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Income Tax Management (India)


1
Who has to obtain PAN ?
Who has to obtain PAN? • Transactions in which PAN is mandatory. • How to apply for PAN? • How to correct any mistake in PAN card or intimate any change in ...

2
Transactions in which Quoting of PAN is mandatory ?
Get all the transactions in which quoting of PAN is mandatory by every person except the Central Government, the State Governments and the Consular Offices: ...

3
How to apply for PAN ?
  1. Go to this page on the NSDL website.
  2. Scroll to the bottom and select Individual in the Apply for a new PAN Card drop down menu. ...
  3. Now you can start filling the form. ...
  4. The first field is AO Code, which you can look up here
    More ...

4
How to Correct any Mistake in PAN Card ?
Request for reissue of lost PAN card or for change/correction in PAN data is to be filed in “Request For New PAN Card Or/ And Changes Or Correction in PAN Data”.

5
Tax Rates Applicable To An Individual (A.Y. 2017-2018 i.e. F.Y. 2016-2017)
The normal tax rates applicable to a resident individual will depend on the age of the individual. However, in case of a non-resident individual the tax rates will be same irrespective of his age. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows:

6
‘Tax Rate’ applicable to ‘Resident/Non-Resident Hindu Undivided Family (HUF)’ (A.Y. 2017-2018 i.e. F.Y. 2016-2017)
‘Tax Rate’ applicable to ‘Resident/Non-Resident Hindu Undivided Family (HUF)’ (A.Y. 2017-2018 i.e. F.Y. 2016-2017) is described in Talbe format with all Surcharges and AMT ...

7
‘Tax Rates’ applicable to every ‘AOP / BOI / Artificial Juridical Person’(A.Y. 2017-2018 i.e. F.Y. 2016-2017)
‘Tax Rates’ applicable to every ‘AOP / BOI / Artificial Juridical Person’(A.Y. 2017-2018 i.e. F.Y. 2016-2017) is described in Talbe format with all Surcharges and AMT ...

8
‘Tax Rates’ applicable to a ‘Firm’(A.Y. 2017-2018 i.e. F.Y. 2016-2017)
A firm is taxed at a flat rate of 30%. Apart from tax @ 30%, Education Cess is levied @ 2% of income-tax and Secondary and higher Education Cess is levied @ 1% of income-tax ...

9
‘Tax Rates’ Applicable To A ‘Domestic Company’(A.Y. 2017-2018 i.e. F.Y. 2016-2017)
A domestic company is taxed at a flat rate of 30%. However, tax rate is 29% where turnover or the gross receipt of the company in the previous year 2014-15 doesn't exceed Rs. 5 crore. Apart from tax @ 30%, Education Cess is levied @ 2% of income-tax and Secondary and higher Education Cess is levied @ 1% of income-tax. ...

10
‘Tax Rates’ applicable to a ‘Foreign Company’(A.Y. 2017-2018 i.e. F.Y. 2016-2017)
A foreign company is taxed at a flat rate of 40%. Apart from tax @ 40%, Education Cess is levied @ 2% of income-tax and Secondary and higher Education Cess is levied @ 1% of income-tax. ...

11
‘Tax Rates’ applicable to a ‘Co-operative Societies’(A.Y. 2017-2018 i.e. F.Y. 2016-2017)
‘Tax Rates’ applicable to a ‘Co-operative Societies’(A.Y. 2017-2018 i.e. F.Y. 2016-2017). is described in a Table Format ...

12
‘Tax Rates’ applicable to ‘Local Authorities’(A.Y. 2017-2018 i.e. F.Y. 2016-2017)
A local authority is taxed at a flat rate of 30%. Apart from tax @ 30%, Education Cess is levied @ 2% of income-tax and Secondary and higher Education Cess is levied @ 1% of income-tax. ...

13
E-Payment Of Direct Taxes
There are two modes of payment of direct taxes (i) physical mode i.e. payment by using the hard copy of the challan at the designated bank; and (ii) e-payment mode i.e. making payment by using the electronic mode. In this part you can gain knowledge about various provisions relating to e-payment of direct taxes. ...

14
Return Of Income
It is mandatory for every taxpayer to communicate the details of his income to the Income-tax Department. These details are to be furnished in the prescribed form known as return of income. In this part, you can gain knowledge about the various provisions relating to return of income. ...

15
Filing Of Return Of Income
The taxpayer has to communicate the details of his taxable income/loss to the Income-tax Department. These details are communicated to the Income-tax Department in the form of return of income. In this part you can gain knowledge about various provisions and procedure relating to furnishing (i.e. filing) the return of income. The provisions discussed in this part are applicable for furnishing the return of income for the assessment year 2016-17, i.e., financial year 2015-16....

16
Manner of Computation of Interest payable by the Tax Payer under the Income-tax Act. [Rule 119A]
Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. In this part, you can gain knowledge about the provisions of section 234A, 234B and 234C dealing with interest levied for (i) delay in filing the return of income; (ii) non-payment or short payment of advance tax; and (iii) non-payment or  short payment of individual instalment or instalments of advance tax (i.e., deferment of advance tax)....

   
   
 

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