Articles

Tax Rates for Individuals – Budget 2018

January 30, 2018

There are only few hours left to come out the budget 2018 a realty. We have made a most reliable expectations from this budget for Income tax rates applicability on Individuals. Mr Jaitly as committed in his first budget to increase the exemption limit to Rs. 5 lacs. This limit will be enhanced in balanced […]

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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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TDS Sec.194IA Payment on transfer of immovable property

September 24, 2016

Article discusses Provisions and Scope of Section 194-IA, Payments covered, Who is Payer/Payee, Conditions to be satisfied for applicability of section 194-IA, Time of deduction of tax, Rates of TDS, Effect of non-furnishing of PAN on rate of tax, Tax Deduction and Collection Account Number , Certificate/statement for tax deducted at source and Furnishing of […]

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Setting up of an HUF can minimize tax liability

September 24, 2016

1. what is “hindu undivided family”? The expression “Hindu Undivided Family” has not define under the income tax act or in any other statue. A Hindu undivided family is a separate legal tax entity under the provisions of Sec.2(31) of the income tax act 1961. It is a body consisting of persons lineally descended from […]

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