Bad news: The first due date for filing the tax returns ended on 31st August 2019 Good news: You can still file a belated tax return even after the due-date with additional interest and penalty. If you fail to file the tax returns by 31st August, 2019, then you have
First women Finance Minister of India presented a decent budget with an aim to boost infrastructure and foreign investment in the country. The announced budget focused on bringing transparency in processes and procedures by proposing introduction of faceless assessment system, levy of TDS on cash payments above threshold limit and promoting digital payments. Her themes
Major changes proposed by the Indian Budget 2019 that impact Non Resident Individuals (NRIs): Increase in effective tax rate for income above Rs. 2 crores In case of an individual, it is proposed to levy enhanced surcharge of 25% on taxable income exceeding INR 2 crores upto INR 5 crores and 37% on taxable income
Indian Banks or Financial Institutions are supposed to deduct TDS @ 30.9% as per section 195 of the Income tax Act, when they pay the Interest income to NRIs on the NRO Fixed deposits. You end up paying tax which is high enough to wipe out your 1/3rd Interest earnings. There are different ways you
Link your PAN with your Bank Account to get your refund directly, swiftly and securely in your bank account. In a new campaign started by Income Tax Department, emails are being sent to tax payers informing them that they will only issue e-refunds from 01.03.2019 to bank accounts (savings/current/cash/OD) which are linked with PAN. The Income Tax department wants
How to surrender PAN Card in India? Every taxpayer in India, be it an individual, a company, a trust or a HUF, must have a PAN card, a unique 10-digit alphanumeric code. Sometimes, however, you may need to surrender your PAN card, and there is a prescribed procedure to do so. Follow our step-by-step guide
QUOTING OF PERMANENT ACCOUNT NUMBER IN DOCUMENTS PERTAINING TO CERTAIN PRESCRIBED TRANSACTIONS [SECTION 139A] The statutory requirement 1. Under section 139A(5), every person shall quote the PAN allotted to him in the following documents: ♦ All returns submitted to any income-tax authority. ♦ All correspondence with any income-tax authority [i.e., CBDT, Principal Directors- General/Principal Chief Commissioners/Principal Directors/Principal
INCOME-TAX Individuals, Hindu undivided families, AOPs, BOIs – The tax rates applicable to individuals are also applicable to a Hindu undivided family, an association of persons, body of individuals or an artificial juridical person. The rates applicable for the assessment years 2018-19 and 2019-20 are as follows : ASSESSMENT YEAR 2018-19 – Tax rates for the assessment
Cost Inflation Index since 2001-02 Financial Year CII Financial Year CII 2001-02 100 2011-12 184 2002-03 105 2012-13 200 2003-04 109 2013-14 220 2004-05 113 2014-15 240 2005-06 117 2015-16 254 2006-07 122 2016-17 264 2007-08 129 2017-18 272 2008-09 137 2018-19 280 2009-10 148 2010-11 167
TAX RATES FOR THE LAST TEN ASSESSMENT YEARS INCOME-TAX RATES* FOR INDIVIDUALS, HUFs, ASSOCIATIONS OF PERSONS AND BODY OF INDIVIDUALS (in percentage) Assessment year 2008-09 Resident woman Resident senior citizen Any other First Rs. 1,10,000 Nil Nil Nil Next Rs. 35,000 Nil Nil 10% Next Rs. 5,000 10% Nil 10% Next Rs. 45,000 20% Nil