Budget 2015-16, Changes in Income Tax slabs for Co-operative Society

 

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Customs duty tariff rate changes as per Indian Budget 2017-18


Central Excise Duty changes as per Indian Budget 2017-18


Service Tax rate tariff Changes under Indian Budget 2017-18


(Updating soon after Budget 2017-18 on 1st February,2017 under text format and pdf format)

Budget 2016-17 changes in customs import duty tariff,excise duty and service tax

Indian Union Budget 2016-2017, changes in import customs tax tariff, chapter wise

Indian Budget 2016-17, Excise duty tariff changes, chapter wise

Changes in Service Tax as per Budget 2016-17 

In Income Tax slabs for Co-operative SocietyIncome Tax slabs for Co-operative Societyin Budget 2015-16

Indian Union Budget is being declared on 28th February, 2015. Co-operative societies expect a hike in income tax limit from last year figure, based on inflation rate of 2014-15 and other parameters. What would be the rate of increase in limit of income tax slab during forthcoming financial year 2015-16 for co operative societies? Can this income tax slab favors for co operative societies in terms of their overall expenditure and income? A lion share of for co operative societies anticipates a hike of income tax limit for this financial year 2014-15.

Let us have a look on present income tax brackets during this financial year starting from 01st April 2014 to 31st March, 2015 for co operative societies.


While discussing about income tax brackets for co operative societies, the following income tax slabs has been being applied till 31st March, 2015:

Income Tax Slab for co-operative societies for the year 2014-15.

 
Where the taxable income does not exceed Rs. 10,000/-. 10% of the income.

Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-. Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.

Where the taxable income exceeds Rs. 20,000/- Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

The above income tax slab is applicable for co operative societies.

What would be the changes in Income Tax slabs for co operative societies under Indian Budget 2015-16? Let us wait till February 28, 2015 to know more about changes for co operative societies in Income Tax limits for the year starts from April 2015 to 31st March, 2016.

There could be exemptions for many categories for which you may contact concerned Income Tax authorities, as I have been receiving the following queries about income tax:

What is the Income Tax exemption for donations? How to calculate the Income Tax of government employees? Does Gift Money attract income tax? What is the Income Tax slab for home loan? How to calculate income tax for joint ventures? Are Ladies eligible for Income Tax benefits? Income tax brackets for purchase of house property, How Income Tax is calculated under online business? How to calculate income tax for rental income? What are the income tax benefits for retired persons? Any exemption of income tax for schools? Income Tax slabs for Trust, Are Widows eligible for exemption of Income Tax? What are the income tax brackets for doctors? Is there any exemption for income tax for NRIs? Income Tax benefits for consultants. How to calculate Income Tax under sale of land? Income tax exemption notification for LIC and other insurance policies, How to claim Income Tax for medical expenses?, Should minors pay income tax? What is the income tax brackets for NGOs?

 The above information is a part of Export Import Online Tutorial

 

Click below for:    

Indian Budget 2015-16, Import Customs Duty Changes, chapter wise  


Indian Budget 2015-16, Central Excise Duty Changes, chapter wise

Service Tax Changes as per Indian Union Budget 2015-16

Share your views about income tax tariff changes for co-op societies in Indian Union Budget 2015-16.

Comment your thoughts about this article on budget slab changes of Indian Budget 2015-16.

Also read:

Income tax slab changes for Senior Citizens (Men and Women above 60 years of age), but below 80 years

Income tax slab changes for Company other than a Domestic Company

Income tax slabs changes for Domestic Company

Income Tax slabs for Local Authority under Budget 015-16

Changes in Income Tax slabs for Firm

Changes in Income Tax slabs for Men and Women above 80 years of age

Income Tax slab changes under general category (Individual)

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Income tax slab changes for Senior Citizens (Men and Women above 60 years of age), but below 80 years        Income tax slab changes for Company other than a Domestic Company        Budget 2015-16, income tax slabs changes for Domestic Company       Income Tax slabs for Local Authority under Budget 015-16       Budget 2015-16, Changes in Income Tax slabs for Firm       Budget 2015-16, Changes in Income Tax slabs for Co-operative Society       Budget 2015-16, Changes in Income Tax slabs for Men and Women above 80 years of age      Budget 2015-16 Income Tax slab changes under general category (Individual)

 


Comments


Paras Kumar Vaishnav: From : Paras Kumar Vaishnav Ahmedabad. Date : March 29th, 2015. Dear Sir, I have gone through your above article of Income Tax for Co. Op. Societies. It is very clear informative. I Thank your kind honor for putting such usefull information on the net. More over, the top of this pages reads "How to export import.com. We manufacture air purification machines that can purify air upto a level of 99.0 %. This air purification machine is usefull for the follwoing : 1. Operation Theater. 2. ICUs. 3. NICUs. 4. Area where professional come in personal contact with multiple people, where there are major chance of infection. People like Doctors and other professionals in to direct contact with public. 5. This can also be installed in special for patient in hospitals. 6. This is a great support for asthmatic patients. Can you please guide as as to how we can locate overseas distributors to promote and sell our products in overseas markets. Awaiting your kind co operation. Thanking you, High Regards, Paras Kumar Vaishnav

MANOJ SHAH: IS INTEREST AMOUNT IS TAXABLE FOR COOPERATIVE SOCIETY IF SUCH INCOME RECEIVED FROM COOPERATIVE BANK ?

MAHENDRA PATEL: I am accountant Shri Krupa Kanbha Co. Op. Society. My Question is F.Y.12-13 A.Y.13-14 I Received HDFC Ltd. FD Interest Recd.Rs. 171000/- Interest income is taxable ? This Interest Income not adjust Society Actual Expense. Society is actual loss Rs. 171000/- F.Y. 12-13 A.Y. 13-14. What Income Tax Calculation. Pl. Guide me. Income Tax Department Told HDFC LTD FD Interest Income is Taxabel and You Pay Income Tax @ 30.90%.

Tejbir Singh Bakshi: Dear we are going to start housing society for poors only in J&K,Punjab,Himachal with all necessary things. What is the TAX rebate in all manners. Waiting for respond. Kind regards. Tejbir Singh Bakshi J&K State

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