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      Impact Of Income Tax For The Financial Year 2016-17

      Sunday, April 10th, 2016 Amritesh one response

       INCOME TAX LIABILITY FOR THE FINANCIAL YEAR 2016-17 (For Individuals Below 60 years)  Income up to Rs 2,50,000/- is exempted from Tax. *Tax Rebate U/S 87A raised to Rs 5,000 from Rs 2,000 for Individuals with Net Income below Rs 5,00,000/-. Assumed Maximum Deduction availed under Various Sections:** Deduction is available on Investment up to Rs 1,50,000/-  U/S 80C.     Deduction is available on Investment up to Rs 50,000/- in National Pension  Scheme U/S 80 CCD (1b).     Deduction is also available on Health Insurance paid for self, spouse, dependent children up to Rs 25,000/- U/S 80 D.*** Education Cess of 3% is levied on Income Tax payable.**** Surcharge of 15% is applicable on Income over Rs 100,00,000/-.Note:Only Deductions directly applicable to Individuals…

      Income Tax Slabs And Rates For The Financial Year 2016-17 (Assessment Year 2017-18)

      Sunday, March 6th, 2016 Amritesh one response

      INCOME SLABS (INDIVIDUALS BELOW 60 YRS) TAX RATES 1.) Taxable Income not exceeding Rs 2,50,000/- Nil 2.) Rs 2,50,001 but not exceeding Rs 5,00,000/- 10% of Amount above Rs 2,50,000/-* 3.) Rs 5,00,001-Rs 10,00,000/- Rs 25,000/- Plus 20% of the amount exceeding Rs 5,00,001/- 4.) Above Rs 10,00,001/- Rs 1,25,000/- Plus 30% of the amount exceeding Rs 10,00,001/-** NOTE: *A Tax Rebate of 10% (Rs 5000/- maximum) is available under Sec 87A to individuals whose Taxable Income is in the range of Rs 2,00,001-5,00,000/-. However if the taxable income exceeds Rs 5,00,000/- the rebate is withdrawn.   **Surcharge of 15% if the Total Income exceeds 1 Crore.   Education Cess of 3% is payable on Total Income Tax and on…

      Tax Saving Investment Options For Financial Year 2015-16

      Thursday, February 11th, 2016 Amritesh one response

      We are in the last quarter of the Financial Year and again it is the time when everybody is looking at various investment options not for the sake of investing but solely to reduce their tax burden. It is good to plan your taxes well in advance but it is equally important to invest wisely. Thus one should make most of the Tax exemption available under various Sections while being very careful with their Investments. It is advisable to diversify your investments so that you are adequately covered and are able to maximize your wealth at the same time.In this post, I will discuss some of the potential investment options for the Investors. Individuals based on their needs and preference…

      Tax Deductions Available Under Various Sections For Financial Year 2015-16

      Sunday, March 8th, 2015 Amritesh no responses

      Individuals whose Annual Income is above Rs 2,50,000/ p.a will be liable to pay Taxes on the earnings above the prescribed amount. Individuals earning below Rs 5,00,000/- p.a can avail Tax Credit up to Rs 2000/- on the Tax payable. Now we will look at the Tax Deductions available under the Income Tax Act and Sections applicable. We would also find out Investment and Saving options which could be availed. DEDUCTIONS U/S 80CDeductions are available to the Individuals under Section 80C, 80CCD, 80CCC up to the extent Rs 1,50,000/-. These are now effectively clubbed under Section 80C with the aggregate deduction ceiling of Rs 1,50,000/-. SAVING/INVESTMENT SCHEMES RETURN ON INVESTMENT LOCK IN PERIOD Contribution to Employee’s Provident Fund (EPF) Varies year…

      Impact Of Income Tax For The Financial Year 2015-16

      Thursday, March 5th, 2015 Amritesh no responses

      (For Individuals Below 60 years) TOTAL INCOME TAX LIABILITY in FY 2015-16 Tax After Deductions Under **(Sec 80C,80CCD,80D) Up to Rs 2,50,000/- Nil Nil Rs 3,00,000/-               Rs 3090/- Nil Rs 4,00,000/- Rs 13,390/- Nil           Rs 5,00,000/- Rs 23,690/- Rs 2575/-           Rs 7,50,000/-               Rs 77,250/-    Rs 30,900/-   Rs 10,00,000/-   Rs 128,750/-    Rs 82,400/-   Rs 20,00,000/-    Rs 4,37,750/-       Rs 3,68,225/-     Rs 100,00,000/-      Rs 29,09,750/-         Rs 28,40,225/- *Income up to Rs 2,50,000/- is exempted from Tax.** Deduction is available on Investment up to Rs 1,50,000/-  U/S 80C.     Deduction…

      Income Tax Slabs And Rates For The Financial Year 2015-16

      Monday, March 2nd, 2015 Amritesh 4 responses

      ASSESSMENT YEAR 2016-17 INCOME SLABS (INDIVIDUALS BELOW 60 YRS) TAX RATES 1.) Total Income not exceeding Rs 2,50,000/- Nil 2.) Rs 2,50,001 but not exceeding Rs 5,00,000/- 10% of Amount above Rs 2,50,000/-* 3.) Rs 5,00,001-Rs 10,00,000/- Rs 25,000/- Plus 20% of the amount exceeding Rs 5,00,001/- 4.) Above Rs 10,00,001/- Rs 1,25,000/- Plus 30% of the amount exceeding Rs 10,00,001/-** NOTE: *A Tax Rebate of 10% (Rs 2000/- maximum) is available under Sec 87A to individuals whose Taxable Income is in the range of Rs 2,00,001-5,00,000/-. However if the income exceeds Rs 5,00,000/- the rebate is withdrawn.**Surcharge of 10% and Additional Super Rich Surcharge of 2% (Effective Surcharge 12%) is applicable if the Total Income exceeds 1 Crore.Education Cess…

      Tax Planning for the Assessment Year 2015-16(Financial Year 2014-15)

      Saturday, January 10th, 2015 Amritesh 4 responses

      It is again that time of the Financial year where you start looking at the possible Tax Saving Options. In most cases people are unable to do the Tax Planning wisely and end up either investing entirely on Insurance Policies or opt for Low Return scheme. But if you spend some time in planning your investment not only will you get better coverage but also reduce your Tax Burden effectively.I will try and highlight possible Tax Saving Investment options for you. Now let’s look at the Tax Deductions available under Various Sections.Under Section 80C: Deductions available upto Rs 1,50,000 on the Investment.Under 80D: Deductions is available on Health Insurance Premium paid upto Rs 15,000/- for Self, Spouse and Dependent Children.…

      Tax Deductions Available Under Various Sections For Assessment Year 2015-16

      Sunday, September 21st, 2014 Amritesh no responses

      Individuals whose Annual Income is above `2,50,000/ p.a- will be liable to pay Taxes on the earnings above the prescribed amount. However those earning below `5,00,000/ p.a- will get a Tax Credit of `2000/- on the Tax payable. Now we will look at the Tax Deductions available under the Income Tax Act and Sections applicable. We would also find out Investment and Saving options which could be availed. DEDUCTIONS U/S 80CDeductions are available to the Individuals under Section 80C, 80CCC & 80CCD up to the extent `1,50,000/-. These are now effectively clubbed under Section 80C with the aggregate deduction ceiling of `1,50,000/-. SAVING/INVESTMENT SCHEMES RETURN ON INVESTMENT LOCK IN PERIOD Contribution to Employee’s Provident Fund (EPF) Varies year to year (Generally…

      Income Tax Slabs & Rates For Assessment Year 2015-16

      Saturday, September 6th, 2014 Amritesh no responses

      INCOME SLABS (INDIVIDUALS BELOW 60 YRS) TAX RATES 1.) Total Income not exceeding `2,50,000/- Nil 2.) Rs 2,50,001 but not exceeding Rs 5,00,000/- 10% of Amount above Rs 2,50,000/-* 3.) Rs 5,00,001-Rs 10,00,000/- Rs 25,000/- Plus 20% of the amount exceeding `5,00,001/- 4.) Above 10,00,001/- Rs 1,25,000/- Plus 30% of the amount exceeding Rs 10,00,001/-** NOTE:  *A Tax Rebate of 10% (Rs 2000/- maximum) is available to Resident Individuals whose earning is in the range of 2,50,001-5,00,000/-. However if the income exceeds Rs 5,00,000/- the rebate is withdrawn.   **Surcharge of 10% if the Total Income exceeds 1 Crore.   Education Cess of 3% is payable on Total Income Tax and Surcharge.   Individual Residents who are above 60 yrs…

      Public Provident Fund (PPF)

      Sunday, March 16th, 2014 Amritesh no responses

      Public Provident Fund (PPF) scheme was introduced in 1968 by the Central Government of India and is one of the preferred investment option for the risk averse Investors. It provides stable return along with Tax Relief on the Investment. Thus it is a decent investment option when compared with other Investment options as the return is fixed and is normally higher that other schemes. It is risk free investment option and does not get impacted due to market fluctuations (Equity Market). It is viable saving cum investment option for the salaried as well as self employed Individuals. The PPF fund is managed by the Central Government and interest on the investment is now being declared on quarterly basis prior to…