Income tax slab for FY 2016-17 & FY 2015-16

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Updated on 29th Feb 2016

Finance minister Arun Jaitley presented the union of India budget today 29th Feb 2016 for the financial year 2016-17 and assessment year 2017-18.

The following are the highlights with respect to income tax slabs for financial year

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Section 80TTA of income tax act

Section 80TTA of income tax act

Section 80TTA deals with the tax rebate available on interest earned in your savings bank account upto a limit of Rs 10,000 in a financial year. This new section was introduced in the finance act 2012 and is applicable from the financial year 2013-14. Only individuals and HUF

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Income tax e-filing acknowledgement

Income tax e-filing acknowledgement

E-filing is the process of filing your Income Tax return electronically through internet. E-filing of income tax return is mandatory for all companies which require statutory audit u/s 44AB. No other Income tax returns filing will be accepted for such companies. E-filing is basically of following three types:

E-filing with

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Penalty for non deduction of TDS

Penalty for non deduction of TDS

If an individual is paying somebody an income which is taxable then he/she should deduct tax at source TDS as per the rate specified by the Tax Department of India. It is important that the employer deducts tax at source and if it is not done as specified

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Income tax e-filing login

Income tax e-filing login

E-filing of income tax returns refers to filing your income tax return electronically through internet. E-filing is a mandatory for all companies which require section 44 AB audit return and without e-filing receipt these companies cannot go for Section 44 AB audit return. There are many benefits and advantages of

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Ancient Indian Kushan Era Coin