Taxes for the rich (high-income earners to be more precise) are going up. Apart from the usual income tax rates, you may have to pay surcharge too if your taxable income is in excess of Rs 50 Lacs. A Surcharge is levied on the income tax. Until about a few years back, the surcharge was applicable only if your income exceeded Rs 1 crores. Over the last few years, the Government … [Read more...] about How Marginal Relief helps those who pay Surcharge on Income Tax?
The Finance Minister has announced a reduction of tax rate in tax slab of Rs 2.5 lacs to Rs 5 lacs from 10% to 5%. Here is how this move will impact you. Before we move to work out the benefit or cost, let’s consider two more announcements in the Union Budget 2017. Rebate under Section 87A has been reduced to Rs 2,500 (from Rs 5,000) per financial year for taxable income … [Read more...] about Union Budget 2017: Tax Benefit Illustration
The Union Budget was presented today by the Finance Minister. Here is list of key budget announcements. 1. Reduction in tax rate in tax slab of Rs 2.5 lacs to Rs 5 lacs from 10% to 5% This will bring cheers to many tax payers. For detailed illustration about the tax savings, you can go through this post. For tax-payers in 10% tax bracket, this will result in tax-saving up to … [Read more...] about Key Highlights of Union Budget 2017
The Finance Minister dropped a bomb on many in the salaried class by announcing tax on withdrawal of EPF (Employee Provident Fund) corpus at the time of retirement. There has been a lot of protest against this move by the Government. The Finance Ministry had to issue a clarification to assuage concerns of many investors. The Finance Minister has confirmed that the proposal of … [Read more...] about EPF Calculator: Impact of Budget Announcement
The Finance Minister made some key announcement in the Union Budget, 2016. Here are some of the takeaways for investors from the budget announcements. Please note following are only budget proposals (as mentioned in the Finance Bill). The Bill needs to be passed by the Parliament before it becomes an Act. Based on feedback from various quarters, it is quite possible that some … [Read more...] about Budget 2016: Key Highlights