Income Tax Rules
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income tax rules, tax rules, income tax slab,income tax return rules,rules of income tax, income tax calculation rules, income tax,
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Functional Area : Income Tax Rules, Taxation |
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About "Income Tax Rules" topic:
Income Tax Rules are a vital part of the income tax as charged by the Indian government on taxable incomes of the individuals, companies, co-operative societies, firms, trusts and any other artificial person.
The income tax, which is calculated on the basis of India income tax rules, is levied on each of the individual person and is governed by the Indian Income Tax Act. 1961. It is the Ministry of Finance, Govt. of India, which determines the India income tax rate.
Income tax is a tax payable, at the income tax rules/rate enacted by the Union Budget
(Finance Act) for every Assessment Year, on the Total Income earned in
the Previous Year by every Person.
The chargeability is based on the nature of income, i.e., whether it is revenue or capital.
2 insight
, 2 debates
, 3 idea contests
, 4 question
on topic: "Income Tax Rules"
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(rate this)
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Yes
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10
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5
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No
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Shridhar Chandru
| Argues in support of
"Yes"
| 1 year ago
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Mr omkar you are right, FBT was manageable but perk tax definitely burdens employees.
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Omkar Kulkarni
| Argues in support of
"No"
| 2 years ago
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Perk will put burden on employees.
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RAMANATHA PRABHU N
| Argues in support of
"Yes"
| 2 years ago
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The position of the law before the introduction of the FBT will be restored, that is the expectation of the FM subject to proposed changes, if any, hereafter in line with income tax 14th amendment Rule.
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Debate: "Should perks tax rules replace FBT?" deleted from your view.
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Income Tax Rates/Slabs for Assessment Year 2012-13 (FY 2011-12) Income Tax Rates/Slabs Rate (%) Upto 1,80,000 Upto 1,90,000 (for women) Upto 2,50,000 (senior citizens) NIL 1,80,001 – 5,00,000 10 5,00,001 – 8,00,000 20 8,00,001 and above 30 Tax amendments for the FY 2011-12 are mentioned below : Increase in base income tax slab of men and senior citizens. Tax exemption limit remains the same i.e Rs. 20,000 on investment in tax saving Infrastructure bonds. A set of New Direct Tax Codes have been proposed, which will be active from Financial Year 2011. Senior citizen age reduced from 64 years to 60 years. People above 80 years of age to be included in the newly introduced 'Very Senior citizen'...
Insight: "PERSONAL TAX RATES For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI): " deleted from your view.
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but another Vendor client charging 40% of basic value for VAT and 60 % of service tax how to know about it
Answer: "One of our client is providing AMC for air contioners they charging VAT 12.5 % (on 70% basic value ) and service tax @..." deleted from your view.
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Answer: "what are the rules and regulations for investing/trading in forex????" deleted from your view.
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What books can we prefer to prepare for cwa inter group-1 exams.Can you suggest any books for Direct tax and Financial Accounting ? Please help me.
Answer: "Can you suggest Specific Books for Direct Tax and Financial Accounting for CWA inter group-1 exams" deleted from your view.
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Filing of e-returns could touch one crore this fiscal: FM NEW DELHI: The online filing of income tax returns could touch one crore-mark in the current financial year from 55 lakh in the last fiscal w...
Answer: "Have you filed your IT Returns on time?" deleted from your view.
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Income Tax Act has categorized all Income Tax Payers (Individuals) into 3 different types: Ordinary Individuals Female Citizens Senior Citizens 1. Ordinary Individuals: as per the applicable tax laws, the Income tax rates for ordinary individuals are: Annual Income Income Tax rates for FY 2008-09 Up to 150000 Nil 150000 – 300000 10% 300000 – 500000 20% 500000 and above 30% *A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs. 1,000,000. Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any. A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on ...
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Mridula Maity
| Commented
| 2 years ago
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Nice article on the new direct tax code, thanks for updating my knowledge on this here on toostep, nice to find really good articles like these, would like to thank Mr. Amod who has posted and for the referral by Mr. Ramanatha prabhu.
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Sonam Kapoor
| Commented
| 2 years ago
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Nice info Mr. Amod, many of us knew that new direct tax code was in place but numbers in the sense what is all this new tax code about, your article explains it wonderfully, thanks for sharing this on the platform and thanks Mr.Prabhu who referred...
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RAMANATHA PRABHU N
| Commented
| 2 years ago
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AS per Indian Income Tax Act, 1962 tax on income of any person is arrived at by taking in to account income from all sources and after adjusting various exemptions, allowances, deductions and reliefs allowable under tha Act. Final result of this...
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Insight: "How to Calculate Income Tax" deleted from your view.
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1
Allow tax benefits on Housing loans
2
Remove all taxes!
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P. KINGSTON PREMKUMAR
| Supported idea
"Allow tax benefits on Housing loans "
| 2 years ago
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I agree with you guys. Some people have taken housing loan recently especially to avoid Income Tax. These people will be affected. It should be exepted.
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SR Sham Sunder
| Supported idea
"Remove all taxes!"
| 2 years ago
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Deepak, no country yet has looked into it. Like I have indicated, governance has a meaning and definition. When most government functionaries take a formal oath, they also take an informal oath - "I will do nothing drastically different". ...
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Shaju George
| Supported idea
"Allow tax benefits on Housing loans "
| 2 years ago
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Housing loan repayment should get the same benefits.. or else housing industry itself will get affected.
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Ideate: "New Income tax law from 2011: What changes would you like to see in the new I-T law?" deleted from your view.
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1
Tax relief to the salaried class by way of enhancing the standard deduction limit .
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Emphasis on Direct Tax Code.......
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SASWAT MAZUMDAR
| Added idea
"Tax relief to the salaried class by way of enhancing the standard deduction limit ."
| 2 years ago
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The salaried class are the worst effected be it on the tax front or be it bearing the blunt of inflation . The kind of tax evasion that takes place by business class , doctors, advocates ,builders etc.( My appologies to those who do not evade tax...
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CA. DEBAYAN PATRA
| Added idea
"Emphasis on Direct Tax Code......."
| 2 years ago
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With the new proposal of Direct Tax Code that our FM talked about in the last budget, it is very well understood that this time it will be clear whether the Direct Tax Code will ultimately be brought in or not. After the Budget, the professionals...
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Ideate: "What do you expect from Budget 2010-11 for income tax?" deleted from your view.
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Yes
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5
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1
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No
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RAJAGOPAL MS
| Argues in support of
"Yes"
| 2 years ago
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purpose of income tax refund activity is helpful. but the processing method is not smooth and it is highly confusing Adv.MS.Rajagopal
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Neelam Mishra
| Argues in support of
"No"
| 3 years ago
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I know that individual taxpayers can e-fill track the status of their income tax refunds online but still i see so many pending requests... What other steps govt has taken....can you throw some light on this..... Thanks !!!
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Debate: "Income Tax Refund -2007-08" deleted from your view.
Other knowledge matching "Income Tax Rules" topic
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HRA stands for House Rent Allowance, it is an allowance provided by an employer to an employee. The main intention of this is to meet the cost of renting a home. Everybody whose salary package includes HRA is potentially eligible to get some deduction in Income Tax. Most, of the government and private employees have HRA as part of their salary package. In order to get income tax deduction for HRA, you must be paying rent for your accommodation; merely receiving HRA won’t help you to get tax benefit. Are you eligible for deduction under HRA…..??? We have designed and prepared this article to make you understand how you can claim tax deduction for HRA and what is the maximum tax exemption limit allowed for that. You can get tax deductions on HRA only if you are paying a rent of more than 10% of your salary. In majority cases, the rent, especially in cities is well above salary. For the purpose of discussion on HRA, salary means your Basic + Dearness Allowance (DA). Most of us think...
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