"'In
this world nothing can be said to be certain, except death and taxes."
Benjamin
Franklin
WHAT IS INCOME TAX?
Income Tax is a tax on
income earned in a financial year starting form 1st April to 31st
March. At present financial year is ending on 31st March 2014 (FY
2013-2014). Therefore on Income earned from 1st April 2013 to 31st
March 2014 one need to pay tax.
WHAT IS INCOME TAX RETURN?? (ITR)
ITR is a statement of total income and tax liability
submitted annually with INCOME TAX DEPARTMENT via online or offline.
WHO ARE REQUIRED TO PAY INCOME TAX?
Sr. No.
|
Category
|
Tax
|
1
|
Individuals
(Living Persons)
|
Need
to pay tax and file ITR if taxable income exceeds the prescribed limit.*
|
2.
|
Others
|
Need
to file ITR even if there is no income of suffered losses.
|
HOW MUCH TAX TO BE PAID?
Entities
|
Individuals
|
Company,
LLP, Partnership Firm, Local Authority
|
Co-operative
Societies
|
Tax
Rate
|
Slab
Rate*
|
30%
Flat + 3%**
|
Slab
Rates
|
** Education Cess @ 2% and SHEC @ 1%
* SLAB RATES FOR INDIVIDUALS (For A.Y. 2014-2015 P.Y. 2012-2013)
For
resident senior citizen
(above
60 years but below 80 years)
|
For
super senior citizen (Above 80 Years)
|
For Male or Female below the age of 60 years
& HUF
|
Income
Tax rates
|
Upto 2,50,000
|
Upto 5,00,000
|
Upto 2,00,000
|
NIL
|
2,50,00-5,00,000
|
2,00,00-5,00,000
|
10%
|
|
5,00,000-10,00000
|
5,00,000-10,00000
|
5,00,000-10,00000
|
20%
|
More than 10,00,000
|
More than 10,00,000
|
More than 10,00,000
|
30%
|
Exclusive of education Cess @ 2% and SHEC @ 1%
|
|||
It mean that if a individual male/female (below the age
of 60 years) is earning income of more than 2,00,000/- in a financial year
he/she has to pay tax and file Income tax Return.
WHAT IS THE LAST DAY TO FILE INCOME TAX RETURN?
For Individual 31st
July 2014
For Companies 30th
Sep 2014
CALL US AND GET TAX ADVICE.
Call: 011- 41407878, 9718483209, 9555250231
Mail: info@makbizadvisors.com
Visit: 268, First Floor, Business India Complex,
Uday Park, New Delhi-110049
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