Income tax rates and slabs in India are an important aspect impacting each and every salaried person. From individual perspective, they want the tax rate as low as possible. While from government perspective, it want to increase the money collected from tax without impacting the economy.
FY 2017-18 (AY 2018-19) starts from Apr 1, 2017 and end of Mar 31, 2018. It is a crucial year from tax and budget perspective due to demonitisation impact on economy.
Below is the income tax slab and rates based on budget 2017 presented on Feb 1, 2017.
In December 2016, Prime minister Narendra Modi has launched a new mobile app called BHIM to simplify digital payment in India. Such a mobile app was badly needed as the country is still facing significant cash crunch after demonetisation. But the adoption of BHIM has been less than desired. To fix this, government has declared a new BHIM referral scheme yojana to promote use of BHIM Mobile app.
Along with referral Bonus scheme, india govt has launched a BHIM Cashback Scheme]
BHIM is the premier mobile digital payment platform promoted by govt of India. It was launched by Prime minister Narendra Modi in December 2016. Core part of BHIM involves a mobile app and allows users to do bank account to bank account transfer in a simple and seamless manner.
Now to promote wide adoption of BHIM, india government has launched a cashback scheme along with BHIM Referral Bonus Scheme.
For PF withdrawals done before 5 years of continuous service, EPFO cuts a tds of 10% and you are required to pay remaining taxes on the EPF amount according to the tax bracket you fall into. For eg. if you come into 30 % tax slab, then you need to pay the remaining 20% (after tds cut of 10%) while filing the income tax return. However, if the total PF amount withdrawn is less than Rs 50000, then ...
Income tax is a crucial part of every working professional and businessman and affect their life and livelihood in multiple ways. In today's times it is important to have working knowledge of intricacies of Income tax rules and regulations, otherwise you end up losing your hard earned money.
There has been news and reports that government of India is planning to make Aaadhar card mandatory for Income tax efiling staring Finance Year 2016-17 (AY 2017-18).
As people are aware, government is trying to increase the financial tracking following demonitisation on Nov 2016 and use that as a tool to prevent black economy. Earlier Aadhaar number was also made mandatory for EPS portion of EPF.
TDS (Tax collected at Source) is a method to collect income tax on the origin / source of income. TDS is used by Indian government to ensure that tax is being paid by people as they earn instead of end of year. TDS also makes it difficult for people/businesses to hide their income and associated tax. AY 2017-18 (FY 2016-17) refers to the period starting on Apr 1, 2016 and ending on Mar 31, 2017.
As per income tax rules, TDS on Commission / Brokerage need to be deducted whenever a payment is made by way of commission or brokerage. This article explains the TDS on commission for AY 2017-18.
To transfer money electronically (without cash, cheque, etc.) from one bank account to another, the most common options are NEFT and IMPS apart from a lesser known option RTGS which can be used only for high valued transactions (minimum limit for RTGS is 2 lakhs).
While transferring money, most of the people are confused about IMPS vs NEFT and at last choose something at random. For the best results, it is important to understand the difference between NEFT and IMPS in detail and only then choose what is best for your need.
EPFO (Employee Provident Fund Organization) manages the India's primary social sector scheme called EPF. As part of EPF (Employee Provident Fund) management process, the employers / companies need to regularly file ECR return, create Challan, and pay the EPF amount collected for the employees.
Lately EPFO has been working on optimizing its digital footprint and it now allows EPF Online payment ...
EPF (Employee Provident Fund) is India's main social security scheme and is managed by EPFO. It has more than 4 crore members and a portion of their salary is deposited into their EPF account monthly. This article provide details on how to check EPF status online including the balance status or claim status if the member has filed for an EPF claim.