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Category: Income Tax

Indian Income Tax Slabs Rates

Indian Income Tax Slabs Rates

Income tax slabs are very important for those who want to calculate their income tax for individual and HUF’s. These are the rates which is applicable for individual taxation system for filling and paying the income tax to the government of India. These are the tax rates which is applicable for all individuals who is professional, salaried and proprietor or partnership business holders.

We have some of the tax rate for some of the previous years and assessment years which is recently happened in which you are able to do comparison too so that you can also make able to know what is the slabs rates in the previous year and this year.

  • Income Tax Slab Rates For Assessment Year 2016-2017 (Previous Year 2015 -2016)
  • Income Tax Slab Rates For Assessment Year 2015-2016 (Previous Year 2014-2015)
  • Income Tax Slab Rates For Assessment Year 2014-2015 (Previous Year 2013-2014)
  • Income Tax Slab Rates For Assessment Year 2013-2014 (Previous Year 2012-2013)

Now take a look of the financial years and the assessments year’s tax slab rates by which you can get to know on which tax rate you are going to deducted by the income tax department. Take a look for the income tax rates for the assessment year 2016-2017 which is also known as the previous year 2015 – 2016.

Assessment Year 2016-2017 (previous Year 2015-2016)

Category

Specification

Tax Rate

For Men

Upto 2,50,000 Nil

Rs.2,50,000 To Rs.5,00,000

10%
Rs 5,00,000 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%

For Women

Upto 2,50,000

Nil
Rs.2,50,000 To Rs.5,00,000

10%

Rs 5,00,000 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%
For Residence Individual

(60 to 80 Years)

Upto 3,00,000

Nil

Rs.3,00,000 To Rs.5,00,000

10%
Rs 5,00,000 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%
For Residence Individual

(Above 80)

Upto 5,00,000

Nil

Rs 5,00,000 To Rs.10,00,000

20%
More Than Rs.10,00,000

30%

Note -:

  1. In addition to these tax rebate, 10% additional surcharge is payable on individual whose taxable income earning is more than 1 crore. It is also levied in the previous years and continues till this year too.
  2. 2000 also a tax rebate for those residence individual whose total income is less than Rs.5,00,000. It is also not changed from the previous years.
  3. You have to give an additional surcharge of 3% as the education cess for the entire tax payers. It is also the same as the previous years.

Now take a quick look for the Assessment year 2015-2016 which has previous year of 2014-2015. This is the income tax slab rate for all peoples.

Assessment Year 2015-2016 (previous Year 2014-2015)

Category

Specification Tax Rate
For Men Upto 2,50,000

Nil

Rs.2,50,000 To Rs.5,00,000

10%

Rs 5,00,000 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%

For Women

Upto 2,50,000

Nil
Rs.2,50,000 To Rs.5,00,000

10%

Rs 5,00,000 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%

For Residence Individual

(60 to 80 Years)

Upto 3,00,000

Nil
Rs.3,00,000 To Rs.5,00,000

10%

Rs 5,00,000 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%
For Residence Individual

(Above 80)

Upto 5,00,000

Nil

Rs 5,00,000 To Rs.10,00,000

20%
More Than Rs.10,00,000

30%

Note -: 12% surcharge for more than 1 Crore income, 3% education cess for the income tax, Rs.2000 rebate is applicable for the income under 500000 is available.

Let’s take a quick look for the Assessment year 2014-2015 which has previous year of 2013-2014. This is the income tax slab rate for all peoples.

Assessment Year 2014-2015 (previous Year 2013-2014)

Category

Specification Tax Rate
For Men Upto 2,00,000

Nil

Rs.2,00,001 To Rs.5,00,000

10%
Rs 5,00,001 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%
For Women Upto 2,00,000

Nil

Rs.2,00,001 To Rs.5,00,000

10%
Rs 5,00,001 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%
For Residence Individual

(60 to 80 Years)

Upto 2,50,000

Nil

Rs.2,50,001 To Rs.5,00,000

10%
Rs 5,00,001 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%
For Residence Individual

(Above 80)

Upto 5,00,000

Nil

Rs 5,00,001 To Rs.10,00,000

20%
More Than Rs.10,00,000

30%

Note:-

  1. 2,000 are allowed to for whose total income is less than 5,00,000.
  2. Surcharge is 10% also for more than Rs. 1 crore incomes. This is the new tax which is impose this time as a luxury tax for big earning peoples.
  3. Education cess is also applicable on income tax and other surcharge.

This is the year for Assessment year 2013-2014 which has previous year of 2012-2013. We have make some segments for those who are under this tax slabs.

Assessment Year 2013-2014 (previous Year 2012-2013)

Category

Specification Tax Rate
For Men Upto 2,00,000

Nil

Rs.2,00,001 To Rs.5,00,000

10%
Rs 5,00,001 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%
For Women Upto 2,00,000

Nil

Rs.2,00,001 To Rs.5,00,000

10%
Rs 5,00,001 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%
For Residence Individual

(60 to 80 Years)

Upto 2,50,000

Nil

Rs.2,50,001 To Rs.5,00,000

10%
Rs 5,00,001 To Rs.10,00,000

20%

More Than Rs.10,00,000

30%
For Residence Individual

(Above 80)

Upto 5,00,000

Nil

Rs 5,00,001 To Rs.10,00,000

20%
More Than Rs.10,00,000

30%

Including of these income tax slabs you have to charge 3% education cess too.

Check now -:

Updated: September 28, 2016 — 6:45 pm

Income Tax Department Of India Notice For Non Compliance & Non Filing Of Returns

Income Tax Department Of India Notice For Non Compliance & Non Filing Of Returns

Today we are going to tell you some information regarding income tax department notices in which we are covering some of the very common notice which is send by income tax department of India for non-compliance or non-filing of returns.

Income tax department collect the information from their online portal and send the notice via mail or post. Some time it is just the reminder but today we are talking about the notice which is send to the income tax return filler. If you have not filled for the last some years like assessment year (2014-2015, 2013-2014, 2012-2013 and 2011-2012) then it may possible that you can get the notice from the income tax department. They send the notice for those which also known as the reminder too for those who filling the returns from some years and suddenly stopped. In this case income tax department collect their information and send the notice. Today you are learning some tips for giving reply of income tax department of india notice for non compliance & non filing of returns which you can give.

What to do when I got the notice for non compliance or no filing of return from income tax department?

If you also get the notice of non-compliance of income tax return then you need not to worry about it. You should not to panic in this case because if you get notice then it doesn’t mean that you done something which is against the law. You can just open your account which you made over the official website of e-filing and submit an answer which should mention the reason which actually happens for that you have not filled the return. You can submit this answer in the compliance section of your account.

You should also take the print out for the notice you receive and also send a copy of this notice in the office of income tax department. You should also have a receipt copy which is duly stamped by the authority officer. You should also clearly mention the details for what the reason and also you have to provide the valid reason too. You can also submit some of the proofs of your work.

Reasons for getting the Notice For Non Compliance -:

  1. Non-filing of Income tax return -: this is the main reason for which you really received this non-compliance or non-filing of income tax return. Generally when the employer deduct the TDS from the salary of the employee then the employee don’t think that they have to file the income tax return too. but when we see the law then every salaried person have to file the income tax return if his or her income is taxable according to the income tax slab.
  2. Difference in TDS deducted and actual tax payable -: It is the second main thing for which you need to file your income tax return. Because if your TDS which is deducted by your employer is different from your actual tax then for difference you have to file a income tax return for rectification in it.
  3. High value transaction through bank etc-: this is reason which one of my client faced recently because his one of a bank account shows that he have done a transaction of more than 10 Lakh rupees but even that he don’t file any income tax return then he receive a notice from the department. In this you get notice for many cases like if you purchase bonds and debenture of more than 5 lakh or sale or purchase of property more than 30 lakh etc.
  4. Non disclosure of any income -: this is also the reason so you get notice from income tax department of India notice for non-compliance & non-filing of returns because some time income tax department see some transaction which you try to hide like bank interest etc.

We also have some of the sections or codes by which you get to know which section applied on you for which you get the notice.

  1. CIB-403 – Term or Time Deposit more than 2 Lakh
  2. Bank interest in a year more the 50000.
  3. TDS return’s tax is differing from the section 194A.
  4. Transfer of the immovable property more than 30 lakh
  5. Cash Deposit more than 100000.
  6. Cash deposit in the account for more than 200000.
  7. CIB-321 Purchase or sale of Share and debenture more the 5 lakh
  8. CIB-183 Time deposit more than 100000.

Steps for reply to non-compliance notice of the income tax department?

you can reply of Notice For Non Compliance with these steps. It is not a matter of panic and don’t feel bad if you get any notice. You just need to prepare a very good reply with some of the proofs like if you get notice for the bank transaction then you can make an arrange of bank statement for proof.

  1. Open your account which you made on the income tax department website.
  2. Go to the tab of compliance then process with the reply you actually have.

Must Check now -:

That’s all and you can also take a print out and submit it to your ward of the income tax department. You should keep a receipt copy of the reply which you filled in the department as a proof.

Updated: September 28, 2016 — 6:46 pm

How To Check Status Of Income Tax Refund Online

Check Status Of Income Tax Refund Online

Today we are here with a very big topic of how to check status of income tax refund online which you have filled as a refund of income tax return which you filled according to the income tax slabs.

Income tax refund is the major problem which is faced by thousands of people in India from a long time as their refund is pending from a long time. Today we will give you some of the very important things about the Income Tax Refund In India like what is the income tax refund, how it is deducted and what is status of the income tax refund, how to check status of the income tax refund online. First we will get to know how the tax deducted more for which you are also not liable.

  1. When you are doing any job in the company and your more tax has been deducted as TDS or tax deducted at source by the employer then you get eligible for the income tax refund.
  2. Sometime your income is less than the taxable income which is taxable under income tax slab rate but your bank recurring deposit or time deposit interest increase the limit then they deduct your TDS from it. In this condition, you can also claim your refund.

There are many conditions in which your tax deduction will be more than your actual tax then you can claim your tax which is different from the actual tax. But you can claim it only by filling your income tax return. If your refund for income is eligible then while filing your income tax return you have to mention some details as well which will be helpful for sending your income tax refund. These information are as follows -:

  1. Account Name And Account Type -: This is first and mandatory thing you should have in your return of income tax by which department will send you your refund. Name should be the name on which you want your refund. You have to fill also that whether the account is saving or current which come in the type of account.
  2. Bank Name And Account Number -: You will also require to put you bank name and the account number which is the mandatory for getting the refund. You should also write your branch name with the bank name.

Now you have to choose whether you need it by RTGS/NEFT or bank cheque. RTGS/NEFT can be chosen when you have input the correct account number in digits, MICR/IFSC code of the bank with branch name and also the all details fully correct. But you are going for choosing the bank paper cheques then you must take care of the account name with the correct address of the payee because they can courier it on your permanent address.

Some Important Factors of the Income Tax Refund Online-:

  1. When you choose the online payment of the income tax refund then you will see that all the process is handled by the SBI as SBI is the only bank which is nominated as the refund manager agency of the income tax department and they are authorize to do all the activity of such transactions. You will see the cheques you found as per bank cheques will also issue by the state bank of India (SBI).
  2. Online NEFT/RTGS/ECS/NECS can only be done by the SBI if you provided your account details correctly otherwise you will only get the demand draft or bank cheque which also be send to your address.
  3. Online status will not updated daily as there are no news which can be released daily but you will see the status report which is updated in approx. 10 days. It will tell you details that how you will get your income tax refund.
  4. After viewing the online status, you can make sure how you will get your income tax refund by online or offline by cheques.
  5. The major thing, you should remember that your tax refund status will be updated only when your return has reached at the income tax office at time by online and after filing it properly and taking the printout.
  6. Filing online tax return of income tax help you in getting the faster income tax refund because it provide the exact information in quick form for the income tax department. It is also more faster than the tradition system of filing the income tax return.

You can check the status of your income tax refund online too by just filing your income tax PAN number and the assessment year for which you want to check. It will provide the complete information of your income tax refund and the status of it too.

If you further need more information than you directly call the toll free numbers of the income tax department which can also guide you for further processing. There toll free numbers are -: 1800 425 229 or 1800 103 4455.

If you need more help in the finding your income tax refund then you can also contact with us with the two ready documents. If you like to file income tax return then you can file it with 2 simple steps

  1. Upload your form 16
  2. Make the payment of the tax

Some related one -:

You will directly file your income tax return with these steps and claim your income tax return refund. You can contact with us too for more easily the process of the claiming and checking the status of income tax refund online.

Updated: September 28, 2016 — 6:46 pm

How To Verify Or Know Or Check Pan Name And Number For Free

How To Check Or Verify Or Know Pan Name And Number

Today here we are with some of the important topic in which you can get to know how to verify, check or know PAN Name and PAN Card number for free. We have some of very best information for all of you so that you can get to know more and more stuff about the PAN Card Name And Number. These information is important for verification of the PAN Name and Number. PAN stands to Permanent account number which is necessary for the income tax department.

We are trying to give all the details which are necessary for you to know more about the PAN numbers because PAN number is very important for all the peoples for many task in the income tax purpose and other id proofs. If even after this you don’t found details about it then you can ping us too for more of your questions. You can also get to know what you can do for changing the information of the PAN card which is already issued to you. You can also get to know how you can apply for the new PAN card if you lost your previous one. We are writing some of the quick Question and Answers about the PAN Card by which you can easily get to know more and more information in some quick response.

Question 1 -: How to verify, check or know PAN Name or Number

Answer -: You can check your PAN number and name in some seconds only whenever you need to check their status like correctly shown the number and name. Everywhere you just need to give the date of birth of the person and with that you need to enter captcha and you will get the all the information about the PAN name, number with some other information.

Our verification boxes will come soon where you can check your PAN on our website also.

Question 2 -: How to check status of PAN card applied through NSDL website

Answer -: Now firstly we will see how we can check your pan number status when you applied it firstly on the NSDL website. This is the very good way when you apply your pan card through the NSDL website then you should check the status of your PAN number on NSDL website. In this you just need to enter the acknowledgement number which you got while applying in the website.

How to verify PAN in NSDL website

||

Input 15 digit acknowledgement number

OR

Name and date of birth of individual, incorporation, agreement, association of person, partnership deed, formation body corporate or individual

This will give you all the details about the PAN card which is applied with NSDL website and after giving these details correctly you will get the name printed on the PAN card, Pan Number with the status of pan which get to know where the pan number at this time.

Question 3-: How to track my PAN Card Status with Sms (NSDL And TIN –FC)

Answer -: This is wonderful option in which you can get to know your PAN status by with just a simple sms. You can SMS some words on a particular number mentioned by the department.

SMS PAN followed by the 12 digit application number

Send it to 53030

This process can also work with the TAN and you can easily get to know your TAN with it.

SMS TAN followed by the 14 digit acknowledge number of TAN

Send it 53030.

Question 4-: How to know the PAN with TAN

Answer -: You can easily get to know your PAN with TAN number. If some registered their TAN number then with the help of  it you can easily get to know your PAN number.

Question 5 -: How to verify PAN which is applied through UTISL

Answer -: You can click here for verification in which you have to just add 15 digit coupon number which is like the speed post or courier number of your PAN application or your application number in it. It will give you the details and status as well with the date of dispatch.

Question 6 -:  How to verify with Name and DOB/DOL

Answer -: In this section, you can just verify or get to know you PAN by just filling the name including to first name, surname and middle name with the complete date of birth (DOB) and including of this you need to have father’s first, surname and middle name too. You should also ensure the spelling of these names which you filled in the application because it should be correct in both. Then you will surely able to get the status if your database of the name and filled name is matching.

To know more about the status of PAN of a company, Firm or any HUF then instead of date of birth you have to fill the date of incorporation and instead of individual name, name of company will be given. In the company column of first, surname or last name you have to fill the whole name of company or firm in the surname section and rest should be blank.

You have to keep in mind some of the points which are as follows -:

  1. When you are going to knowing the status of PAN of a company then you have to fill the full name in the surname column.
  2. If you see the column for the date of the birth then in case of firm, HUF and company you have to fill the Date of Incorporation.
  3. If you filling the date of birth then it would be in dd-mm-yyyy format only. Never us underscore (_), backslash(), comma(,) or dot (.) etc.
  4. You have to fill the entire thing correctly and in correct columns means you have to enter first name in the first name and last name in the last name section.

You can also assume your PAN but this is not permanent method as in this case you can get to know your PAN. In this method, you can get to know 2-3 letter which is quite obivious in the PAN.

  1. In the fourth letter of your PAN, you will always see status of your assesse which are as follows -:
  2. For individual = “p”
  3. For Partnership = “F”
  4. Company = “C”
  5. Bodies = “G”
  6. Trust = “T”
  7. Individual Body = “B”
  8. HUF = “H”
  9. Judicial artificial person = “J”
  10. Association of person =”A”
  11. Local Authority = “L”
  1. The fifth field of the PAN is always the first letter of the surname which is applicable for the entire person if he / she is individual and first letter of the other like partnership, company etc.

We can understand this with example that if the name Amit Sabharwal then the fifth letter will be the S and if the name is Ravi Kumar Jain then the fifth letter will be the “J” and in the case of ABC private Limited then fifth letter will be the A as per the name of the company.

You will surely like -:

This is just the final words but they can’t tell the full 10 digit of the PAN number. So this method is only to use when you want to assume the PAN number of that application who filled. That’s all from our side for getting to know how to verify or know or check pan name and number for free and how you can get to know your PAN number. If you have any question you can ask in the comment box.

Updated: September 28, 2016 — 6:47 pm

Income Tax Return E-filing For AY 2016-2017 at incometaxindiaefiling.gov.in

Today we are a very big and great news for you that CBDT recently given a notification in which they notified that they have released their new income tax efiling return form but you can file your income tax return for the AY 2016-2017 which was released on approx. the last date of the march month on 30-3-2016 and having a no.24/2016.

They have release this form in two category as per every year like

  1. Sahaj which is ITR-1, ITR-2, ITR-2A, ITR-3
  2. Sugam ITR-4S, ITR-4, ITR-5, ITR-6, ITR-7 And ITR-V

These are available for free download on some of website including our website by which you just need to download it from there and after filing upload them over the website for completion of your income tax e-filing return. Income tax return online has been started already by the income tax department website which is www.incometaxindiaefiling.gov.in and a very awesome website which providing you full facility to download your income tax return and then after filing upload the return to the income tax department. This website is also ready now to accept the return for AY 2016-2017.

Tax payer can update their profile information if some is changed in the year and submit their income tax return on this official website in whichever form is applicable to them. You can also check ITR 1, ITR 2, ITR 2A, ITR 3, ITR 4S, ITR 4, ITR 5, ITR-6 and ITR-7 for downloading.

Let’s check some Income tax return efiling online for download AY 2016-2017

ITR Form Person Liable to File Income Tax Return Download Link For Excel Utility
ITR 1 (SAHAJ) This is the return for salary class Individuals and for those individuals who is receiving income from interest. Download
ITR 2 All other individuals who don’t have any business and professional income. Download
ITR 2A Those individuals and HUF who is not earning from business, profession or any type of capital gains and also not having any foreign assests Download
ITR 3 That partner/HUF who is partner in any firm having only source of income in this firm only. Download
ITR 4S (SUGAM) For those Individuals proprietary firms /Partnership/ HUF Firms which have presumptive business income. Download
ITR 4 For those HUFs and Individual having their own business and profession under proprietary. Download
ITR 5 For all other person other than HUF, individual, person e-filing under ITR-7 and a company Download
ITR 6 All companies which is claiming the exemption sec.11 Download
ITR 7 All the bodies whether individual or company who is filing the return under some sections like 139(4A), 139(4B) till 139(4F). Download

Sometime people need some schema for the ITR 1 to ITR 7. We are also including them in in our post so that you don’t need to search them anywhere else. These are as follows -:

Release Date ITR Schema Download
2nd April 2016 ITR-1 ITR-I Schema
7th April 2016 ITR 2 ITR 2 Schema
7th April 2016 ITR 2A ITR 2A Schema
7th April 2016 ITR 3 ITR 3 Schema
2nd April 2016 ITR-4S ITR-4S Schema
13th April 2016 ITR 4 ITR 4 Schema
13th April 2016 ITR 5 ITR 5 Schema
14th April 2016 ITR 6 ITR 6 Schema
14th April 2016 ITR 7 ITR 7 Schema

You just need to have some of the documents which should be ready while you are filing the income tax return on the website which is as follows -:

  1. Form 16/ Salary Certificate/TDS certificate
  2. P & Loss account statement, Balance Sheet, Audit Report, Income And Expenditure Account Statement, Debtor and Creditor Full Report.
  3. Bank Statement for the full year
  4. Copy of last year filled return
  5. Interest statement for the full year
  6. LIC certificate, Post office saving, mutual fund statement, PF statement and any other statements.

If you are going to process your income tax return then that’s all you need to have in your document which is required for you for filing income tax return online or offline.

You must see -:

Updated: September 28, 2016 — 6:48 pm
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