Assessment Year 2015-16

 

Budget High Lights

Major Highlights - Union Budget 2014-15
• Government committed to achieve fiscal deficit of 4.1% for 2014-15.
• Subsidy Regime to be made more targeted for full protection to the marginalized, poor and SC/ST.
• Government to promote FDI selectively in sectors.
• Rs 1000 crore provided for "Pradhan Mantri Krishi Sinchayee Yojna".
• Rs 500 crore for "Deen Dayal Upadhyaya Gram Jyoti Yojana".
• Rs. 150 crores for increasing safety of women in large cities.
• "Swachh Bharat Abhiyan" to cover every household with Sanitation facility by the year 2019.
• Aiims like institutions in Andhra Pradesh, West Bengal. Vidarbha in Maharashtra and Poorvanchal in
UP.

5 IIMs to be opened in HP. Punjab. Bihar. Odisha and Rajasthan.
• Sustainable growth of 4% in agriculture to be achieved.
• Rs.500 crore "Price Stabilization Funds" for mitigating the risk of price volatility in agriculture produce.
• Development of industrial corridors with emphasis on smart cities linked to transport connectivity.
• Skill India to be launched to skill the youth with an emphasis on employability and entrepreneur skills.
• Scheme for development of new airports in Tier I and Tier II cities to be launched.
• Target of NH construction of 8500 km in current financial year.
• General budget 2014-15 a further sum of Rs.1000 crore to meet requirement for "One rank One pension".
• Rs. 200 crore provided for the statue of unity (National Project).
• Rs. 500 crore provided for developing 5 tourist circuits around Specific themes.
• Rs. 2037 crores provided for integrated ganga conservation Mission "Namami Gange".
• Rs. 100 crore for ghat development and beautification at Kedarnath, Haridwar. Kanpur. Varanasi. Allahabad. Patna. Delhi.
• Rs. 200 crore for power reforms and Rs. 500 crore for water reforms to make delhi a truly world class city.
• Rs. 500 crore provided to support kashmiri migrants for rebuilding their lives.
• Personal income-tax exemption limit raised by Rs. 50.000;
•Iinvestment limit under section 80c of income-tax act raised to Rs. 1.5 lakh.
• Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs. 1.5 lakh to Rs. 2 lakh.
• Government committed to implement GST at the earliest, issues raised by the states to be resolved.

 

Top

Tax Rates

In case of an Individual(resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person
Assessment Year 2015-16


Taxable income

Tax Rate

Up to Rs. 2,50,000

Nil

Rs. 2,50,000 to Rs. 5,00,000

10%

Rs. 5,00,000 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]
Note:
(a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
(b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
(c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
(d) Rebateunder Section 87A:The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, 

 

Income Tax Retrun Forms

There are different type of Income Tax Retrun as per the source of Income and as per the identity of the tax payer

You should choose a return form according to your status and nature of income from the following:

ITR NO

DESCRIPTION Return Forms Instructions E-Filing
Excel
English Hindi English Hindi

ITR1

For Individuals having Income from Salary/ Pension/ family pension & Interest

pdf pdf pdf pdf

ITR2

For Individuals and HUFs not having Income from Business or Profession

pdf pdf pdf pdf

ITR2A

For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets

pdf pdf pdf pdf

ITR3

For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship

pdf pdf pdf pdf

ITR4S

For individuals & HUFs having income from a proprietary business or profession

pdf pdf pdf pdf

ITR5

For firms, AOPs and BOIs

pdf pdf pdf pdf  

ITR6

For Companies other than companies claiming exemption under section 11

pdf pdf pdf pdf  

ITR7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

pdf pdf pdf pdf  

ITR8

Return for Fringe Benefits

pdf pdf pdf pdf  

ITRV

Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature

pdf pdf pdf pdf  

Challans to Deposit Tax & PAN Application Top

Click to Download

Description

Form No. 280

Income Tax Challans for Company (Corporation Tax) and Other Than Company

Form No. 281

T.D.S./T.C.S. Tax Challan

Form No. 282

Wealth Tax, Gift Tax, Security Transaction Tax, Interest Tax, Expenditure Tax, Estate Duty, Hotel Receipt Tax

Form No. 283

Banking Cash Transaction Tax, Fringe Benefit Tax

Other Forms

Description

Click to Download

PAN Card Application Form

Form 49A

Declaration to be made by an individual or a person (not being a company or firm) claiming certain receipts without deduction of tax.

15 G

Declaration to be made by an individual who is of the age of sixty years or more claiming certain receipts without deduction of tax.

15 H

Software utility for printing of challans with Barcoded PAN/TAN and other details.

Tax Pro Challans Utility

Application for registration of a firm for the purposes of the Income-tax Act, 1961

Form 11

Annual Tax Statement under section 203AA

Form 26 AS

Statement of agreement for transfer of immovable property

Form 37-I

Form of application for allotment of tax deduction and collection account number

Form 49 B

Statement of assets and liabilities

Form 56 C

Annual Information Return under section 285BA

Form 61 A

Return of Net Wealth

Form BA

Return of Net Wealth

Form BB