Tag Archives: income tax

Finance Minister  has announced some major changes in the Tax Rates for the lower-income group people in the Budget session held in February 01, 2017. He proposed to reduce the income tax rate from 10% to 5% in the lowest Income Tax Slab of  2,50,000 – 5,00,000. However he made ...

Government has announced that cash deposits above 2.5 lakh made between 10th November to 30th December will be kept under scanner from Tax Department. Any cash deposits above 10 lakhs will be consider a case of tax evasion.  Any mismatch on Income will liable to 200 % Penalty above income ...

Income tax is computed based on the tax payer’s Income, Gender and Age. Individual with higher income pays more taxes, similarly aged people or senior citizens are relaxed to some extant in income tax payment. These differentiation are categorized in different groups called Income Tax Slab. Every year Finance Minister declare ...