Sunday, August 28, 2016

Relationship

People who logically examine their relationship can not sustain then. two bodies, two minds, two emotions can never fit perfectly.
If you want to explore the deepest dimensions of life playfully, you need a heart full of love, a joyful mind, and a vibrant body. Only if you are peaceful and joyful, can you really enjoy the world you live in.

Monday, June 13, 2016

Love can't be justified. We have the right to be happy by loving who we want. People can't decide for ourselves, don't forget it..

Tuesday, December 29, 2015

Ability without attitude will not pass muster.
Attitude without ability will just be bluster.

Sunday, September 27, 2015

Income Tax Slab Rates for the year 2014-15 & 2015-16 in India

Tax Rates For Assessment Year 2015-16 & 2016-17


1. In case of an Individual (resident or non­resident) 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]


Assessment Year 2016-­17

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]


2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)


Assessment Year 2015-­16

Taxable income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 ­ Rs. 5,00,000 10%
Rs. 5,00,000 ­ 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]

Assessment Year 2016-­17

Taxable income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 ­ Rs. 5,00,000 10%
Rs. 5,00,000 ­ 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]

3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)

Assessment Year 2015­-16

Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 ­ Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Add: Surcharge and Education Cess [see Note]


Assessment Year 2016­-17

Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 ­ Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Add: Surcharge and Education Cess [see Note]
Note:


Assessment Year 2015-­16


a) Surcharge: The amount of income­tax 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 income­tax 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 income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

d) Rebate under 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 income­tax or Rs. 2,000, whichever is less.

Assessment Year 2016­-17

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 12% 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 income­tax 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 income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

d) Rebate under 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 income­tax or Rs. 2,000, whichever is less.

4. Partnership Firm 


For the Assessment Year 2015-­16 and 2016-­17, a partnership firm (including LLP) is taxable at 30%.

Add:

Assessment Year 2015-­16

a) Surcharge: The amount of income­tax 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 income­tax 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 income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

Assessment Year 2016-­17

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 12% 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 income­tax 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 income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

5. Local Authority 


For the Assessment Year 2015-­16 and 2016-­17, a local authority is taxable at 30%.

Add:

Assessment Year 2015­-16

d) Surcharge: The amount of income­tax 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 income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

e) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

f) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

Assessment Year 2016-­17

d) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 12% 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 income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

e) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

f) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

6. Domestic Company 


For the Assessment Year 2015­-16 and 2016-­17, a domestic company is taxable at 30%.

Add:

Assessment Year 2015­-16

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 5% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 10% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(ii) Where income exceeds ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

Assessment Year 2016-­17

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under



(iii) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(iv) Where income exceeds ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

7. Foreign Company 


Assessment Year 2015-­16 and Assessment Year 2016­-17

Nature of Income                                                                                    Tax Rate
50%
Royalty received from Government or an Indian concern in pursuance of an
agreement made with the Indian concern after March 31, 1961, but before
April 1, 1976, or fees for rendering technical services in pursuance of an
agreement made after February 29, 1964 but before April 1, 1976 and where
such agreement has, in either case, been approved by the Central Government
Any other income                                                                                        40%


Add:

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(ii) Where income exceeds ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

8. Co­operative Society 


Assessment Year 2015­-16 and Assessment Year 2016­-17
      
Taxable income                                         Tax Rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%
Add:


Assessment Year 2015-­16


a) Surcharge: The amount of income­tax 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 income­tax 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 income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

Assessment Year 2016-­17

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 12% 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 income­tax 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 income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

Friday, August 7, 2015

I am a student pursuing Charted Accountancy from ICAI. Apart from Accounts and Finance, I am a passionate lover of music and food. I am here at this blog to meet with friends, colleagues and professionals with similar interest.

Saturday, September 14, 2013

About My Village

The soul of India settles in the villages. My village, “Matasukha- A place where peoples are healthy and happy with the grace of a goddess” is one of the oldest villages in the western region of Rajasthan state of India. In ancient times there used to be a temple of goddess in this village and people were used be live their lives happily with prosperity, joy and without any external fear. Being in the 21st century, the people of this village are calm, productive and successful and do full justice with its name. The village itself is an example for unity in diversity. Every person of this village, no matter whether he/ she belong to any religion, equally participates in any religious festival on function. The entire village is covered by temples.

As the world is moving towards adopting new technologies, the young generation of Matasukha is not behind with it. They are succeeding well in the area of IT, Science, Agriculture and other business oriented sectors. We feel immense pleasure in looking our village on web. I got the change to capture some of the nice and enjoyable moments in my camera which I would like to share with you through this blog. It gives me immense delight to put my brothers, sisters, respectable gentlemen and ladies of the village in loop of electronic communication. I would request my readers to share about their unforgettable past moments with me and so that we can precede one step ahead in making our golden village visible in a true sense. I do believe that today there is the best medium through we can keep our sweet memories alive even after being a quite detached from home.

There is a significant difference in taking educations in village schools and modern English medium schools in urban cities. I still find that rural education a lot better in many ways. We really miss taking classes under the banyan tree in hot summer, setting fire to litter of plants in chilled morning on the way to school, taking off cloths when passing through canals in rains, playing glass balls after taking bunk from school, waiting for water on the well to satisfy the thrust, smell of send and many more interesting things ;when I recall those moments sitting in my office, a sincere smile comes to my faces and sometime a few drops in form of joy in my eyes.