Income Tax Slab rate For FY-2016-2017 & AY 2017-18

Since FY 2014-15 there has been no changes in the Income tax slab rates.The same tax slab is applicable for FY 2016-17 and AY 2017-18. However Middle class Income tax payers,Who’s Income is less than 5 lakh can enjoy the benefits of tax relief of Rs 3000  through rebate under Section 87A. Also Under Section 80GG Rent paid and he is not getting any house rent allowances or has not claimed the rent as expenses under any of the Income tax sections

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Income Tax slab rate for FY 2015-16 & AY 2016-17

The Income Tax Rate for the FY 2015-16 and assessment year 2016-17 is as follows. Income Tax slab rate for FY 2016-17 & AY 2017-18 Individual Aged Below 60 and HUF Income Tax Slab Tax Rate Taxable income is less than  Rs. 2,50,000  Nil Taxable income is more than Rs. 2,50,000 but less than Rs. 5,00,000 10% of the amount above and over 2,50,000. Taxable income is more than Rs. 5,00,000 but less than  Rs. 10,00,000 Rs. 25,000 + 20% of

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Income Tax slab rate for FY 2014-15 & AY 2015-16

Every Individual & business earn Income from India is liable to pay Income tax subject to a certain sum of marginal limit announced by the Finance Minister in the budget held at parliament.The Income tax is collected by the Income Tax department controlled by the Central Board Of Direct Taxes .The Income is chargeable to tax on Income he generates every year April to March Financial year and Assessable in the Assessment year (The next Financial year of Income Generation).

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What is a Tax Invoice ?

A tax invoice is an invoice issued by a registered dealer to another dealer which shows tax payable or paid to the government. The dealer who receives the tax invoice may a registered dealer or unregistered dealer. It is a legal document. You must possess a purchase tax invoice if you want to claim Input tax credit at the time of submitting return to the commercial tax department. Every state has its on commercial tax departments and its own rules for

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Income Tax Slab rate For FY-2013-14 & AY 2014-15

Income Tax slab rate for FY-2013-14 is announced by the Finance Minister in the Union Budget of 2014. The following are the revised tax rates for Individuals and business.  Resident Senior Citizens above 60 years  S. No. Income Tax Rate 1 Up to Rs 2,50,000 Nil 2 2,50,001 to 5,00,000 10% 3 5,00,001 to 10,00,000 20% 4 Above 10,00,000 30%   Resident Super  Senior Citizens above 80 years S. No. Income Tax Rate 1 Up to Rs 5,00,000 Nil 2 5,00,001 to 10,00,000

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Concept of VAT,What is Value Added Tax, Input VAT&Output VAT

What Is Value Added Tax ( VAT) VAT is a multi-point destination based system of taxation, with taxes being levied on the value added at each stage of transaction in the production/ distribution chain. The term ‘value addition’ implies the increase in value of goods and services at each stage of production or transfer of goods and services. VAT is a tax on the final consumption of goods or services and is ultimately borne by the consumer. To know more about

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