In income tax, we have certain cases where the assessee is required to pay interest compulsorily either for default in furnishing return of income or payment of tax or failure to pay or deduct TDS. Today, through this write up, we are going to discuss how to calculate interest in case of default in furnishing return of income or is not furnished. This provision is specified … [Read more...] about How interest for default in furnishing return of income is calculated – Section 234A
Income tax
Now you can claim your tax refund for six years and carry forward losses
As per the present tax laws, assessee is required to file return of income with IT department if his gross total income exceeds the amount of the basic exemption limit. It does not mean than those having income less that the gross total income cannot file their tax return. If you want to claim refund for the excess TDS deductions then it can be done by filing a tax return … [Read more...] about Now you can claim your tax refund for six years and carry forward losses
TDS on Employee Provident Fund or EPF withdrawals – Section 192A
In order to discourage premature withdrawals from employee provident fund, government has introduced section 192A in finance act 2015. As per this section, TDS amount has to be deducted out of the withdrawals from employee provident fund or EPF if certain conditions are satisfied. Employee provident fund withdrawals are taxable in India if the employee doesn't render … [Read more...] about TDS on Employee Provident Fund or EPF withdrawals – Section 192A
Wealth tax in India abolished, 2% extra surcharge for super rich persons
In order to widen the tax net and help government to raise tax collection significantly, India’s finance minister Arun Jaitley while presenting budget 2015 in parliament has announced to abolish the wealth tax and levied additional surcharge at the rate of 2% on super rich persons with taxable income of Rs 1 crore or above in a financial year. Due to this the earlier … [Read more...] about Wealth tax in India abolished, 2% extra surcharge for super rich persons
Tax rates applicable To Company for financial year 2015-2016 – AY 2016-2017
In our last article we have talked about tax rates applicable to an individual, HUF, AOP, BOI, Partnership firm, Cooperative society and local authority for the financial year starting from 1st April 2015. Today, in this article we will talk about the tax rates that is applicable to company for financial year 2015-2016. For this purpose company includes private limited and … [Read more...] about Tax rates applicable To Company for financial year 2015-2016 – AY 2016-2017
Tax rates applicable to partnership firm, Co-operative Society and Local Authority for financial year 2015-2016
In our last article we have discussed above tax rates that is applicable to an individual for the financial year 2015-2016 (assessment year 2016-2017). In this article we will be looking into the tax rates that are applicable to a partnership firm, Co-operative society and local authority for the financial year 2015-2016 (assessment year 2016-2017). These rates will be … [Read more...] about Tax rates applicable to partnership firm, Co-operative Society and Local Authority for financial year 2015-2016
Tax rates applicable to individual for financial year 2015-2016 – Assessment year 2016-2017
Budget 2015 has been placed in parliament by finance minister Arun Jaitley on 28th February 2015. This budget has not changed anything related to tax rates applicable to an individual for financial year 2015-2016 in comparison to financial year 2014-2015 except additional surcharge for those individual whose income exceeds Rs 1 crore in a financial year. Here is a … [Read more...] about Tax rates applicable to individual for financial year 2015-2016 – Assessment year 2016-2017
How to apply PAN card for a partnership firm in India
Partnership firm in India are governed by Partnership Act, 1932. In India anyone can form partnership firm either by writing a partnership agreement or by oral. For income tax purpose, partnership firm has to submit partnership deed as a proof of its existence along with PAN card application form 49A. Before applying you need to make sure that partnership deed is prepared … [Read more...] about How to apply PAN card for a partnership firm in India
When charitable trusts are required to file income tax return
Charitable trusts in India are set up for social causes. To get tax exemption these registered charitable trusts are required get their trust registered with income tax department and follow tax regulations as prescribed in India. As per Income Tax Act, 1961, charitable trusts in India are required to file income tax return before the due date as prescribed in the Act. … [Read more...] about When charitable trusts are required to file income tax return
Donation to political parties can be claimed as tax deduction
Donation to a political party can be done by an Indian citizen or Indian company. A non resident can also contribute if he or she has a valid passport. These individuals and Indian companies can claim tax deduction on their donations if conditions related there to have been satisfied. We have two sections related to tax deduction on donation to political parties. Section … [Read more...] about Donation to political parties can be claimed as tax deduction