Under the existing provisions of section 80G of Income Tax Act 1961, 100% tax deduction is allowed on contribution made to certain funds and institutions formed for a social cause of national importance like National defence fund set up by the Central Government, National Foundation for communal harmony and prime minister national relief fund. The … Read More » "80G Deduction for contribution to Clean Ganga Fund, Swachh Bharat Kosh and National Fund for Control of Drug Abuse"
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 … Read More » "Wealth tax in India abolished, 2% extra surcharge for super rich persons"
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 … Read More » "Tax rates applicable To Company for financial year 2015-2016 – AY 2016-2017"
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). … Read More » "Tax rates applicable to partnership firm, Co-operative Society and Local Authority for financial year 2015-2016"
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 … Read More » "Tax rates applicable to individual for financial year 2015-2016 – Assessment year 2016-2017"