Income Tax Rates – AY 2016-17

Normal tax rates applicable to an individual The normal tax rates applicable to a resident individual will depend on the age of the individual. However, in case of a non-resident individual the tax rates will be same irrespective of his age. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows: Resident individual below the age of 60…

How to register as Legal Heir in Income Tax

User should register as a Legal Heir to e-File on behalf of the deceased. Deceased person’s PAN and Legal Heir’s PAN should be registered in the e-Filing portal. If Deceased person PAN is not registered in the portal then the Legal Heir can register on behalf of the deceased person (This feature is provided for Individual user only)  Steps involved in Legal Heir Registration –…

TDS Rate Chart for FY 2016-17

S.No. Sec.  Nature of Payment Above basic exemption limit Rate Percentage HUF/IND Others if No.PAN 1 192  Salaries  — Income tax slab rates N.A. 30% 2 194A  Interest Payment            5,000 10% 20% 3 194 C  Contracts & Sub-Contracts(Ex: Labour Charges, Advertisements, Freight Charges,  Works-Contract, etc.)  Rs. 30,000/- per transaction Rs.1,00,000/- per client PA 1% 2% 20% 4 194 H  Commission & Brokerage         15,000…

Income Declaration Scheme 2016

CBDT Circular No 16/2016, Dated: May 20, 2016 [F.No.370142/8/2016-TPL] Introduction The Income Declaration Scheme, 2016 (referred to here as ‘the Scheme’) is contained in the Finance Act, 2016, which received the assent of the President on the 14th of May 2016. The Scheme provides an opportunity to persons who have paid not full taxes in the past to come forward and declare the undisclosed income and…

12 Major Changes in Tax rates from 1st June 2016

If the consideration for sale / provision of service is received in cash exceeding Rs. 2 lakhs, then the seller will have to collect 1% TCS from the buyer and pay it to the government. 1% TCS will have to be deducted by the seller in case of sale of car whose value exceeds Rs. 10 lakhs. Deduction of TDS yearly limit for Contractor Section…