Income Tax Rates in India - Assessment Year 2014-2015

Taxchanakya.com provides the latest income tax rates in India for different age groups:

1. For men below 60 years of age.

2. For Senior Citizens.

3. Super Senior Citizens.

 

For Men below 60 years of age		For Senior Citizens (Age 60 years or more but less than 80 years)		For Senior Citizens (Age 80 years or more)
Income Level	Tax Rate	Income Level	Tax Rate	Income Level	Tax Rate
Rs. 2,00,000	Nil	Upto Rs. 2,50,000	Nil	Upto Rs. 5,00,000	Nil
Rs. 2,00,001 - Rs. 500,000	10%	Rs. 2,50,001 - Rs. 500,000	10%	Rs. 5,00,001 - Rs. 10,00,000	20%
Rs. 500,001 - Rs. 10,00,000	20%	Rs. 500,001 - Rs. 10,00,000	20%	Above Rs. 10,00,000	30%
Above Rs. 10,00,000	30%	Above Rs. 10,00,000	30%

For any details regarding, please contact online@taxchanakya.com. You may feel free to utilize our services in tax preparation and seek tax related advice from us. Visit www.taxchanakya.com for more details.

Precautions to Be Taken While filing Income Tax Return

Here are some of the precautions to be taken while filing your income tax returns.

Confidentiality of the tax data:

When you give your income tax details to your service provider who offers income tax preparation service, you should be aware. As the email id and other personal data can be later used for the marketing purposes. You might receive unwanted calls or mails.  So understanding the privacy policy of the income tax returns preparation is very important before opting for a tax preparation service.

Signing Blank ITR Forms:

It is common for people to hand over the income tax details to the income tax preparation service and sign a blank ITR form to the agent who files your return.It is not right to sign a blank ITR form without verifying. Sometime this might lead to a defective return filing. Also in terms of data confidentiality perspective too, this is dangerous. 

Incorrect Email ID:

Providing a correct email id is very important while filing your income tax returns. As this is the id through which the IT department is going establish communication, it is very important to provide functional email id. 

Online tax return filing is often taken for granted.  There are so many advantages like less scrutiny and faster refund processing. So it is very important to select an unbiased and trusted income tax return filing service.

Form A-1 available for registration of ‘Importers’ under Central Excise to enable them to pass on Cenvat credit

To enable the registration of importers as a separate category of Registrants in Central Excise to enable them to pass on the central credit, an amendment in the central excise registration from Form A-1 was made on 28^th February 2014.

All necessary modifications have been made in Form A1 and has come in to force wef  01.04.2014

All partnership firm must file ITR 5 electronically w.e.f to A.Y. 2014 to 2015.

Up to 2013 to 2014, the partnership firms for whom provision of section 44AB for  are not applicable were allowed to furnish the ITR 5 in paper form or return electronically under digital signature,  after transmitting the data, ITR V was to be submitted.

Now with amendment in Rule 12 of Income tax rules 1962, the following provisions are applicable for the partnership firm under provision of section 44AB.

1.      Partnership Firm who are required to get Audited under Section 44AB can file ITR 5 return only electronically under digital signature.

2.      Partnership Firm who are required to get Audited Under Section 44AB can submit the return in any of the following mode.

(i)          Furnishing the return electronically under digital signature;

(ii)         Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

Political parties must efile their returns wef A.Y 2014 - 2015

The central board of direct taxes through notification # 24/2014 dated 01.04.2014 has amended the Rule 12 of income tax rules 1962. 

With this amendment in Rule 12 of income tax rules 1962, the political parties can file ITR 7 only electronically under digital signature.

New income tax return forms ITR-1 SAHAJ, ITR-2, SUGAM ITR-4S, ITR V for assessment year 2014-15 for manual filing released by CBDT.

The CBDT through notification #24.2014 dated 01.4.2014 amends the income tax rules and has released new income tax return ITR forms for manual filing.

1. The amendments may be called 4^th amendment rules:

 2. In sub-rule (1), (2), (3), (4) and (5), some changes have been substituted for 2014.

3. New forms have been released for ITR-1 (SAHAJ), ITR2, SUGAM (ITR-4S) and ITR V.

For more information visit: www.taxchanakya.com

Tax Structure in India funny But True

Question 1.. : What are you doing?

Ans. : Business.

Tax : PAY PROFESSIONAL TAX!

Question 2 : What are you doing in Business?

Ans. : Selling the Goods.

Tax : PAY SALES TAX!

Question 3 : From where are you getting Goods?

Ans. : From other State/Abroad

Tax : PAY CENTRAL SALES TAX, CUSTOM DUTY & OCTROI

Question 4 : What are you getting in Selling Goods?

Ans. : Profit.

Tax : PAY INCOME TAX!

Question 5: How do you distribute profit ?

Ans : By way of dividend

Tax : PAY DIVIDEND DISTRIBUTION TAX

Question 6 : Where you Manufacturing the Goods?

Ans. : Factory...

Tax : PAY EXCISE DUTY!

Question 7 : Do you have Office / Warehouse / Factory?

Ans. : Yes

Tax : PAY MUNICIPAL & FIRE TAX!

Question 8 : Do you have Staff?

Ans. : Yes

Tax : PAY STAFF PROFESSIONAL TAX!

Question 9 : Doing business in Millions?

Ans. : Yes  -- Tax : PAY TURNOVER TAX!

Ans : No -- Tax : Then pay Minimum Alternate Tax

Question 10 : Are you taking out over 25,000 Cash from Bank?

Ans. : Yes, for Salary.

Tax : PAY CASH HANDLING TAX!

Question 11 : Where are you taking your client for Lunch & Dinner?

Ans. : Hotel

Tax : PAY FOOD & ENTERTAINMENT TAX

Question 12 : Are you going Out of Station for Business?

Ans. : Yes

Tax : PAY FRINGE BENEFIT TAX

Question 13 : Have you taken or given any Services?

Ans. : Yes

Tax : PAY SERVICE TAX

Question 14 : How come you got such a Big Amount?

Ans. : Gift on birthday.

Tax : PAY GIFT TAX

Question 15.: Do you have any Wealth?

Ans. : Yes

Tax : PAY WEALTH TAX

Question 16 : To reduce Tension, for entertainment, where are you going?

Ans. : Cinema or Resort.

Tax : PAY ENTERTAINMENT TAX

Question 17 : Have you purchased House?

Ans. : Yes

Tax : PAY STAMP DUTY & REGISTRATION FEE

Question 18 : How you Travel?

Ans. : Bus

Tax : PAY SURCHARGE

Question 19.: Any Additional Tax?

Ans. : Yes

Tax : PAY EDUCATIONAL, ADDITIONAL EDUCATIONAL & SURCHARGE ON ALL THE CENTRAL GOVT.'s TAX

Question 20: Delayed any time Paying Any Tax?

Ans. : Yes

Tax : PAY INTEREST & PENALTY

21) INDIAN : Can I die now??

Ans :  Wait we are about to launch the funeral tax!