Surcharge is an additional charge levied on tax if income or turnover crosses a limit as specified in tax law. They are used to ensure that the rich contribute more to the tax kitty than the poor. Currently for financial year 2016-17, surcharge is levied at the rate of 15% of tax, if income exceeds … Read More » "Income tax Surcharge – Applicability and Marginal Relief"
Companies in India are required to file tax return by September 30th of the year following the close of its tax year. If you have incorporated a private or public limited company then also September 30 is the due date for filing income tax return (ITR). Therefore if income is earned for the financial year … Read More » "When to file company tax return and which form to use"
After calculating tax liability based on the applicable slab rates, you are required to deduct tax rebate under section 87A if it’s applicable to you. A rebate is like a discount that you get on your income tax based on the total income of the previous year. For instance, if your tax liability is Rs … Read More » "Who is eligible for Income Tax rebate – Section 87A"
A resident company in India is taxed on its worldwide income where as a non-resident company is taxed only for its income received in India. Companies must pay income tax on their taxable profit based on the rate of tax applicable to the financial year. If you are a new company, one of the first … Read More » "Corporate Tax Rate in India for Financial Year 2017-18 and 2016-17"
Budget 2017 has proposed to change the tax rates for the previous year 2017-2018 i.e. assessment year 2018-2019 by keeping income tax slabs unchanged. Existing rebate available under section 87A is also proposed to be reduced from existing Rs. 5000 to Rs. 2500. In India, tax is calculated according to the income tax slab rates … Read More » "Income tax slab rates for PY 2017-18 (AY 2018-19) – For Individual"