Income Tax, Service Tax
An individual can receive a tax notice for a variety of reasons. Here is what the notices under different sections mean 131 (1A) Assessing officer has reason to suspect that income has been concealed. 133a For survey or scrutiny of accounts 142 For not filing income tax return. For scrutiny of accounts and documents in support of the return filed by taxpayer. 143(1) For adjustment or additional tax demand if an error or incorrect information is detected in the return…
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…
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…
The Income Tax Slab for FY 2014-15 / AY 2015-16 in the budget presented by new Finance minister Arun Jaitley in the the new Narendra Modi Government on 10th July 2014 some of the expectations of the tax payer are metThe following are the income tax highlights as per the budget for the financial year 2014-2015 Basic exemption limit has been raised from Rs 2,00,ooo Lakhs to Rs 2,50,000. This will directly lead to Income tax savings of Rs 5,000…
Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India is as under: Assessment Year 2014-15, Relevant to Financial Year 2013-14 For Individuals below 60 years age (including Woman Assessees): Income Tax Rate Upto 200,000 Nil 200,000 to 500,000 10% of the amount exceeding 200,000 500,000 to 1,000,000 Rs.30,000 + 20% of the amount exceeding 500,000 1,000,000 & above Rs.130,000 + 30% of the amount exceeding 1,000,000 For Individuals…