INCOME
TAX
SALES
TAX
2016
Cost Inflation Index
Indexation benefit is available for calculating
Gains arising on transfer of Long Term Capital Assets. The chart
contains all the notified cost inflation indices for calculation of
Capital Gains
Different
tax rates have been provided for various categories of taxpayers and for
different sources of income.
Individuals/HUFs/AOP/BOI are taxed as per the different slab rates.
However, companies are taxed at fixed rate, except for certain specified
incomes. This write-up will provide you the information on tax rates applicable
to various taxpayers.
The
term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a
person responsible to pay a sum of specified nature shall deduct an amount
towards TDS and pay it to the credit of Central Government. Various TDS rates
on various incomes have been prescribed under the Income-tax Act. This write up
covers all such rates.
A person responsible for making payment to
non-resident or foreign company is required to withhold tax. Tax is
deductible at the rates prescribed under the Act or under the relevant
DTAA, whichever is more beneficial for non-resident. This write up
provides all such rates as prescribed under various Double Taxation
Avoidance Agreements entered into between Indian and various foreign
countries.
Certain income of non-resident, inter-alia,
dividend, interest, royalty or fees for technical services shall be
taxable as per the rates prescribed under the Income-tax Act or as per
the rates prescribed under the DTAAs, whichever is more beneficial to
such non-resident. This write up provides all such rates as prescribed
under the Act and under various DTAAs entered into between Indian and
various foreign countries.
Relevant provisions of Income-tax Act to be
complied with by non-residents planning to set up business in India; and
residents dealing with non residents
While
computing profits and gains from business or profession, a taxpayer can claim
depreciation on all those assets which he has acquired and used for the purpose
of his business or profession. Different depreciation rates are prescribed for
different nature of assets. This write up lists down all such depreciation
rates.
Individuals and HUFs constitute a large chunk of
total taxpayers in India and their contribution in total tax collection is
substantial. The document includes the list of various benefits available to an
Individual or an HUF, such as exemptions and deductions.
Salaried persons constitute a large chunk of
total taxpayers in India and their contribution to total tax collection
is substantial. The document includes brief introduction and tax
treatment of various allowances and perquisites available to an
employee, inter-alia, house rent allowance, gratuity, provident fund and
so forth.
Small and medium enterprises contribute a major
portion to the GDP and to the growth of the economy. As a matter of
convenience for them, Income-tax Act extends certain benefits to them
and provides relaxation from compliance with certain provisions,
inter-alia, an option to compute income on presumptive basis, exemption
from mandatory audit of books of account, exemption from TDS and so
forth. This document gives a brief introduction to those provisions
which provide certain benefits to small businessmen.
