Income Tax : Tax on dividends, interest, royalties and FTS earned by non-residents is governed by the more beneficial rate under the Income-tax...
Income Tax : The applicable withholding tax depends on the Income-tax Act or the relevant DTAA, whichever is more beneficial. Treaty rates diff...
Income Tax : The document explains tax rates applicable to individuals, HUFs, firms, companies, co-operative societies, foreign companies, and ...
Income Tax : The Finance Bill, 2026 continues the same tax slabs and rates as the previous year. Individuals, companies and other entities see ...
Income Tax : Analysis of Indian income tax rates for AY 2025-26 & 2026-27. Covers the Old vs. Default 115BAC regimes, corporate tax concessions...
Income Tax : Union Budget 2025-26 introduces tax relief with no income tax up to Rs. 12 lakh, benefiting middle-class taxpayers and boosting co...
Income Tax : MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT...
Income Tax : Rates of income-tax in respect of income liable to tax for the assessment year 2021-22 i.e. Financial Year 2020-21 In respect of i...
Income Tax : Press Information Bureau Government of India Ministry of Finance 01-February-2020 14:43 IST New Personal Income Tax Regime heralds...
Income Tax : Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal relief...
Income Tax : Assessments arising from searches conducted after 01.04.2021 must strictly comply with the reassessment framework under sections 1...
Income Tax : Higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and ...
Income Tax : The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short ...
Income Tax : CIT vs. Vishnu Industrial Gases (Delhi High Court) - Where the department had not disputed that the expenditure was deductible in ...
Income Tax : Circular 29/2019 – Clarifications on set off of brought forward loss due to additional depreciation & MAT credit if comp...
Goods and Services Tax : CBIC notifies concessional CGST rate on specified handicraft items vide Notification No. 21/2018-Central Tax (Rate), Dated: 26th J...
Goods and Services Tax : CBIC allows Refund of accumulated credit on account of inverted duty structure to fabric manufacturers vide Notification No. 20/20...
Goods and Services Tax : CBIC amends list of goods exempt from GST vide Notification No. 19/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect fr...
Goods and Services Tax : CBIC notifies reduced GST Rates on Several Goods vide Notification No. 18/2018-Central Tax (Rate), Dated: 26th July, 2018 with ef...
What will be the relevant date for determining the rate of Service Tax applicable – whether the date of providing service or the date of issue of invoice or date of making payment?
As per the Finance Act, 2012, income-tax rates Applicable for Assessment Year 2013-14 / Financial Year 2012-13 Applicable to Individual, HUF, is as follows- Rates of tax – A. HUF & Individual (Including Female Assessee ) who is of the age of sixty years or Less
Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the proposal is to […]
The Bank audit could have commenced in March 2012, however the completion of the services would be in April/ May 2012. Since the completion of service is important, as per the Point of Taxation Rules {POTR} the rate of service tax would be: Basic- 12% EC- 0.24 SHEC- 0.12- Total 12.36%.
The rate of service tax is being increased from ten per cent. to twelve per cent. 2) Consequent to change in the rate of service tax, changes are also being made in specific and compounding rates of tax for the following:a) Service in relation to purchase and sale of foreign currency including money changing; b) Service of promotion, marketing, organizing or in any manner assisting in organizing lottery; c) Works contract service;
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.
The method of computation of Education Cess and Secondary & Higher Education cess on imported goods is being simplified. Currently, these cesses are first charged on the CVD portion of customs duty and thereafter on the aggregate of customs duties (excluding special CVD). The portion of cesses leviable on the CVD portion of customs duty is being exempted so as to avoid computation of such cesses twice.
Income Tax Rate Slabs for Assessment year 2001-2002,2002-2003, 2003-2004, 2004-2005, 2005-2006, 2006-2007, 2007-2008, 2008-2009, 2009-2010, 2010-2011 amd A.Y. 2012-2013 for Individual, Hindu undivided Family (HUF), Women Other Than Senior Citizen.
The government is exploring an increase in the income-tax exemption limit for individuals to compensate for the high recent inflation, but revenue considerations and the fact that the limit was hiked sharply in 2008-09 could force it to maintain status quo or give just a token hike. The proposal has figured in the preliminary discussions , as the policymakers debate ways to give some relief to households from high inflation.
The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally.
