Request for further information by commissionergeneral 75. Government notifies new income tax return forms for ay 201617. Quick excel income tax calculator for fy 201516 ay 201617. However, the surcharge shall be subject to marginal relief where. Such deduction is allowed on accrual basis, not on paid basis. Apr 17, 2015 penalty on late filing of income tax return ay 2015 16 and fy 201415 update. Rates of incometax, surcharge and additional surcharge. The details of section 44 ada presumptive tax scheme for professionals are mentioned below. Finance bill 2016 was passed by the parliament on 5th may 2016, and the finance act, 2016 was enacted on 14th may 2016, according to which some of the amendments and new provisions are being made applicable w. Get to know more about income tax, income tax slabs, income tax return, efiling income tax and how to file itr. Apportionment of income between spouses governed by portuguese civil code. Income tax act 1961 is free app providing detail sectionwise and chapterwise information on charging statute of income tax in india. Section 87a was newly inserted by the finance act, 20 to provide.
Now the question arises is do rebate of incometax under section 87a as applicable for fy 2014 also available for fy 201415 and subsequent years. Surcharge and education cess see note income tax slab rates 201718 pdf download. Section 36, incometax act, 1961 2015 other deductions. May 23, 2017 chaturvedi pithisaria income tax law companies act 20 bare act taxmann companies act 20 bare act taxmann pdf companies act 20 book taxmann companies act 20 taxmann companies act 20 with. Section 44 ada presumptive tax scheme for professionals. My question is that this arrear should not be added in previous year. This incometax ready reckoner is based on the directtax laws as amended by the finance no. Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. Income tax deductions under section 80c to 80u last. Section 562viib of the incometax act is not applicable.
Now the question arises is do rebate of income tax under section 87a as applicable for fy 2014 also available for fy 201415 and subsequent years. Government notifies new income tax return forms for ay 201617 april 5, 2016 in brief the central board of direct taxes has notified incometax return forms applicable for the financial year 201516 assessment year ay 201617. Following are the depreciation rates for different classes of assets. Direct tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 4 amendments relating to income exempt from tax 4. Here a user can find latest articles and post related to finance and tax professional of india, and can also seek answers to questions through out q and a. Acts target of 3% in 202021, which seems challenging right now. By law, taxpayers must file an income tax return annually to determine their tax obligations. Ministry of law finally the income tax act, 1961 was passed. It applies to the whole of india including jammu and kashmir. Apr 11, 2020 the details of section 44 ada presumptive tax scheme for professionals are mentioned below. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 2015 16 for last fy 201415.
Aug 24, 2015 now a days all tax consultants,business men,specially persons who have earned salary income,are in rush to file their income tax return for financial year 201415 by due date i. Section 562ix of the incometax act is not applicable to. You can check out information on form 16 by searching, form 16 part b in excel format for ay 201516 or difference between form 16 part a and part b. Income tax act 1961 complete act citation 530 bare. Assessments under income tax law income tax ratesipc. Income tax deductions under section 80c to 80u last updated. This article provide quick excel income tax calculator for fy 2015 16 ay 201617 for individual resident whose age is below than 60 years i. The honble bench considered the provisions of section 80p of the incometax act, 1961, read with sections 5b, 5cci and 5ccv of the banking regulation act, 1949 related to deductions for income of cooperative societies for assessment years 200708 to 200910. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge. Government notifies new income tax return forms for ay. Income tax act 1961 assessments under income tax law. Capital gains were charged to tax for the first time by the income tax and excess profits tax amendment act, 1947, which inserted, inter alia, section 12 b in the 1922 act.
Income tax return forms income tax declaration forms. Income tax act, 2015 4 act 896 income tax act, 2015 68. Assessments under income tax law income tax ratesipc, crpc. Deduction of interest on housing loan section 24b taxadda. Mar 15, 2019 the income tax slab is remain unchanged in this financial year. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. Section 562ix of the income tax act is not applicable to the forfeiture of application money on the issue of debentures 0 august 2019 recently, the delhi bench of the income tax appellate tribunal the tribunal in the case of r. Such loan should be taken for purchase or construction or repair or reconstruction of house property.
Section 562viib of the incometax act is not applicable to a stepdown subsidiary of a listed company for valuation of shares at a share premium is june 2019 recently, the hyderabad bench of the incometax. Incometax law in india the income tax law in india consists of the following components. This return form is applicable for assessment year 201920 only i. Fy 201415 note the new government has presented the budget for ay 201516 on 10. Section 562ix of the incometax act is not applicable. In other words, the interest payable for the year is allowed as deduction whether. My next question is that how should be calculated the income tax for current year. Various tds rates on various incomes have been prescribed under the incometax act. Income tax is levied on the total income of the previous year of every person. Rebate 87a for fy 201415 ay 201516 finance bill 2014 has increased income tax exemption limit by rs. Instructions for filling out form itr7 these instructions.
Declaration under subsection 1c of section 197a of the incometax act, 1961, to be made by an individual who is of the age of sixtyfive years or more claiming certain receipts without deduction of tax. Draw a plain paper and write an application for con. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. There are also other terminologies such as, form 16 part a and part b difference and how to fill form 16 for salary with example lets go.
Is presumptive taxation applicable for fy 201516 ay 201617. Due date to file income tax return assessment year 201516. It provides for levy, administration, collection and recovery of income tax. This investment allowance is only for fy 201415,fy 201516 and fy 201617 fy means financial year earlier it was 15% of new machines installed in fy 2014 and fy 201415 if aggregate of machine cost exceeds 100 cr total of both years combined. Income tax department has extend the due date for filing income tax return and tax audit report all over india from 30. Indian income tax act, 1922 11 of 1922, or which is or was assessable or was assessed. Even before the finance act 2016 was introduced, presumptive taxation scheme existed under sections 44ad and 44ae of the income tax act, 1961 to give relief to small tax payers from the maintenance of books of accounts and audit of acc.
Section 80p deduction cooperative societies analysis. Depreciation rate chart as per it ay 201516 simple tax india. Indian incometax act, 1922 11 of 1922, or which is or was assessable or was assessed. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 201516 for last fy 201415. Assessment year ay 201516, the taxpayer allotted equity shares to ahll and ssil at a premium of inr990 and inr1220 per share. So depreciation is calculated by two method one is as per companies act or one is as per income tax act. Section 561 of the act, the income earned by the taxpayer should be classified as revenue income as per section 14 of the act but should not fall within any of the head of income a, c, d or e. Various tds rates on various incomes have been prescribed under the income tax act. Rebate 87a for fy 201415 ay 2015 16 finance bill 2014 has increased income tax exemption limit by rs. Income tax oincome tax is a tax on yearly taxable income of a person levied by the central government at prescribed rates. Capital gains being one of the sources of income are taxable under section 45 of the income tax act, 1961.
Note on maternity leave pay tax deduction section 11 of the maternity protection act, ch. May 29, 2018 this investment allowance is only for fy 201415,fy 2015 16 and fy 201617 fy means financial year earlier it was 15% of new machines installed in fy 2014 and fy 201415 if aggregate of machine cost exceeds 100 cr total of both years combined. A detailed analysis of the five categories under which. Ca sandeep kanoi income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 201415 for. Now a days all tax consultants,business men,specially persons who have earned salary income,are in rush to file their income tax return for financial year 201415. Depreciation is calculated as per the provisions of income tax act for income tax return and companies are calculated as per companies act. Computation of taxable income and tax liability of an assessee 7 tax rates for ay 201516 9 determination of residential status section 6 11 scope of total income section 5 18 various heads of income 21 income under the head salaries section 15 to 17 21 income from house property section 22 to 27 31. The income tax act 1961 has been brought into force with 1 april 1962. Section 80ic of income tax act about deduction on undertaking. Income tax is a direct tax which is levied by the government. Eligible taxpayers can claim deductions to the tune of rs 1. The income tax act 1962, has made it mandatory to calculate depreciation.
Penalty on late filing of income tax return ay 201516 and fy 201415 update. Buy online income tax, gst, company law, insolvency. Since section 561 of the act is residuary head of income, it falls in the head of income f i. Raising the limit of percentage of eligible premium for life insurance policies of persons with disability or specified disease section 1010d w. Income tax slabs income tax rates fy 201415 av 201516.
Rebate under section 87a of income tax act,1961 studycafe. Income tax slab rates 201718 pdf download ay 201819. Cbdt circular on salary tds for fy 201920 ay 202021 u. Abolition of levy of wealth tax under wealth tax act, 1957 it is proposed to abolish the levy of wealth tax under the wealth tax act, 1957 with effect from the 1st april, 2016. In this blog post, somanka ghosh, a fourthyear ba llb student from calcutta university and pursuing a diploma in entrepreneurship administration and business laws by nujs, analyses the five categories under which income tax is calculated. The income tax slab is remain unchanged in this financial year. Is presumptive taxation applicable for fy 201516 ay 2016. Accounts of the enterprises or undertaking to be audited.
Income taxes are a source of revenue for governments. Just to add, even if you could not file return after the last date i. Today we provide depreciation chart as per income tax act for easily calculate depreciation. Abolition of levy of wealthtax under wealthtax act, 1957 it is proposed to abolish the levy of wealth tax under the wealthtax act, 1957 with effect from the 1st april, 2016.1109 1571 1523 782 792 447 386 231 601 824 1550 769 1243 1188 196 17 1244 1233 1362 971 1482 1498 1511 549 895 57 43 833 1022 161 951 365 947 1439