Income tax book for financial year 2015-16

Latest income tax slabs and rates for fy 201516 and ay 201617. The taxpayers have to correctly choose the relevant form and file the return. Income tax return forms for assessment year 201516 guide. In my next blog i will discuss the impact of tax on individuals. Fiscal year 12 consecutive months ending on the last day of any month except december. Budget refers to the fiscal year 2016 budget of the u. The present circular contains the rates of deduction of income tax from the payment of income chargeable under the head salaries during the financial year 2015 16 and explains certain related provisions of the act and income tax rules, 1962 hereinafter the rules. India income tax slabs 20142015 for general tax payers and womenincome tax slab in rs. Condition has been laid that in case the property is transferred before the expiry of 5 years from the end of the financial year in which possession of such property is obtained by him, the aggregate amount of deduction of income so allowed for various years shall be liable to tax in that year. A simple income tax calculator for financial year 201516 and software with macro in excel work book to compute the tax and understand. Please find attached the excel file containing income tax calculator as modified by finance bill 2015 presented on 28th february 2015. The rule 12 of the incometax rules was amended vide notification no. The irs data book includes many more interesting statistics, but they tell only part of the whole story. May 27, 2016 in india, all persons earning income called as taxpayers are required to pay income tax on the earnings.

The rule 12 of the income tax rules was amended vide notification no. Jan 29, 2016 tds rates chart for financial year 2015 16 assessment year 201617 vides finance act 2015 i. Calculate your tax based on the tax slabs for year 20142015. Income tax slabs and rates for the financial year 201516. Tax and salary calculator for the 20142015 financial year. Also calculates your low income tax offset, help, sapto, and medicare levy. The highlights of the finance bill 2015 are mentioned below. Secondly, there is a mismatch of pension amount as per bank pass book records it shows rs. Use online tax calculator to file itr for assessment year 201516. All publication national board of revenue nbr, bangladesh. In this budget he has not changed the income tax rates and kept the earlier rate in place.

Understanding csr expenditure and deductions under income tax. The analysis of tax revenues during fy 201516 presents an insight into various components of federal taxes. Financial year 201516 has posed start and all have to know that how much tax is payable in this financial year. Deductions under sections 80 ce are available for individuals would be discussed in the upcoming blogs on tax planning for financial year 2015 16. Tds rates chart for financial year 201516 setindiabiz. Income tax slab for financial year 201819 and 201920 taxadda.

Calendar year 12 consecutive months beginning january 1 and ending december 31. Treasurys general explanations of the administrations fiscal year. Income tax scrutiny criteria for financial year 201516. The new itr forms 1, 2 and 4s were notified for the assessment year 2015 16 vide said notification. Advance tax calculator for financial year 201516 taxalertindia. A simple income tax calculator for financial year 201516 and software with macro in excel work book to compute the tax and understand the all latest related. Income tax slab rates for financial year 201516 have not been changed much in budget 2015. India income tax slabs 2014 2015 for general tax payers and womenincome tax slab in rs. Download auto tax calculator with ready reckoner for financial yr 2015 16 assessment year 2016 17 dual type calculator software calculator and simple excel calculator in same work book. Individual residents who are above 80 yrs of age the tax on total income is exempted upto rs 5,00,000. Income tax scruitiny respected sir thanks for your wonderful blog. During this financial year i have only 4lacs as salary income as i have only pension. Mar 30, 2015 please find attached the excel file containing income tax calculator as modified by finance bill 2015 presented on 28th february 2015.

Basic exemption of rs 2,50,000 is provided to all taxpayers, which means a person earning income upto rs 2,50,000 in a year is not requi. By filing your income tax return, you declare how much income you. Refund, accounting, reading, business accounting, the reader, reading books. Filing of income tax return for assessment year 201516 cakart. The above income tax calculator contains the rate of tax for last 19 financial year i. Detailed split for general, women, senior citizen etc are provided. Cpi to calculate the past years inflation and adjusts income thresholds. In this budget he has not changed the income tax rates and kept the. Income tax slabs applicable for financial year 201516 assessment year 201617is. Tds rates chart for financial year 201516 assessment year 201617 vides finance act 2015 i.

Every year, the irs adjusts more than 40 tax provisions for inflation. The residential status of an individual is to be determined on the basis of period of. Social security and medicare tax on tips you didnt report to your employer or on wages you received. Filing of income tax return for assessment year 2015 16. Cbdt circularsalaries income tax deduction during fy 201516. So, the returns for the financial year 201415 assessment year 201516. Income tax rates slabs for financial year 201516 learn.

Please note that the income of financial year 201415 is taxable at the tax rate applicable for assessment year 201516. In this case, individual means who is resident in india and below the age of 60 years at any time during the financial year and all nonresident individuals regardless of age limit, also all resident as well. Use online tax calculator to file income tax return for. Income tax rates for the financial year 201516 all about. It is important to use the forms book for the province or territory where you lived at the end of the year so that your provincial or territorial tax and credits can be calculated properly. The due date for filing income tax returns for a financial year is 31 st july30 th sept of the assessment year.

Return forms for assessment year 201516 income tax. In india, all persons earning income called as taxpayers are required to pay income tax on the earnings. Individual income tax arkansas department of finance and. A simple income tax calculator for financial year 2015 16 and software with macro in excel work book to compute the tax and understand th. Jan 15, 2020 the allowability of deduction of corporate social responsibility or csr as mandated under section 5 of the companies act, 20 under the income tax act, 1961 requires indepth understanding due to express disallowance under the income tax act, 1961 and the circular no. Until fy 201516, the due dates and amount of advance tax were different for corporate taxpayers and individual taxpayers. Cbdt incometax compulsory manual scrutiny criteria fy 201516.

Financial year in india begins on 1 april and ends on 31 march. If you file a fiscal year tax return, your return is. It was established by the father of the nation bangabandhu sheikh mujibur rahman under presidents order no. Your problem is causing financial difficulty for you, your family, or your business.

Professional tax for the financial year 201516 monday, march 30th, 2015 amritesh 179 responses 53 views professional tax is a tax levied by the various state governments of india on salaried individuals, working in government or nongovernment entities, or in practice of any profession, including chartered accountants, doctors, lawyers etc or. New income tax slab for financial year 201516 mytaxcafe. Official data the number of incometax return filers increased to 4. Budget 2015 has been placed in parliament by finance minister arun jaitley on 28th february 2015. Mar 20, 2015 rates of taxes for individuals hindu undivided family association of persons body of individuals. Professional tax for the financial year 2015 16 monday, march 30th, 2015 amritesh 179 responses 53 views professional tax is a tax levied by the various state governments of india on salaried individuals, working in government or nongovernment entities, or in practice of any profession, including chartered accountants, doctors, lawyers etc or. Filing of income tax return for assessment year 201516.

A simple income tax calculator for financial year 2015 16 and software with macro in excel work book to compute the tax and understand the all latest related. The finance minister has proposed to tax the super rich by increasing surcharge from 10% to 12% if the income earned is more than rs. Tax and salary calculator for the 2014 2015 financial year. A 5253week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month. Gross total income of r for assessment year 201516 is rs. The constitution of india schedule vii union list entry 82 has given the power to the. Helped by buoyancy in indirect taxes, government managed to surpass total tax collection target for 2015 16 by rs 5,000 crore at rs 14. Tax rates applicable to individual for financial year 2015. The present circular contains the rates of deduction of incometax from the payment of income chargeable under the head salaries during the financial year 201516 and explains certain related provisions of the act and incometax rules, 1962 hereinafter the rules. This budget has not changed anything tax rates applicable to an individual for financial year 20152016 in comparison to financial year 20142015 except additional surcharge for those individual whose income exceeds rs 1 crore in a financial year. Helped by buoyancy in indirect taxes, government managed to surpass total tax collection target for 201516 by rs 5,000 crore at rs 14.

Incometax act, 1961 43 of 1961, the central government has prescribed. The tax rates discussed in this part are applicable for assessment year 201819 i. Dec 04, 2015 as per the finance act, 2015, incometax is required to be deducted under section 192 of the act from income chargeable under the head salaries for the financial year 201516 i. Income tax slab tells the tax rate at which you have to pay tax on income. Now you can use anyone or both as per your suitability. The new income tax return forms being recently notified for assessment year 201516, filers can do an easy check of their annual tax liability on a new computerbased calculator launched by the central board of direct taxes. Now the earlier income tax slab rates as applicable to ay 2014 2015 will also be applicable to assessment year 2015 2016. Tax collection in 201516 exceeds target by rs 5,000 crore. Income tax department is selecting cases for scrutiny under computer aided scrutiny selection cass based on the information gathered from annual information returns air and based on the information directly gathered by central information branch cib.

Income tax slab rates for ay 20152016 financial year. State tax reform books location matters statelocal tax burden rankings. Income tax rates for individuals income tax rates for financial year 20172018. Therefore if the income tax returns are being filed for the financial year 2014, the due date for filing the income tax returns would be 31 st july 201430 th sept 2014 as the case may be. The budget 2014 has changed the income tax slab rates slightly as compared to the income tax rates of financial year 2014. Tax brackets are the divisions at which tax rates change in a progressive tax system essentially. Individuals with over rs 1 crore of declared income rose 23. With the new income tax return itr forms being recently notified for assessment year 201516, filers can do an. Income tax slabs for financial year 201516 relevant to analysis year 201617 are.

The due date for filing income tax returns for a financial year is 31st july30th sept of the assessment year. They will be used to help determine how we produce ebooks in the future. Income tax for ay 201617 or fy 201516 be money aware blog. The following income tax rates are applicable for the financial year ending march 31, 2016 i. At the rate of 12% of such income tax, provided that the total income exceeds rs. May 14, 2015 a simple income tax calculator for financial year 201516 and software with macro in excel work book to compute the tax and understand the all latest related. It was established by the father of the nation bangabandhu sheikh mujibur rahman under. Cbdt has notified income tax return itr forms for ay 201516. The national board of revenue nbr is the apex authority for tax administration in bangladesh. Pakistans economy continues to maintain its growth momentum above 4. After the financial year is over as on 31st march, the next job is to obtain form 16 or so from employers and others and file income tax return on or before due date i. Income tax slab rates for ay 20152016 financial year 20142015.

As per the finance act, 2015, incometax is required to be deducted under section 192 of the act from income chargeable under the head salaries for the financial year 201516 i. Income tax rates for ay 201516 financial year 201415. Please clarify the following doubt iam central government pensioner. Income tax rates slabs for financial year 2015 16 assessment year 201617 for male individuals below 60 years resident of india income tax rates up to 250000.

Rates of incometax in respect of income liable to tax for the financial year 20152016 assessment year 20162017 there is no change in the basic tax rate and exemption limit for individual, hindu undivided family, association of person, body of individuals and artificial juridical person in assessment year 201617 in comparison to a. Incometax deduction from salaries during the financial year. Jun 29, 2015 the new income tax return forms being recently notified for assessment year 201516, filers can do an easy check of their annual tax liability on a new computerbased calculator launched by the central board of direct taxes. Use online tax calculator to file itr for assessment year 201516 with the new itr forms being recently notified, return filers can do an easy check of their annual tax liability on a. All new jersey income tax returns postmarked on or before the due date of the return are considered filed on time. Deductions under sections 80 ce are available for individuals would be discussed in the upcoming blogs on tax planning for financial year 201516. Income tax calculator for financial year 201516 taxguru. During financial year 2015 16 assessment year 201617, the department has announced the criteria vide the instruction no 82015 dated.

Jan 04, 2015 calculate your tax based on the tax slabs for year 2014 2015. The new itr forms 1, 2 and 4s were notified for the assessment year 201516 vide said notification. With effect from 01,june 2011, nonresident having a liaison office in india shall prepare and deliver a statement in form no. The budget 2014 has changed the income tax slab rates slightly as. Income tax slab rates for financial year 2015 16 have not been changed much in budget 2015. Income tax slab rates for last 25 years in india 199293 to.

Now the earlier income tax slab rates as applicable to ay 20142015 will also be applicable to assessment year 20152016. The profit result was underpinned by a focus on controlling interest margins and operating costs while actively growing our loan book. In this part you can gain knowledge about the normal tax rates applicable to different taxpayers. I appreciate that the finance division has prepared a year book that elaborated its work performance, achievements and progress made during the financial year 201516. Income tax slabs for financial year 201415 mytaxcafe. Dec 03, 2015 download auto tax calculator with ready reckoner for financial yr 2015 16 assessment year 2016 17 dual type calculator software calculator and simple excel calculator in same work book.

The allowability of deduction of corporate social responsibility or csr as mandated under section 5 of the companies act, 20 under the income tax act, 1961 requires indepth understanding due to express disallowance under the income tax act, 1961 and the circular no. Cbdt has notified income tax return itr forms for ay 2015 16. After determining the residential status, the all incomes of an individual except capital gains would be taxable as per the income tax slabs for that financial year. Please note that the income of financial year 201415 is taxable at the tax rate applicable for assessment year 2015 16. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts.