We all hate paying taxes, but like death taxes too are unavoidable! You may not know this but not very long ago (FY 1991-92) the minimum tax rate in India was 20% and the maximum 56%. So if you were in highest tax slab, you would more than half of your income to government, giving […] Continue reading →
Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Budget 2019 has made NO changes in the tax slab. The announcement that individuals with income up to Rs 5 Lakh would get full rebate is through Section 87A. Rebate under Section 87A changed […] Continue reading →
Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Budget 2018 has made no change to the tax slab rates, however following changes have been made: No change in Tax Slabs Additional cess of 1% for health care making total cess to 4% of […] Continue reading →
The only thing most taxpayers look forward in Budget is income tax changes and how it would impact them. Budget 2017 has been a mixed bag as far as income tax is concerned. During the budget speech Finance Minister announced lowering of taxes for income between Rs 2.5 lakhs to Rs 5 lakhs to 5% […] Continue reading →
Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Budget 2017 has made slight changes to the tax slab rates: Tax reduced from 10% to 5% for Income from Rs 2,50,000 – Rs 5,00,000 Rs 2,500 or 100% rebate in income tax (whichever is […] Continue reading →
Budget 2015 has made No change in the income tax slab. However it has increased the surcharge from 12% to 15% applicable for income above Rs 1 crore. Income Tax Slabs: There is NO separate tax slab for men and women. Earlier women used to have slight benefit over men in terms of lower taxes! […] Continue reading →
The Budget 2015 presented on February 28, 2015 which brought the following 8 changes in Income Tax rules for Individual tax payers. 1. Income Tax Slabs: There is no change in tax slabs for FY 2015-16 people with income of less than 1 crore. However for the super rich (with annual income of more than 1 […] Continue reading →
After the formation of the Modi government in the center in May 2014, the next big thing was the budget. Media reports were full of the expectations from the Budget 2014. Finally the budget was presented by Finance Minister – Arun Jaitely. And as it happens with every budget, there were few good points, few […] Continue reading →
Income Tax is one thing which every salaried man on the street is interested in. The good news is the Income Tax slabs has been altered by the Finance Minister Pranab Mukarjee in Budget 2012 today. Now people would be able to save upto Rs. 22,600 in income tax depending on which tax slab they fall in. […] Continue reading →