The information provided here is part of Import Export online Training
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)
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
Income Tax slab changes under general category of Individuals in Budget 2015-16
Indian Union Budget is being declared on 28th February, 2015. Indian citizens 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? Can this income tax slab favors Indian citizens in terms of their overall expenditure and income? A lion share of Indian citizens anticipates a hike of income tax limit higher than Rs. 250000 per annum of 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.
While discussing about non senior citizens as general category, the following income tax slabs has been being applied till 31st March, 2015:
Income Tax Slab for Individuals, General Category(non-senior citizens) for the year 2014-15.
Up to Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 3,00,000 10%
Rs. 3,00,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
The above income tax slab is applicable for all individuals other than non-senior citizens.
What would be the changes in Income Tax slabs under Indian Budget 2015-16? Let us wait till February 28, 2015 to know more about changes in Income Tax limits for the year starts from April 2015 to 31st March, 2016.
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
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 are the income tax brackets for doctors? Is there any exemption for income tax for NRIs? Income Tax benefits for consultants. 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 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 are the income tax brackets for NGOs? 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?
Share your views about income tax tariff changes in Indian Union Budget 2015-16.
The above information is a part of Export Import Training course online
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 Co-operative Society
Changes in Income Tax slabs for Men and Women above 80 years of age
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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)