Income Tax Planning

Tax amount under PMGKY 2016

December 4, 2016

Calculator for tax, penalty and amount available for use on disclosure of unaccounted money  under scheme Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) Particulars INR amount Income to be disclosed under PMGKY Scheme        500,000.00 Tax @30%        150,000.00 Surcharge 33%          49,500.00 Penalty 10%          50,000.00 Total tax amount (including penalty)        249,500.00 Amount […]

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Minimize Your Tax Liability Know How

November 2, 2016

You can plan to maximize your tax savings and reduce income tax liability by availing the benefit of provisions relating to deductions/exemptions from taxable income under various sections of Income Tax Act. Pay No Tax on aggregate Income of Rs. 7,65,000 An resident individual assessee aged below 60 years having income of Rs. 7,65,000 from […]

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Advance Tax Provisions, Payment Challan, e-payment Utility & Examples

September 27, 2016

Article discusses about Liability to pay advance tax, Person not liable to pay advance tax, Due dates for payment of advance tax, Mode of payment of advance tax, Payment of advance tax, Payment of advance tax in pursuance of an order of the Assessing Officer. Liability to pay advance tax As per section 208, every […]

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