Tax Gyan - The Makeyourtax Blog

Tax Rates for Individuals for FY 2015-16

As per Income Tax Act, taxes are levied depending upon the age and residential status of the assessee. The tax rates may differ in every financial year depending upon the rates which are announced in the budget presented by the Finance Minister in the Parliament. The applicable tax rates for Individuals and HUF as per …

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Taxability of Income of a Non- Resident Individual

In the last article How to determine the residential status of an individual we spoke about how an Individual is determined as a NRI and taxability of income for a NRI .In this article we will take the concept forward and will discuss in brief about taxability of Income of a Non- Resident Individual. The …

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Rs. 10 lakhs can be the fine for NGOs if returns not filed on time

The non-government organisations (NGOs), which have recently come under the scrutiny of the Modi government, will now have to pay a penalty of up to Rs 10 lakh if they fail to file their annual returns, according to a recently notified rule by the Union home ministry. As per the latest notification, the NGOs will …

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Survey says 72% find CBEC policies tax payer friendly 

  The government’s efforts to improve the indirect tax regime and make it more taxpayer friendly have got the thumbs up from a majority of respondents in a survey conducted by the Central Board of Excise & Customs (CBEC).     While 72% of respondents said they saw a “perceptible” change in policies of CBEC, …

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Tax Blow lessened on Black Money

The government has decided to soften the tax blow on its amnesty scheme to encourage Indians with hidden assets to come clean. They can pay effective tax — including surcharge and penalty — of about 31% against 45% stipulated in the Income Declaration Scheme 2016. The move to lower tax outgo is reflected in a …

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