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Tax slab Rates – AY 2018-19

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 Income tax slab rates for FY 2017-18 i.e. AY 2018-19 are provided below: Individual below 60 years or NRI / HUF / AOP / BOI Income Slab Tax Rates Rebate u/s 87A Up to Rs. 250000 Nil Rs. 250001 to Rs. 500000 5% 100% of tax or Rs. 2500 whichever is lower. Relief is calculated […]

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TDS Rates – AY 2018-19

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TDS Rates for FY 2017-18 i.e. AY 2018-19 Section Nature of Income When to Deduct Rate of TDS 192 Salaries If the payable salary exceeds the maximum amount chargeable to tax Average Rates 192A Premature withdrawal from EPF If the aggregate amount exceeds Rs.50000 10% 193 Interest on securities When the amount exceeds Rs.10000, or […]

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Tax slab Rates – AY 2017-18

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The tax slab rates for FY 2016-17 i.e. AY 2017-18 have been unchanged and are provided below for reference: Individual below 60 years or NRI / HUF / AOP / BOI Income Slab Tax Rates Rebate u/s 87A Up to Rs. 250000 Nil Rs. 250001 to Rs. 500000 10% 100% of tax or Rs. 5000 […]

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Startup India Initiative

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Startup India is a flagship initiative of the Government to provide a strong ecosystem for startups using innovative ideas and desgins. The action plan addressing all the issues regarding the Startup India initiative was issued on 16th January, 2016. Till now, 798 applications have been approved by the Department of Industrial Policy and promotion (DIPP) as Startups […]

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GST – Some Frequently Asked Questions

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What is GST? GST (Goods and Service Tax) is a tax which will be levied on supply of goods and services right from the point of manufacturing to final consumption by user which means that it will substitute all the taxes which are levied in the process of manufacturing till the final consumption. Why should […]

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GST Registration and Filing

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GST Registrations Till now the process for fresh registrations under GST has not started. The current tax payers under the Indirect Tax legislation are required to mandatorily migrate to GST. A new taxpayer seeking registration under GST has to first get registration under the applicable Act (Excise, service tax, Vat etc.) and then migrate to […]

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Types of Income Tax Returns and Their Applicability

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Please consult the following table to know about types of various types of Income Tax Returns Form Who can File Type of Income ITR-1 Only Individual 1.       Income from salaries / Pensions 2.       Rent from one house property – Loss not covered 3.       Income from other sources not including lottery income or income from any […]

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LLP – Advantages, Disadvantages and Registration Process

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Limited Liability Partnership (or LLP) provides the benefits of limited liability to its members and also allows the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. Advantages of forming a LLP are: Liability of partners is limited to their agreed contribution in the LLP LLP has more flexibility and […]