Flash Menu
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INCOME TAX (Rate for Assessment Year 2014 - 2015)
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Income
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Tax
Rate
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A) Individuals & H.U.F.
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Rs. 2,00,000 upto
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Nil
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Rs. 2,00,001 to 5,00,000
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10%
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Rs. 5,00,001 to 10,00,000
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20%
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Rs. 10,00,001 to onward
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30%
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B) Ladies
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Rs. 2,00,000 upto |
Nil
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Rs. 2,00,001 to 5,00,000
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10%
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Rs. 5,00,001 to 10,00,000
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20%
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Rs. 10,00,001 to onward
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30%
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C) Senior Citizen
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Rs.2,50,000 upto
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Nil
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Rs. 2,50,001 to 5,00,000
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10%
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Rs. 5,00,001 to 10,00,000
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20%
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Rs. 10,00,001 to onward
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30%
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Tax Credit: Rs. 2000 for every person whose income doesn’t exceed Rs. 5000,000
� 10% Surcharge on Income above Rs.10,00,000/- & Education Cess 3% on (Tax + Surcharge) |
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DEDUCTION
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Under Section 80c & 80ccc :
Deduction
upto Rs.1,00,000/- shall be allowed in respect of payment towards Life Insurance
Premium, Contribution towards P.F., N.S.C., Expenditure on Education of Children,
Repayment of Housing Loan & Investment in eligible issue of Capital & Fixed
Deposits of 5 Years & more with a Scheduled Bank.
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Under Section 80D :
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Mediclaim
Insurance upto Rs.15,000/- + 15,000/- for Medical Insurance of Parents.
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Under Section 80G :
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General
Deduction is 50% of Amount Donated to approved institution.
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FRINGE BENEFITS TAX ON COMPANIES (FBT)
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Individuals,
HUF, Charitable institutions and Trusts are exempted.
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Expenses
on advertising have been exempted from FBT.
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20%
chargeable on Entertainment, Publicity, Sales Promotion, Hotel Boarding and Lodging,
user of Telephone and Mobiles. Repair, running and maintenance of Vehicles, Festival
celebration.
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5%
chargeable on Tour, Travel & Hospitality.
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50%
chargeable on Gifts, user of Club Facilities, Conference, Use of Health Club, Sports,
and Similar Facilities and Scholarship to the Children of Employees.
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CASH WITHDRAWALS TAX
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Saving
Accounts
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Nil
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On
Current Account of Companies and Firms
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Exempt
upto Rs.1 Lac in a Single Day
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On
Current Account of Individuals and HUF
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Exempt
upto Rs.50,000/- Lac in a Single Day
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SERVICE TAX
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Service
Tax 12% plus Education Cess 3%. Small service provides whose gross annual turnover
is less than Rs.10 Lac are exempt from Service Tax. Few more service added.
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LIST OF BANK HOLIDAYS - 2015 |
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Republic Day |
26 |
January |
Monday |
Maha Shiv Ratri |
17 |
February |
Tuesday |
Shivaji Maharaj Jayanti |
19 |
February |
Thursday |
Holi |
6 |
March |
Friday |
Gudi Padwa |
21 |
March |
Saturday |
Ram Navami |
28 |
March |
Saturday |
Mahavir Jayanti |
2 |
April |
Thursday |
Good Friday |
3 |
April |
Friday |
Dr. Ambedkar Jayanti |
14 |
April |
Tuesday |
MaharashtraDay (Labour Day) |
1 |
May |
Friday |
Boudha Pornima |
4 |
May |
Monday |
Ramjan Id (Id - ul - Fitr) |
18 |
July |
Saturday |
Independence Day |
15 |
August |
Saturday |
Parsi New Year |
18 |
August |
Tuesday |
Ganesh Chaturthi |
17 |
Septmber |
Thursday |
Bakari Id (Id - ul - Zuha) |
25 |
Septmber |
Friday |
Gandhi Jayanti |
02 |
October |
Friday |
Dussehra |
22 |
October |
Thursday |
Moharram |
24 |
October |
Saturday |
Diwali (LAXMI PUJAN ) |
11 |
November |
Wednesday |
Diwali |
12 |
November |
Thursday |
Guru Nanak Jayanti |
25 |
November |
Wednesday |
Eid-a-Milad |
24 |
December |
Thursday |
Christmas Day |
25 |
December |
Friday |
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