SIMPLE TAX INDIASIMPLE TAX INDIATo understand Indian taxes in easy way and to share all challan ,itr ,and day to day use return forms in excel,pdf and free software AND utilities helpful in compliance of Tax system . Articles
SIMPLE TAX INDIA -WELCOME
2033-03-29 20:05:00 Hello FriendsWe are here to share knowledge with Tax payers and basic Funda about taxes ,we doesn't claim ourselves as Expert,so please verify from your consultant before relying upon the information given on this blog.The basic aim is to tell about things which is available on net but some how we don't know about it ,like we have a very popular service know your pan address with input as dob and pan and many more .we will browse net for you and give you extract of useful things on your desk top through email or through our tool bar.Download our free tool bar which has facility likeupdates from our blogs,google searchuseful link like verification of pan,tax calculators,useful day to day formsintra simple tax community message without writing emails.single click income tax act,rules,notifications,5 tv channals always live like AAWAZ,CNNIBN,CNBCTV18,DDNEWS,ZEE ETC YOU CAN SELECT AND SAVE ANY FIVE WHICHH CAN BE CHANGED ANY TIME.other gadgets like calculator,to do list,know your Ip ,w... More About: India , Simple
KNOW ALL ABOUT PAN,VERIFY PAN ONLINE
2033-03-29 14:39:00 WE HAVE PROVIDED FIVE /SIX TRICKS TO VERIFY THE PAN,AS YOU MAY KNOW THAT INCOME TAX DEPT HAS GIVING PAN VERIFICATION FACILITY FOR BULK PAN VERIFICATION TO PERSON FOR 1000 P.M. PER ID WE HAVE PROVIDED YOU SOME TRICKS HOW TO VERIFY PAN FREE.IF YOU ARE NOT ABLE TO DO/FOLLOW THE TRICKS GIVEN BELOW THAN SEND US DETAILS ,WE WILL DO THE SAME FOR YOU FREE...........FIND/VERIFY YOUR PANCASE :1New Update :21-02-2008:Friends as written that there are two more way to verify pan earlier but stopped working from 15/1/08 but now again one of them is working again,so i will tell how you can know pan name in simple method.this facility is actually to print challan form but while print challan from after filling pan in the form and after submission of submit button pan /tan name will be shown if pan/tan is correctso VERIFY YOUR PAN NOW IN SIMPLE WAYIF ABOVE LINK IS NOT WORKING THEN TRY FOLLOWING PROCEDUREwe are explaining you how to misuse a service,means what we are giving you are not made for pa... More About: Online
TOOL BAR FOR CA (ICAI COMMUNITY)
2033-03-29 05:47:00 Dear Member ,we have created a tool bar the main features of the tool bar is given below.Toll Bar has already been downloaded by var __bannerBaseUrl = 'http://hosting.conduit.com/'; var __counterType = 'Textual';var __ctid = 'CT1596190'; var __counterKey = 'e837e304c84d0c279d15d2270c07af6b'; var __downloadUrl = 'http://ICAI.Community Tool bars.com/exe'; __CreateToolbarCounter(); members.direct link to online calculatorsemiloan interest/emi/amount/periodfixed depositannuityrecurring deposit calculatorDownload NowDirect link to know yourpanpan application status(nsdl)pan application status utitantan application statusservice/excise tax codetax deposited/deducted/collectedDownload NowMain Features of Tool barSearch powered by GOOGLE clickDirect link to ICAI websiteDirect link to ouR groupS and list of recent Message with linkImportant link in ICAI websitedirect link toincome tax actincome tax rulesincome tax notificationitr and challan form (FROM MY BLOG)s...
TDS IS TO PAID MANDATORY ONLINE OR NOT?????
2033-03-29 01:28:00 Dear friends,As you may know that E-PAYMENT OF TAXES has been madeMANDATORY FROM 1.04.08 for certain category of tax payers i.e1.All Corporates.2.person other than corporate but covered under section 44ab(compulsory Tax audit)The e-payment means pay the taxes through net facility /internet/net banking or Credit or Debit card .Payment Facility to taxes through credit and debit card is yet to be finalised by the banks though allowed by income tax deptt. /CBDT in his circular/rules.Now RBI has come up with a circular to implement the scheme and instruct the banks "not to receive payment from the corporate assesse in physical challan at all".In circular its is strongly written in bold letters that"Assesses who's pan's 4th digit is "C" can not deposit tax in to bank branches manually,Physical challans from such assesses shall not be accepted across the counter.Moreover in circular RBI has instructed the banks that in case of person covered under section 44AB and required to deposit t... More About: Paid , Online
INCONSISTENCY IN QTRLY ETDS/ETCS STATEMENT
2033-03-07 05:10:00 Directrote General of Income tax(systems) is serving letters regarding inconsistency in the quarterly etds and etcs returns submiited by assessees.Formats of Table showing inconsistencies is given below.provisional receipt no of original statement quarter form no total no of deductee records in statement count of deductee pan (structurally valid) not present in ITD database count of missing pan (PANNOTAVBL, PANAPPLIED, PANINVALID) Total no of challans in the statements results of challan matching challan fully matched Match Failed CIN IN Statement not found in bank data amount does not matched different TAN in challan & statement amount +TAN MISMATCHED www.simpletaxindia.blogspot.comWording of the letter issued nowhere suggests that you have to file a correction/revise ETDS/ETCS return but we should file,as PAN ledger of the deductees from whom we have deducted the tax will not be completed unless ...
DISALLOWANCE U/S 40(a)(ia) TDS DEFAULT ALLOWED
2008-05-12 03:36:00 DEAR FRIENDSGood News for all of us.While passing the finance bill 2008 as provision relating to section 40(a)(ia) has been amend to give us relief from minor tds deduction defaults from retrospective effect from assessment year 2005-06 means since inception of this controversial amendments.what was the position earlieras per section 40(a)(ia) all the expenses u/s 30-38 will be disallowed iftds has not been deductedtds has been deducted but has not been paid during previous year or in subsequent year in time as prescribed in section 200.on Interest, commission, brokerage, rent, royalty, fees for technical/professional services payable to a resident ,amounts payable (for carrying out any work contract)to a resident contractor/sub-contractorprovided that if tax has been deducted and paid in subsequent year ordeducted in previous year but paid in subsequent year after expiry of the time limit u/s 200then expenditure will be allowed in the year of payment of tds.what is position now a...
SERVICES TO ASSOCIATED ENTERPRISES TAXABLE
2008-05-11 14:15:00 Earlier the services provided to "customers" and "clients" are taxable but now in budget a new provision has been inserted in which it is stated that services provided to associate enterprises are also taxable and to give effect to this provision a amendment has been done that service tax is payable on receipt of credit in the book of accounts .this amendment will be applicable from 10.05.2008. The following points main points are comes from these amendmentsSection 67 has been amended. As per this amendment, service tax is required to be paid by the person liable to pay service tax on the taxable services provided even if the consideration for the taxable services provided is not actually received.In such cases, service tax is required to be paid immediately after crediting/debiting of the amount in the books of accounts or receipt of payment, whichever is earlier.This provision is restricted to transaction between associated enterprisesThis amendment Comes into force w.e.f. 1...
I NEED YOUR WISHES
2008-05-10 02:20:00 DEAR FRIENDSTODAY(10 MAY) IS MY MY BIRTHDAY ,I NEED YOUR GOOD WISHES ,SO SEND WISHES ON EMAIL GUPTARAJIN2002@YAHOO.CO.IN OR RECORD YOUR MESSAGE IN COMMENT SECTION.THANKS IN ADVANCE
TDS ON RENT 194-I NOT INCLUDING SERVICE TAX
2008-05-01 16:16:00 A long awaited clarification regarding tds on payment of service tax on rent u/s 194-I has been Issued by the CBDT.Details about the issue is given hereunderBrief about section 194-IRent is to be deducted by all person on payment of rent except huf and individual who's sales is less than limit specified in section 44AB(tax audit)(40 lacs for business 10lac for professionals)Rent means any payment by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of(a) land; or(b) building (including factory building); or(c) land appurtenant to a building (including factory building); or(d) machinery; or(e) plant; or(f) equipment; or(g) furniture; or(h) fittings,section is applicable even in case of payee is owner or not.Rate of tds isFor use of any machinery or plant or equipment:10%For other assets :in case ofPayee is Individual or Huf:15%other case:20%Tax is deductible only if amount of rent paid is more than 12oooo ... More About: Service
FAQ's for RTGS / NEFT
2008-04-26 06:43:00 What is Inter Bank Transfer? Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through: NEFT - The acronym ?NEFT? stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account.RTGS ?The acronym ?RTGS? stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a ?real time? and on ?gross settlement? basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India. What is the minimum / maximum amount for RTGS /NEFT transactions? Type Minimum Maximum RTGS Rs. 1 Lakh ...
eTDS RETURN -WRONG NAME BUT CORRECT PAN
2008-04-25 04:42:00 I HAD SUBMITTED THE QTR I TDS RETURN WHERE WE WRONGLY MENTIONED THE PARTY NAME BUT PAN NO. WAS RIGHT, FOR EXAMPLE INSTEAD OF ASSOCIATE I HAD WRITTEN INTER PRISES. THE QUESTION IS: MAY I MANAGE THE IT WITHOUT REVISE THE TDS RETURN. IF YES THAN HOW......?IF YES, THAN WHAT ABOUT 16A CERTIFICATE?WILL I HAVE TO REVISE THE QTY I TDS RETURN. ...........Sewak RamAns:First of all ,we should know what will be done by deptt after receiving the return.After receiving the return deptt computer software follow the following stepscheck for challan we have given in the etds return if challan data and compare the data given by us and uploaded by the banks in which we have deposited the tax ,this matching is done on three para meters and technically called as CIN(challan identification number) this is consist ofchallan tender date(DDMMYY)bank bsr code(7digit)challan serial number (5 digit)if all the three above matched against your tan and amount is also matched than the challan status shown as match... More About: Return , Wrong
ITR EXCEL 2008-09 AY SOFTWARE RELEASED
2008-04-21 18:13:00 Dear friends,e-filing of Income tax return for Assessment Year 2008 -09 has been been started.Intially it has been started for three forms .All the three Return preparation Utilities (RPU)software are excel based.you can use them as efiling software or you can also use them as manual return preparation and can print it for record .All the rpu use Macro in M S Excel so before using it set enable macroand set security setting accordingly to use the same.so start using efiling nowyou can download e-filing RPU(SOFTWARE) for ITR from belowITR-1 EXCEL:For Individuals having Income from Salary/ Pension/ family pension & Interest RELEASED ON 15/04/08ITR-2 EXEL:For Individuals and HUFs not having Income from Business or Profession RELEASED ON 21/04/2008ITR-3 EXCEL :For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship RELEASED ON 21/04/2008ITR-4 EXCEL:For Individuals & HUFs having income from a proprietory business... More About: Software , Released
TAX PRO CHALLAN 2008-09 WITH ADVANCE TAX AND 5 IN ONE CALCULATOR
2008-04-20 10:00:00 This software has combination of three softwares(21.4 MB)EMAIL READER CLICK HERE TO ORDER DEMO VERSIONTAX PRO CHALLAN FY 2008 -09ADVANCE TAX CALCULATOR FY 2008-09 AY 2009-105 IN ONE CALCULATORDETAIL OF EACH SOFTWARE ARE AS UNDERTAX PRO CHALLAN FY 2008-09Features:Maintains Assessee Index and Master data with innovative presentation and unlimited Assessee .Automatically fills up every challan with Assessee Master data.Stores the challan for every Assessment Year.Master Data can be imported from existing freeware TaxPro Challan s/w.Challans can be printed on plain paper .Automatic calculations like totaling, add, less, percentage, etc, while filling challan.All Challans (Challans 280, 281, 282 and 283) can be printed with Barcode Support for PAN & TAN .Challan Register can be maintained for all saved challan and facility to view details for each challan.Free for 30 day can can be purchased for 490 plus taxesADVANCE TAX CALCULATOR FY 2008-09 AY 2009-10UNLIMITED ASSESSEEDATA BASE SY... More About: Calculator
ETDS 24 Q ANNE II SALARY REURN COLUMN HOW TO FILL.
2008-04-14 07:13:00 Hi, I am in the process of filing up all the details for salary using a software... in that software the deductions tabs are for section 16 (ii), 16 (iii) and deductions under chapter VI-A. so where do i put deductions for allowances under travel allowance (Rs 800) and HRA calculated for different heads................Somendra DaroliaAns:you will be surprised to know that in annexure II q4 form 24 (ETDS RETURN FOR SALARY) the above detail are not required to be shown at all so there is no question of in which column it is to put.I am not familiar with your software but as per NSDL etds performa there are number allotted to each column ,I think in software also there are numbers against each column ,so please refer column 332 in this column put the salary income net of all deduction and additions.for example total salary is 300000 perquisties 20000 ,hra exemption 40000 ,transport allowance 9600so you will put 300000+20000-40000-9600=270400 in column 332 .I am giving hereunder all th... More About: Column , Fill , Salary , Anne
ONLY CA CAN AUDIT UNDER MVAT-BOMBAY HIGH COURT
2008-04-09 17:31:00 In a decision that will affect the lawyers specialising in Sales Tax laws as well as former Sales Tax officers' who work as sales tax practitioners, Bombay High Court has held that only Chartered Accountants (CAs) can audit and certify accounts for traders. Hitherto, traders had to hire only sales tax lawyers or former sales tax officers as advisor's in tax matters. But a recent amendment to Maharashtra Value Added Tax Act made it mandatory for traders with sale of over Rs 40 lakhs to get their accounts audited and certified by a professional CA. The amendment specifies that only a CA can audit the account. It allows lawyers and other sales tax practitioners to represent traders before sales tax commissioner and tribunals, but not to audit accounts. Various organisations, including Bar Council of Maharashtra and Goa, the Sales Tax Practitioners Association of Maharashtra and Bombay Small Scale Industries Association moved High Court , claiming that this restraint violated right to... More About: Audit
NEW ITR FORMS 2008-09 NOTIFIED
2008-03-30 13:08:00 The CBDT has notified the new ITR forms for Assessment Year for 2008 -09however the software speceification for efiling of return has not notified yet and will be notified in due cource. ITR-1 (in Regular Font) ITR-1 Instructions For Individuals having Income from Salary & Interest ITR-1 (in Large Font) 2 ITR-2 ITR-2 Instructions For Individuals & HUFs not having Income Business or Professionfrom 3 ITR-3 ... More About: Forms
SIXTH PAY COMMISSION REPORT SUBMITTED
2008-03-24 18:34:00 Full Download: 6th CPC Report | Annex Studies Terms of Reference View ResponsesMAIN FEATURES:* High performers to get 3.5% increment against normal 2.5%* Enhanced pay scales for nurses, teachers and constabulary* Existing rates of most of the allowances to be doubled* Education allowance reimbursement at Rs 1,000 per child amonth against Rs 50 now* Hostel subsidy to be increased 10 times to Rs 3,00... More About: Commission
PAY LESS SHORT TERM CAPITAL GAIN -HOW?
2008-03-23 17:34:00 Dear friends ,As you know in budget 2008 ,our Finance Minister has increased the short term capital gain on share transaction, on which securities transaction tax (STT) has been paid, from 10% to 15 % .This has been done under section 111A for Indian resident and under section 111d for FII from Assessment year 2009-10.what was in section 111AAs per section 111Aif a person's total income includes Short term capital gain from transfer equity shares or unit of a equity oriented fund andSTT has paid on transferthan rate of tax will 10% flat and on other income of the assessee tax will be calculated as if such balance amount is total income of the assesseehowever in case of HUF and Individual if assessee balance income is less than the total exemption limit than such short-term capital gains shall be reduced by the amount by which the balance total income as so reduced falls short of the maximum amount which is not chargeable to income-tax and the tax on the balance of such short-term ... More About: Capital , Term , Capital Gain
Wish all of you a Colorful HOLI
2008-03-21 16:12:00 Send this eCard ! Apun wishing you a wonderful,Super-duper,Zabardast, Xtra-badhiya,Xtra special,Ekdum mast and dhinchak, Bole to ekdum jhakaas ?Happy Holi?.Download Our Free Toolbar More About: Colorful
HRA AND HOUSE LOAN IN SAME CITY CAN BE CLAIMED.
2008-03-21 13:17:00 I have taken a House Loan for a new house which is far away ( around 16KM ) from my office.( My new house and office are in same city ).I am staying for rent near to my office.As of now my parents are staying at new house which was bought on House Loan.and I stay with my wife at the rented house.CAN I CLAIM BOTH HRA AND HOUSE LOAN FOR TAX BENEFITS ?Sharath Chandra Reddy As per income tax act both benefits are independent of each other and there is no relation what to so ever in claiming HRA exemption and House loan interest ,if person fulfill conditions to avail benefit given in ACT than he can claim ,and condition is be checked separately for each section.If law has not given any condition or linking in both the sections than why DDO are linking it ,I don't know.lets discuss with provision of the act.HRA EXEMPTION(HRA EXEMPTION HOW TO CALCULATE)To claim HRA Exemption following point/condition to be satisfied.Persons has a salary income and Getting House rent allowance... More About: City
cORRECTION IN eTDS STATEMENT/RETURNS LESS DEDUCTION OF TAX.
2008-03-18 04:01:00 Dear Friends,etds are now a days some what new and mandatory to many persons ,to me also ,but even difficulties we face ,it is more beneficial to us and a very good step towards e governance .Problem difficulties can be sought out with view sharing and request all to share your view with each other so that our knowledge can improve with every problem.so each time we have a problem /difficulty in any work we should happy at that time because we will sole that problem sooner or later and out knowledge will improve.Now come to the point a specific question has been put to me by Mr Rajiv jain again ,I found this question very interesting to me ,I have a answer to it but not sure so with the guidance of CA SHIV JINDAL (FCA)(Mobile:will be published after their permission), I am giving a solution to this problem. Ques:A deductor has deduct tds @ 5% instead of 10% and submitted etds return accordingly, for 1st quarter.Now if he deduct balance tds amount @ 5% from deductorwhether he ... More About: Statement
EMPLOYEE WORKING PART OF THE YEAR ETDS RETURN AND FORM 16
2008-03-16 11:23:00 Dear friends ,as the year end is coming closer ,workload is increased due to various return to be filed and finalisation of accounts and one of the work is filing of Etds returns for salary form 24q .In last quarter a one additional annexure i.e annexure II is to be filled in addition to regular quarterly return.My Dear Friend Rajiv Jain has discussed some of the problem relating to last quarter salary return (ETDS q4) and I have tried to resolve that problems to best of my knowledge and I thing you may have also facing problem like that so I am giving the ques and answer for all of you.ques:A person has worked under four employer in a financial year. 1)tds 1000 has deduction under 1st employer. 2) tds 2000 deducted in 2nd employer. 3 tds 3000 deducted under 3rd employer. 4) now in forth quarter he has received salary rs 40000/ and deduct tds 400/- - and save money 100000 under section 80c with 4th employer. being an employer, while submitting etds return , annexure II ... More About: Part , Return , Employee , Form , Working
FREE ETDS RETURN PREPRATION
2008-03-14 02:41:00 From 1.10.2007 most of the assessee/deductor has been covered under etds returns and there is no minimum limit for entries fixed for which etds return is to be submitted .some firms who has single or two entries total has to purchase software to prepare etds return and take help from professionals .Both time and money has to be spent.so to help tax payer community we have started a service FREE etds return form 26Q for small businessmen and professional who has up to 10 challan in quarter and up to 10 number of tax deduction entries.Main features of our service.It will be available for form 26q only.(non salary etds return)Return will be prepared by us from data ,submitted by you/viewer.Service will be fully free.Viewer should have installed Microsoft excelData should be submitted only on workbook downloaded from link given below.Deductee detail up to 10 maximum and challan detail maximum 10 can avail this facility.NON-Corporate sector are eligible to avail this facility.If th... More About: Free
HOW TO EARN ONLINE BY PAY PER POST
2008-03-12 16:23:00 Dear friendsI have start this blog just as to share knowledge and for a time pass 8 months back.That time I have not thought that through blogging One can also earn money.but by a passage of time I know various sources of earning money and tried them and now I am earning handsome money and today in this post I will discuss a new source of earning,which I found through Google search i.e Pay Per Post .How it worksWorking of pay per post is very simple ,first register your self then register your blog after registration copy a html code to your blog and wait for approvel for your blog. In order to start work with PPP your blog or site must qualify for the terms and conditions set by PPP.After approvel you can start earning money through pay per post (PPP).As the name suggest you will write a post about a product/sponsored and you will be paid for discussing the product and sponsored.The good thing I have noticed that as per PPP blog ethics you can/should also disclose to the viewer ... More About: Earn , Online , Pay Per Post
HRA EXEMPTION HOW TO CALCULATE
2008-03-06 12:49:00 In most of the cases ,House Rent Allowance(HRA) is part of salary package .so exemption of Hra how to calculated is most of us is want to know infact most of person already know about HRA exemption,I am giving this to shares my understanding on the above issue which may be useful for many of this site visitors.if you have any different views or any point left in this post ,please record in the comment section.calculation of HRA exemption.least of following three will be exemptedHra received50% of salary in case of residential accommodation taken on rent is situated in Bombay ,Calcutta ,Delhi, or Madras (Chennai) and 40 % of salary in in any other case.rent paid in excess of 10 % of salaryother points to be notedSalary for this purpose meanBasic salaryDearness Allowance if terms of employment so provides.commission based on a fixed percentage of trunover.all other allowances and perquisites is to be excluded.Salary related to period of rent should only be considered on due basic .Sal... More About: Calculate
Deduction for Higher Education Loan 80E on son's eduction.
2008-03-04 18:30:00 In This post we will discuss issue relating to deduction u/s 80E for eduction loan for higher studies.We will try to cover all point relating to eduction loan ,but if any left or you have a diffrent opinion than us ,you can record it in comment section given below.relevant clause of section are reproduced hereunder for ready reference :80E. (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by way of interest on loan taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education or for the purpose of higher education of his relative.from above main points to avail the duduction areEduction loan should be taken by Assessee.The repayment should be out of income chargeable to income tax means if repayment is made from income ... More About: Education , Loan , Higher , Higher Education
BUDGET CHANGES -MISSED BY U -40A(3) CASH PAYMENT EXCEEDING 20000 RS.
2008-03-02 09:44:00 MEASURES TO PLUG REVENUE LEAKAGESAmendment to the provisions of section 40A(3) of the Income-tax Act,Section 40A(3)(a) of the Income-tax Act, 1961 provides that any expenditure incurred in respect of which payment is made in a sum exceeding Rs.20,000/- otherwise than by an account payee cheque drawn on a bank or by an account payee bank draft, shall not be allowed as a deduction.Section 40A(3)(b) also provides for deeming a payment as profits and gains of business or profession if the expenditure is incurred in a particular year but the payment is made in any subsequent year in a sum exceeding Rs. 20,000/- otherwise than by an account payee cheque or by an account payee bank draft.The provisions of this section are subject to exceptions as provided in Rule 6DD of the Income-tax Rules, 1962.Section 40A(3) is an anti tax-evasion measure. By requiring payments to be made by an account payee instrument, it is possible to verify the genuineness of the transaction thereby mitigating the r... More About: Budget , Payment , Cash
DIRECT TAX CHANGES IN BUDGET AT A GLANCE
2008-03-02 06:56:00 In this post we will cover some important clauses of direct tax that has been proposed to be changed by Finance Minister in Budget 08.We will try to explain the changes. Change in Income Tax rates(Covered in separate Post)TAX CALCULATOR -WITH REVISED RATES IN BUDGETSenior Citizen Saving Scheme 2004 and the Post Office Time Deposit Account added to the basket of saving instruments under Section 80C of the Income Tax Act.This Benefit will be available from current year i.e investment made in f.y 2007-08 also eligible u/s 80c, and notification has already issued in this regard .Additional deduction of Rs. 15,000 allowed under Section 80D to an individual paying medical insurance premium of his/her parent or parents.whether parents depended on individual or not.applicable from AY 2009-10Income Tax Act to be amended to provide that reverse mortgage would not amount to ?transfer?; and the stream of revenu... More About: Direct , Glance
TAX CALCULATOR -WITH REVISED RATES IN BUDGET
2008-03-01 13:41:00 In Budget 2008 personal income tax rates has been slashed by the Finance Minister and all Individual and Huf will gain from 4120 to 49852 (including surcharge)in relation to their income.We have Created a small calculator in which u calculate tax for individual as general,huf,Senior citizen,Women.In this calculator u will also know how much benefit u will get from budget.new Rates of Income tax for Previous Year 2008-09 is given hereunder.For the AY 2008-09 (FY 2007-08) for an individual, HUF (other than woman or senior citizen)Upto Rs. 110,000NilRs. 110,001 to Rs. 150,00010% of income above Rs. 110,000Rs. 150,001 to Rs. 250,000Rs. 4,000 plus 20% of income above Rs. 150,000Above Rs. 250,000Rs. 25,000 plus 30% of income above Rs. 250,000For women, the minimum limit of Rs. 110,000 is to be increased to Rs. 145,000 and for senior citizens to Rs. 195,000.A surcharge of 10% of the total tax liability is applicable where the total income exceeds Rs. 10 lacs. For persons, other than indi... More About: Calculator
SERVICE TAX CHANGES IN BUDGET 2008
More articles from this author:2008-03-01 04:09:00 We try to cover major changes in service tax in Budget Presented on by Finance Minister on 29/2/2008 .There is no change in service tax rate and it remains 12% plus education cess 2% and Higher Secondary Cess 1% .Important changes in service tax are given hereunder.Service tax Good NewsThe annual threshold limit of service tax exemption for small service providers has been increased from the present level of Rs.8 lakh to Rs.10 lakh with effect from 01.04.2008, provided that the aggregate value of taxable services rendered by such provider of taxable service from one or more premises, does not exceed Rs.10 lakh in the preceding financial year.(Notification No.08/2008-Service Tax).The above limit for service provider wise not for each service.Suppose If a person provide 2 or more services then the limit will be total for all the services provided by the persons.Consequent upon increase in threshold limit of exemption from Rs.8 lakh to Rs.10 lakh,with effect ... 1, 2, 3 |
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