Only Air-Conditioned or Air-Heated Restaurants to Pay Service Tax

Clarification Issued in the Matter of Service Tax; Only Air-Conditioned or Air-Heated Restaurants to Pay Service Tax; Restaurants, Eating-Joints or Messes Which Do Not Have the Facility of Air-Conditioning Or Central Air-Heating in Any Part of the Establishment are Exempt from Service Tax. At present, Service Tax is chargeable on … Continue reading

No change in rate of Service Tax from 1 April 2015

Clarification- No change in rate of Service Tax Finance bill, 2015 has proposed to increase effective rate of Service Tax from 12.36% to 14%. It is wrongly reported in some quarters that the effective date of change in rate of Service Tax is 1st April, 2015. It is hereby clarified … Continue reading

New Service Tax Rate Applicability

The effective service tax rate, if and when the Swacch Bharat Cess is introduced, will not exceed 14.28%. This should be good news for those who feared that the service tax rates could go up to 16% after the cess is imposed. The cess may be imposed sometime after June, … Continue reading

File tax returns before 31st march 2015

Why need to file tax returns before 31st march 2015? If you are yet to file income-tax return for the previous financial year 2013-2014 (assessment year 2014-15), you still have a chance to do so by March 31. The return for income earned in the financial year ending on 31 … Continue reading

Income Tax Rates for current year 2015-2016 (Assessment year 2016-2017)

Income Tax Rates for Assessment year 2016-2017: Income Tax Rates/Slab for Assessment Year 2016-17  Rates/ %age Up to 2,50,000 Up to 2,50,000 (for women) Up to 3,00,000 (for resident individual of 60 years till 80 years) Nil 250,001 – 5,00,000Up to 500,000 (for resident individual of 80 years and above, … Continue reading

Income Tax Rates for current year 2014-2015 (Assessment year 2015-2016)

Income Tax Rates for Assessment year 2015-2016 (Previous year 2013-14) Income Tax Rates/Slab for Assessment Year 2015-16 (Previous Year 2013-14) Rates/ %age Up to 2,50,000 Up to 2,50,000 (for women) Up to 3,00,000 (for resident individual of 60 years till 80 years) Nil 250,001 – 5,00,000Up to 500,000 (for resident … Continue reading

Section 87A gives Income tax Rebate/Credit of Rs 2000 for individual whose income is less than Rs 5 lac

Budget 2013 has introduced new Section 87A. This Section gives Extra Income tax rebate of Rs 2000/- to Resident Individuals whose Total Income is less than Rs 5,00,000/- Conditions to be fulfilled for availing Extra Income tax rebate: 1) Extra rebate u/s 87A is only available to Individuals. This rebate … Continue reading