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Year: 2015

Income Tax Slab Rate & Deductions – AY 2016 -17 (FY 2015-16)

Income Tax Slab Rate & Deductions – AY 2016 -17 (FY 2015-16)

What is Income Tax Slab? Income tax is that percentage of income paid to the government by the taxpayers for the betterment of the public at large. This income is categorized into different groups on the basis of the amount of income. Each such group is known as a Tax Slab. Tax is charged at different rates on the range of income falling under different income tax slabs. The Income Tax Act 1961 is the law that governs the provisions…

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Understand the PAN (Permanent Account Number)

Understand the PAN (Permanent Account Number)

PAN is a 10 digit alpha numeric number, where the first 5 characters are letters, the next 4 numbers and the last one a letter again. These 10 characters can bedivided in five parts as can be seen below. The meaning of each number has been explained further. First three characters are alphabetic series running from AAA to ZZZ Fourth character of PAN represents the status of the PAN holder. C — Company P — Person H — HUF(Hindu Undivided…

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