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Income Tax

Union Budget 2010: New Income Tax Rates for A.Y. 2011-12

February 26, 2010

The new income tax rates or Income tax slab applicable for F.Y. 2010-11, A.Y. 2011-12 as announced in Budget 2010 . This is very good news for taxpayer to raise the limit of 10% bracket upto 5 Lakh. Most of the people are confused about income tax rates because a lots of amendments have done [...]

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Income Exempt Under Section 10

February 14, 2010

Section 10 lists a number of incomes which are exempt from tax and which are not to be included in the income for taxation under the Income-tax Act provides that the agricultural income will be considered for the purpose of determining the rate of tax levied on non-agricultural income.
Section 10 is particularly devoted to allowance [...]

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List of Useful Codes for Filing Income Tax Return

February 14, 2010

The list of codes is very useful while preparing income tax returns, especially when we are filing online through software provided by the income tax department. Please check the below list and kept in front of you while preparing the income tax return.
List of Useful Codes for Income Tax Return

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How is Limited Liability Partnership (LLP) is Taxed?

January 17, 2010

The Limited Liability Partnership Act, 2008 has come into effect in 2009. LLP Rules and forms have been notified w.e.f. 1st April, 2009, The Finance No.2 Act, 2009 has incorporated the taxation scheme of LLPs in the Income Tax Act. It is same patters as in partnership firms i.e. taxation in the hand of the [...]

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New Provisions for Tax Treatment on Gifts from 1-10-2009

January 2, 2010

When a gift or a specified property is received without consideration from a non-relative whether in cash or in kind or any property is purchased for an inadequate consideration it shall be treated as income from other sources and taxable in the hand of the recipient under the new provisions for gift. In this article [...]

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HRA Exemption as Paying Guest

December 31, 2009

HRA exemption is qualified solely for house rent payment not for other amenities like eatables and other facilities. In the case of “Paying Guest”, you pay consolidated rent including other amenities. You must separate the portion of house rent only. You will enter only house rent payment excluding other facilities for calculation of house rent allowance [...]

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Depreciation Rates as Per Income Tax Act & Company Act

December 28, 2009

Depreciation plays a vital role in deciding the taxable profits from business and profession. I am fastening attach over here the depreciation rates chart as per income tax act and depreciation rates as per company act. For the layman, who encounter hardship to comprehend the chart of depreciation rates, depreciation rates in nutshell is also [...]

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Calculation the Exemption of Gratuity From Tax

December 25, 2009

Gratuity is a payment made by the employer to an employee in appreciation of the past services rendered by the employee. The majority of the people are generally jumbled while the calculation of the exemption or taxable part of gratuity. Gratuity calculation is very simple with formulas of gratuity exemption’s calculation. We have described all [...]

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Direct Tax Code : Tax on Saving Withdrawals : EEE would be EET.

December 13, 2009

In our current tax law structure, the Exempt-Exempt-Exempt (EEE) is active. On the introduction of Direct Tax code (DTC), the Exempt-Exempt-Tax (EET) will be active. In simple words, you can say that any amount withdrawal of income from saving instrument will be taxable after the commencement of the Direct Tax Code (DTC) would be governed [...]

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More Tax on House Property Income under Direct Tax Code

December 12, 2009

The Direct Tax Code will change the whole tax structure of the country, and every corporate and individual will require in-depth study before its implication. Moreover, it is probable to withstand many emendations before it is conclusively performed. In this article, I will analyze some concept of House Property that will impact the house property [...]

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Corporate Tax Rates : Income Tax Rates of Partnership Firms & Companies

December 9, 2009

Income Tax Rates for Partnership Firms
Assessment Year 2010-11

Flat rate of tax @ 30% on total income of the firm.
Surcharge: Nil
Education Cess: 2% of the amount of income Tax
Secondary & Higher Education Cess: 1% on the amount of income Tax

Assessment Year 2008-09 and 2009-10

Flat rate of tax @ 30 % on total income of the [...]

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All About of Form 15G and Form 15H

November 22, 2009

Form 15G and Form 15H are used for averting the TDS deduction on interest earned during the financial year on fixed deposits in Banks. There are lots of hesitations in the minds of my subscribers about these forms. They usually enquire about these questions i.e. What is Form 15G and form 15H, How one can submit these [...]

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Simplified the provisions of interest payable by the assessee on default of payment of income tax u/s 234A

November 8, 2009

For defaults in furnishing return of income (Sec.234A)
Rate of Interest – 1% per month or part of month (Simple Interest)
Period for which interest is payable – Commencing on the date immediately following the due date for filing the return of income and ending on –
a)      The date of furnishing the return (where return has been [...]

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How to Deal TDS Provisions When Salary Receive from More than One Employer ?

November 1, 2009

Where during the financial year, an assessee:
(a)    Is employed simultaneously under more than one employer, or
(b)   Has changed the employment during the previous year,
He may furnish to the employer of his choise or the subsequent employer ( as the case may be) such  details of salaried due or received by him from other employer(s), the [...]

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Surcharge, Education Cess, SHEC for A.Y. 2010-2011

October 12, 2009

There has been major changes with regard to surcharge, education cess, SHEC, after approval of the finance (No. 2) ACT, 2009. I have received so many queries about surcharge and education cess rates and applicability for A.Y. 2010-2011. I classified this article so that everyone can understand in a very simple manner.
All rates applicable w.e.f. [...]

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Highlights of e-Filing for A.Y.09-10 (up to 30/09/2009) State Wise

October 3, 2009

Highlights of e-Filing for A.Y.09-10 (up to 31/09/20009) State Wise

HIGHLIGHTS OF e- FILING SEASON AY 09-10 ( up to 31/09/2009)

(1) COMPARATIVE PROGRESS OF e-FILING OF RETURNS

Form Type

RETURNS RECD. FROM 01/04/09 TO 31/09/09

RETURNS RECD. FROM 01/04/08  TO 31/09/08

% CHANGE FROM L.Y

A.Y. 09-10

A.Y. 08-09

TOTAL

A.Y. 08-09 (incl of AY07-08)

ITR-1

5,50,148

15,595

5,65,743

4,56,291

24%

ITR-2

4,97,313

26,723

524,036

4,65,993

12.45%

ITR-3

66,361

6,434

72,795

69,652

4.51%

ITR-4

9,13,679

88,113

10,01,792

9,67,275

3.57%

ITR-5

3,87,027

10,797

3,97,824

3,87,651

2.62%

ITR-6

3,71,431

14,838

3,86,269

354,416

9%

ITR-8

503

66

569

743

-23.4%

TOTAL

27,86,462

1,62,566

29,49,028

27,02,021

9.14%

ITR 7 (for not [...]

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