income tax calculation formula excel

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IT dept rejects Rs 2 lakh crore IDS declaration by a family from Mumbai


Verification of High Value Suspicious Declarations made under the IDS 2016 An Income Declaration Scheme IDS was announced in the Union Budget 2016 17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five percent 45 of the declared amount as tax surcharge a

Tax Investigations unearth misuse of Jan Dhan Accounts


Tax Investigations unearth mis use of Jan Dhan Accounts Account holders once again urged by CBDT not to consent to any kind of mis use of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements Investigation being conducted by the

No seizure of gold jewellery upto 500 grams per married lady and 250 gm for unmarried


Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws Second Amendment Bill 2016 is totally unfounded and baseless In the wake of Taxati

Bill introduced by govt in Parliament to tax black money


Taxation Laws Second Amendment Bill 2016 introduced in Lok Sabha A scheme namely Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 PMGKY proposed in the Bill Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti povert

IBA directs banks to accept payment of instalments under IDS 2016


No RB CIR OTC IDS 1404A November 25 2016 The Chief Executives of All Member Banks Dear Sir Madam Income Declaration Scheme 2016 Grievance regarding non acceptance by banks of payments under IDS 2016 through ITNS 286 We have received a communication dated November 23 2016 from RBI on the captioned su

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Experts Opinions

Computation of various income


Agricultural rental free lancer gift from son adds to 9 75lakhs Could yoy please tell the percentages and final tax figure Agri 3 85k rent1 75k free lancer 3 25k and 90k from son

Tax audit limit for event management service


Dear All One of my client Firm is providing Event Management Service my question is whether the same is covered under business or profession for considering tax audit limit Thanks

Cst calculation on vat exempted silver anklets in tamilnadu


Dear Experts I m an Individual from TamilNadu I would like to know a few clarifications over following 1 Currently there is VAT exemption for SILVER ANKLETS in TN I wish to do an Inter State sale of this particular exempted good from TN to ANDRA PRADESH where current VAT for SILVER PRODUCTS is 1 So

Applicability of service tax


Sir one of our client is registered in taxable territory and has rendered erection and comissioning service at bhutan The amount is received in convertable foreign exchange and in due time Whether service tax will be applicable Whether we have to reverse the cenvat credit on inputs or input service

Entry tax on dummy goods


One of our client want to purchase a machinery outside state which is costly so before purchase company is providing him a dummy machine which will be returnable at the time of purchase of original machine so i want to know that what will be entry tax treatment for dummy good How can client will esc

Discussion

Changeability of Service tax and VAT

owners of building going in for addition and alteration of area of their flats addl fsi thru works contract to a civil Contractor Do the owner need to pay service tax and vat if yes then at what rates the contracts present quotation states VAT 8 on gross value and ST 10 5 He says he had charged on c

chargeability of Service tax and vat on works contract

owners of a building are undergoing addition and alteration of area in existing flat thru civil Contractor are owners liable to pay service tax on such construction and if yes then at what rate and how also applicable rate of VAT

Service tax on material and labour contract

charitable trust given labour and material contract to individual how much service tax to be levied by individual on jabour payments by charitable trust

Withholding tax on online software

If a Indian company wants purchase software online from Germany how shall the withholding tax rate be determined What if the German company does not have PAN

Service tax or sales tax

I need to know if an operating lease furniture rental will attract Service Tax or Sales Tax

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Regulation of tax professionals by different countries


It would be difficult to have a well functioning tax system without tax advisors Because most taxpayers are not familiar with the intricacies of tax laws tax advisors are needed so that taxpayers can fulfill their complicated tax obligations As informed members of the public tax advisors also provid


A complete list of Penalties under Income Tax Act, 1961


1 Penalty under Section 270A Penalty for under reporting and misreporting of income If during the assessment proceedings it is found that an assessee have under reported or misreported his income then penalty u s 270A will be imposed on the Assessee This is the harshest penalty that can be imposed b


Income Computation And Disclosure Standards - In Brief


Income Computation and Disclosure Standards ICDS Section 145 2 of the Income Tax Act 1961 confers powers to the Central Government to notify accounting standards to be followed by any class of assessee Exercising that power the Central Government introduced Income Computation and Disclosure Standard


Currency Ban: How penalty cannot be imposed on cash deposits in bank account under Income Tax Act, 1961


Introduction We are going through a very unusual phase of Indian economy where people are rushing nowhere carrying cash in hand I have experience it first time when people are ready to pay the full amount of tax or they are ready to even forego 50 of the amount still they are not able to buy peace o


Goods and Services Tax (GST) Council - An Overview


After much awaited now its a matter of time that GST is going to be a reality in our Country the seriousness of the Government to implement GST clearly appears from the passage of 122nd Constitutional Amendment Bill in both the Houses of Parliament i e Lok Sabha and Rajya Sabha On the other hand the


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Updated on : 12/6/2016 8:17:09 AM


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