpayer/citizen as well as revenue to the govt /remarks & one more column would be for rating of the amendment. You would have to invest 20 minutes in order to gain yourself an understanding of the budget proposal related to ...

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Long term capital gain Tax on share – Understanding with illustrations

Income Tax - The new budget which was introduced by Mr Jaitley saw the reintroduction of tax on Long term capital gain @10% with certain restrictions. The pivotal part of this restriction can be entirely put into one word i.e GRANDFATHERING as on 31st January 2018 , which certainly is inspired by tweets of Mr Shashi tharoor considering the usage of su...

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Section 80DDB Enhanced deduction to senior citizens for medical treatment

Income Tax - Section 80DDB of the Act, inter-alia, provide that a deduction is available to an individual and Hindu undivided family with regard to amount paid for medical treatment of specified diseases in respect of very senior citizen upto Rs 80,000/-...

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Tax Rate 5% for individual income between Rs 2.5 to Rs 5 lakh

Income Tax - FM reduced rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs. This would reduce tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability....

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FM Relaxes Income Tax Requirements for small businesses

Income Tax - Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore; Threshold for maintenance of books for individuals and HUF more than doubled. Individual Insurance agents earning below taxable limit to be exempted from 5% TDS off commission after filing self-declaration...

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Direct tax collections crosses Rs one trillion in Q1

Income Tax - Belying fears of moderation in economic activities, the direct tax collection ( personal income tax and corporate tax) grew by 23 per cent to Rs 101,600 crore in the first quarter of current financial year . The collection was Rs 82,300 crore in the same period last fiscal and Rs 77,500 crore in April-June 2009, showing consistent increa...

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17.85 Percent Increase in Direct Tax Collections During April-November Crosses 50 percent of be Target of Rs.4,30,000

Income Tax - During the period April-November 2010, net direct tax collections stood at Rs.2,16,628 crore, up from Rs.1,83,822 crore during the same period last fiscal, registering a growth of 17.85 percent and crossing 50 percent of the BE target of Rs.4,30,000 crore for fiscal 2010-11....

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Net Direct Tax Collections Register 19.09 Percent Growth

Income Tax - Net direct tax collections during the period April-September 2010 stood at Rs.1,81,758 crore, up from Rs.1,52,625 crore in the same period last fiscal, registering a growth of 19.09 percent in H-1 against the Budgeted annual growth target of 13.67 pe...

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CBDT Press Release on Tax collections during first quarter

Press Release No.402/92/2006-MC - (06/07/2010) - Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore as against Rs.35,709 crore), ...

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Recent Posts in "personal income tax"

Fee for delay in filing of Income Tax return w.e.f A.Y 2018-19

Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)...

Read More
Posted Under: Income Tax |

Section 80TTB: Rs. 50000 deduction on interest income to senior citizen

New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be allowed in these cases....

Read More
Posted Under: Income Tax | ,

Rate the Budget on Your Own (Income Tax)

This article would contain major amendments proposed vide union Budget 2018 along with the impact of the same on Taxpayer/citizen as well as revenue to the govt /remarks & one more column would be for rating of the amendment. You would have to invest 20 minutes in order to gain yourself an understanding of the budget proposal related to ...

Read More
Posted Under: Income Tax |

Long term capital gain Tax on share – Understanding with illustrations

The new budget which was introduced by Mr Jaitley saw the reintroduction of tax on Long term capital gain @10% with certain restrictions. The pivotal part of this restriction can be entirely put into one word i.e GRANDFATHERING as on 31st January 2018 , which certainly is inspired by tweets of Mr Shashi tharoor considering the usage of su...

Read More
Posted Under: Income Tax | ,

Section 80DDB Enhanced deduction to senior citizens for medical treatment

Section 80DDB of the Act, inter-alia, provide that a deduction is available to an individual and Hindu undivided family with regard to amount paid for medical treatment of specified diseases in respect of very senior citizen upto Rs 80,000/-...

Read More
Posted Under: Income Tax |

Income Tax Rates for financial year 2018-19 / AY 2019-20

Rates of income-tax for financial year 2018-19 or Assessment Year 2019-20 A. Income Tax Rates for financial year 2018-19  for Individual below the Age of Sixty Years, Hindu undivided family, association of persons, body of individuals, artificial juridical person are as under-  Upto Rs. 2,50,000 Nil. Rs. 2,50,001 to Rs. 5,00,000 5 per c...

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Posted Under: Income Tax | ,

Sec. 80D Deductions for senior citizens raised to Rs. 50000

Section 80D, inter-alia, provides that a deduction upto Rs 30,000/- shall be allowed to an assessee, being an individual or a Hindu undivided family, in respect of payments towards annual premium on health insurance policy...

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Posted Under: Income Tax | ,

Tax on long-term capital gains on sale of listed equity shares or equity oriented fund or a unit of business trust

A new section 112A in the Act to provide that long term capital gains arising from transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust shall be taxed at 10 per cent. of such capital gains exceeding one lakh rupees ....

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Posted Under: Income Tax |

Rs 40,000 Standard deduction on salary income

It is proposed to allow a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. Consequently the present exemption in respect of Transport Allowance (except in case of differently abled persons) and reimbursement of medical expenses is proposed to be withdrawn....

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Posted Under: Income Tax |

Addition of income appearing in Form 26AS ,16A, 16 but not included in returned Income

Clause (a) of the said sub-section provides that at the time of processing of return, the total income or loss shall be computed after making the adjustments specified in sub-clauses (i) to (vi) thereof....

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Posted Under: Income Tax |
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