PENALTIES OF INCOME TAX IN TABULAR FORM [AY 2014–15 & AY 2015–16]
Section Nature of default Penalty leviable 1 2 3 140A(3) Failure to pay wholly or partly— (a) self-assessment tax/fringe benefit
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Deduction of tax at source from payment on transfer of certain immovable property Applicable for the Assessment Year 2014–15 and 2015–16
1 Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to
Read MoreNo TDS liability of bank on interest accrued on FD made by litigant on directions of Court
In case of UCO Bank v. Union of India Where litigant deposit FD with the bank on directions of Court,
Read MoreFixed deposit (FD) Limit Increased to Rs. 1,50,000 from Rs.1,00,000 for Claiming Exemption u/s 80C
An Individual & an HUF can Claim deduction under Section 80C by investing in FD for more than 5 years
Read MoreVarious Threshold Limits under Income Tax Act For Assessment Year 2015–2016
For Assessment Year 2015–2016 Sl No Particulars Threshold Limit A. BASIC EXEMPTION 1. Maximum amount of income which is not chargeable
Read MoreIncome Tax department to prosecute about 300 account
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to
Read MoreTAX SLAB RATES FROM A.Y. 2001–2002 TO 2014–2015
Income Tax Rates/Slabs for A.Y. (2001–02) Slab ((Rs) Tax (Rs) Surcharge Total Income>Rs. 60,000 Surcharge Total Income>Rs. 1,50,000 Less than
Read MoreNo disallowance can be made u/s 14A of Income – tax Act, 1961 if there is no exempt income is earned during the year
No disallowance can be made u/s 14A of Income – tax Act, 1961 if there is no exempt income is
Read MoreAO cannot made reassessment u/s 147 of the Income–tax Act, 1961 only on the ground that there is escapement of income
AO cannot made reassessment u/s 147 of the Income–tax Act, 1961 only on the ground that there is escapement of
Read MoreTDS Rate Chart Financial Year 2014–15 & AY 2015–16
TDS Rate Chart Financial Year 2014–15 & AY 2015–16 Nature of Payment Made To Residents Threshold Limit (Rs.) Company /
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