Aadhaar number and passport number is now mandatory. This rebate is allowed to an individual who is resident in india and. Calculate business or professional income, get industry codes, and report various income types. Finance bill 2014 has increased income tax exemption limit by rs.
I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 2015 16 for last fy 201415. An individual suffering from disability himself gets tax benefit under section 80u while an individual gets tax benefits under section 80ddb if any dependent family member of the individual is differently abled. Under the download menu, click on income tax return forms and choose ay 201516 for financial year 201415. Section 80u deduction in case of person with disability.
India income tax slabs 20142015 for general tax payers and women income tax slab in rs. It also calculates agriculture income rebates and tax on lotteries etc. Quick excel income tax calculator for fy 201516 ay 201617. Read our other articles efiling income tax, income tax refund, income tax refund status, income tax return and income tax calculator in our artilces. Section 80u provides tax benefits to individuals with disability and their family members. Since aarav is an individual, let us presume he need not get audit done, then, time limit for filing taxes in his case was 31st july 2016. Paripatra2014 income tax paripatra income tax202014.
The taxpayers have to correctly choose the relevant form and file the return. Information is recorded from current tax year to oldest, e. Now question arises was do rebate of income tax under section 87a as applicable for fy 2014 also available for fy 201415 and subsequent years. Filing of income tax return for ay 201516 new initiatives. Income tax new rate and slabs for the fy 20192020 or the ay. Rebate of tax under section 86 assessment of aop in case total income of pfaopaop is not taxable at mmr or any other rate higher than mmrthe share of income of a member of pfaopaop shall be added in his total income and shall be eligible for rebate of tax at average rate on such share. Rebate is applicable to those under a specific income. Tax deduction on interest on residential house loan section 80ee. Income tax slab rates for ay 20152016 financial year. Personal, business, corporation, and trust income tax.
Income tax slabs and rates for fy 202021 bankbazaar. Do you have to file income tax return for ay 201516. File corporation income tax, find tax rates, and get information about provincial and territorial. See here how the changes in tax rates affect the age groups per income level from last year to this year. Union budget 201516 presented by arun jaitley, did not alter the tax slabs, nor did he change the tax exemption limit. Section 87a of the income tax act allows a rebate of up to rs 5,000 for individuals whose taxable income total income minus deductions under section 80 is rs 5,00,000 or less.
Draw a plain paper and write an application for con. File income tax, get the income tax and benefit package, and check the status of your tax refund. It is levied on the tax payable, and not on the income generated. The deadline for the assessment year 201617 which pertains to income earned in the financial year 201516 was extended till august 5, 2016. Now question arises was do rebate of incometax under section 87a as applicable for fy 2014 also available for fy 201415 and subsequent years. Income tax calculator for salaried person fy 201516. Income tax circular 2014 circular, income tax 2012 amendment of income tax ordinance section 19. Until fy 201516, the due dates and amount of advance tax were different for corporate. Abcaus excel auto income tax calculator ay 201516 abcaus excel calculator ay 201516 calculates income tax on all types of income with set off and carry forward of losses. 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. My next question is that how should be calculated the income tax for current year. In case total income of pfaopaop is taxable at mmr or a higher rate the share of income of a. Minimum alternative tax mat for domestic companies for domestic companies rates of income tax for f. If the applicable form is itr1 you can complete the process on the portal itself, submitting the details online by using the quick efile itr link.
Availability of rebate us 87a for the ay 201516 tax. Simple tax calculator for the use of salaried employees of govt and private sector easy use of calculator key in the salary details and investmenttax saving details yellow colored cell to compute the tax all sec 10 exemptions computes on updating the tax saving details based on the income tax criteria. Now my total income is rs 591684 including the arrears. Cbdt has notified income tax return itr forms for ay 201516. Now the question arises is do rebate of income tax under section 87a as applicable for fy 2014 also available for fy 201415 and subsequent years. The amount of rebate is 100 per cent of incometax or rs. The income tax slab is remain unchanged in this financial year. Rebate of tax under section 86 incometax management. My question is that this arrear should not be added in previous year. As per section 192 of income tax act, any person responsible for paying any income chargeable under. Income tax is a direct tax which is levied by the government. The above income tax rates are for general category men women who are below 60 years of age. Penalty on late filing of income tax return ay 201516 and fy 201415 update.
Abcaus excel visual basic software for chartered accountants. Tax rates are proposed by the minister of finance in the annual budget speech and fixed or passed by parliament each year. Income tax filing for ay 201516 resolved caclubindia. This article provide quick excel income tax calculator for fy 201516 ay 201617 for individual resident whose age is below than 60 years i. New income tax return form for ay 201516 itr3, itr4, itr5, itr6 and itr7 has been notified by cbdt vide notification no. Finance bill 2014 is silent on the section 87a, which was introduced by finance bill 20 with effect from ay 201415 and provides a rebate of rs. This page sets out everything you need to know to do your taxes. Income tax is collected on a yearly basis as a percentage of an entity income in a fiscal year.
Shortly income tax return filing will commence for ay 201516, returns will be filed for income earned in the financial year that started on 1st april 2014 and ended on 31st march. Determine your tax obligations and whether you need to file a tax return. In previous article, we have given frequently asked questions on income tax return filing and complete details on pan or permanent account number. If, however, the book value of the assets of the company or. Download income tax calculator fy 201415 ay 201516. Income tax rates for ay 201516 financial year 201415. Download the income tax return itr form applicable to you. Review the slips you may receive from your employer, payer, or administrator. Income tax slabs for financial year 201516 or assessment. Hence this provision continues for ay 2015 16 as well. Union budget 2015 16 and 201415 have not altered the rebate available under section 87a for fy 2015 16, 201415 or ay 201617, 2015 16 meaning thereby that effectively there will be no income tax payable up to the total income of rs.
I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 201516 for last fy 201415. The amount of rebate is rs 2000 or the amount of tax payable. Availabilityincome tax rebate section 87a fy 201415 ay. Rates of incometax for fy 201415 ay 201516 as per the finance no. Rs 5, 00,000, rebate us 87a upto rs 2,000 is allowed against tax. In 20, income tax department issued letters to 12,19,832 nonfilers who had done high value transactions. Amendments relating to determination of residential status. Personal tax rebate ya 2015 as part of sg50 jubilee celebration, all tax resident individuals will receive an income tax rebate of 50% of tax payable, up to a.
Tax 0 to 2,50,000 no tax 2,50,001 to 5,00,000 10% 5,00,001 to 10,00,000 20% above 10,00,000 30%. Levy of tax on a person depends upon his residential status. Income tax paripatra national board of revenue nbr, bangladesh. Indexation benefit is available for calculating gains arising on transfer of long. This form must be filed between july 1, 2015 and april 30, 2016. Log on to efiling portal at if you are not registered with the efiling portal, use the register. Shortly income tax return filing will commence for ay 2015 16, returns will be filed for income earned in the financial year that started on 1st april 2014 and ended on 31st march.
For individuals other than female taxpayers, senior taxpayers of 65 years and above, retarded taxpayers and gazetted warwounded freedom fighter, income tax is payable for the on first upto tk. By sanjay madhavji 2015, tax code 102 comments on tax codes for 201516 march 27, 2015 the 201516 tax year begins on 6th april 2015 and for most employees, the new standard tax code will be 1060l. Now the question arises is do rebate of incometax under section 87a as applicable for fy 2014 also available for fy 201415 and subsequent years. The constitution of india schedule vii union list entry 82 has given the power to the. Everything you need to know about section 87a income tax. Due date to file income tax return assessment year 201516. However in case you are carrying on a business and your accounts are required to be audited, the due date gets extended till september 30, 2015. In 2014, income tax department has identified additional 22,09,464 nonfilers who have done high value transactions. Union budget 201516 and 201415 have not altered the rebate available under section 87a for fy 201516, 201415 or ay 201617, 201516 meaning thereby that effectively there will be no income tax payable up to the total income of rs. Chartered accountants 25th august, 2015 shantinath hall, icai organised by. Income tax slabs income tax rates fy 201415 av 201516.
Simple tax calculator for the use of salaried employees of govt and private sector, basis the latest budget changes. Incometax slab rates for individual for fy 201516 ay 201617. Just to add, even if you could not file return after the last date i. Current income tax rates for fy 201920 ay 202021 sag infotech. Chapter vi deduction allowed for the salaried employee, which can be approved by.
India income tax slabs 20142015 for senior citizens aged 60 years but less than 80 years. Income tax slab rates for individualhuf for fy 201415. Income tax department has extend the due date for filing income tax return and tax audit report all over india from 30. This post explains what this tax code means and what to do if. However, if your tax liability is lower than rs 5,000 then the amount of rebate will be restricted to your tax liability. Income tax return forms for assessment year 201516. In case of resident individuals and resident senior citizens having total income up to rs. The provisions for filing of income tax depending upon the status of the assessee. Rebate is of rs 12,500 or 100% of income tax whichever is lesser. Today we are providing income tax slab rates for assessment year 201617. Rebate 87a for fy 201415 ay 2015 16 finance bill 2014 has increased income tax exemption limit by rs. The irs issues most refunds in less than 21 days, although some require additional time.
Systematic approach to taxation containing income tax indirect taxes. Here is quick guide of tax bracket for individuals depending on the income. This downloadable income tax calculator, calculate tax on your income for for financial year 201415 assessment year ay 201516 automatically without any hassle. In india, a surcharge of 10% is levied if an individuals income is more than rs. For example, if you have an income of rs 100 on which the tax is rs 30, the surcharge would be 10% of rs 30 or rs 3. The last date for filing income tax return for ay 201516 fy 201415 is august 31, 2015. Income tax return filing for ay 201617 fy 201516 can. Ay is assessment year latest income tax rates for fy 201516. The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 5% of such income tax, provided that the total income exceeds rs.