Chandigarh Forum

Personal Income Tax Rates for the Financial Year 2012-2013 and Assessment Year 2013-2014 The Government of India has increased the basic personal income tax exemption limit from Rs. 180,000 to Rs. 200,000 for the Financial Year 2012-2013 and Assessment Year 2013-2014. The new income tax rates or Income tax slabs are applicable for the incomes earned or generated from April 01, 2012 to March 31, 2013. Here are the personal income tax slab rates for calculating your income tax for…

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Personal Income Tax Rates for the Financial Year 2011-2012 and Assessment Year 2012-2013 The Government of India has increased the basic personal income tax exemption limit from Rs. 160,000 to Rs. 180,000 for the Financial Year 2011-2012 and Assessment Year 2012-2013. The new income tax rates or Income tax slabs are applicable for the incomes earned or generated from April 01, 2011 to March 31, 2012.   The Indian Government also reduced the age eligibility criteria for senior citizenship from…

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Service Tax What is it? It is tax on the transaction of providing a service for a consideration. Presently, it is collected on “100” services. Who pays it? Normally it is to be paid by the service provider. However in certain cases the responsibility is on the service, e.g., service provided by a goods transport agency for transport of goods by road; sponsorship receiver providing service to sponsor; or where the service provider is located outside India. Small service providers…

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Indian Income 2007 PERSONAL INCOME TAX For Individual & H.U.F. Income Tax Rates Rs. 1 upto 1,10,000 Nil Rs. 1,10,001 upto 1,50,000 10% Rs. 1,50,001 upto 2,50,000 20% Rs. 2,50,001 onwards 30% For Ladies Rs. 1,45,001 upto 1,50,000 10% For Senior Citizen Rs. 1,95,001 upto 2,50,000 20% 10% surcharge on Income above Rs. 10,00,000 & above. Education cess 3% on (Tax + Surcharge). HIGHLIGHTS OF BUDGET No change in personal or corporate rate of income tax. One-by-six scheme abolished. MAT…

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