Wealth Tax... Wealth
tax is imposed at 1% on the value of specified assets
held by the taxpayer on the valuation date (31 March) in
excess of the basic exemption of Rs. 30 lakh Wealth Tax abolished from 2015-16
BUDGET 2014 - 15: Commodity Transaction Tax
Commodity Transaction Tax (CTT) CTT
is levied on the value of taxable commodities transactions as follows: Transaction Rates Payable by Sale of commodity derivative (other
than agricultural commodities) entered in a recognised association 0.01% Seller
BUDGET 2014 - 15: Securities Transaction Tax on Share and MF
Securities Transaction Tax (STT) on on Share and Mutual
Fund.. * * STT
is levied on the value of taxable securities transactions as follows: Transaction Rate Payable by Purchase / Sale of equity shares (delivery based) 0.10% Purchaser / Seller Purchase of units of equity oriented …
BUDGET 2014-15: Alternate Minimum Tax - Persons Other than a Company
Alternate Minimum Tax (AMT) - Persons Other than a
Company (1) AMT is applicable to persons other than Company (2) AMT is levied at 18.5% of the adjusted total Income in
case of persons other than a Company where income-tax payable on the total
income (according to the normal…
BUDGET 2014 - 15: Minimum Alternate Tax - Companies
Minimum Alternate Tax (MAT) / Alternate Minimum Tax For Companies (1) Minimum Alternate Tax ( MAT) is levied at 18.5% of the adjusted book profit for
companies where income-tax payable on the total income (according to the normal
provisions of the Act) is less than 18.5% of th…
BUDGET 2014 - 15: Income Tax Rates For Foreign Companies
Income
Tax Rates For Foreign Companies (1) Foreign companies are taxable at 40% (2) A 2% surcharge is applicable if the total income exceeds
Rs. 10,000,000 but does not exceed Rs. 100,000,000. Marginal relief available (3) A 5% surcharge is applicable if the total income exce…
BUDGET 2014 - 15: Income Tax Rates For Domestic Companies
Income Tax Rates For Domestic Companies (1) Domestic companies are taxable at 30% (2) Special method for computation of total income of insurance
companies. The rate
of tax on profits from life insurance business is 12.5%. (3) A 5% surcharge is applicable if the total income …
BUDGET 2014 - 15: Income Tax Rates For Firms
Income
Tax Rates For Firms - including (LLP) (1) Firms (including LLPs ( limited liability partnership ) ) are taxable at 30%. (2) A 10% surcharge is applicable if the total income
exceeds Rs. 10,000,000. Marginal relief available (3) A 3% education cess applicable on income-tax …
BUDGET 2014 - 15: Income Tax Rates For Local Authorities
Income
Tax Rates For Local Authorities (1) Local Authorities are taxable at 30%. (2) A 10% surcharge is applicable if the total income exceeds
INR10,000,000. Marginal relief available (3) A 3% education cess is applicable on income-tax (inclusive
of surcharge, if any).
BUDGET 2014 - 15: Income Tax Rates For Co-operative Societies
IIncome Tax Rates For
Co-operative Societies Total Income Income Tax Rates Up to Rs.10,000 10% Rs. 10,001 to Rs. 20,000 20% Rs. 20,001 and above 30%
(1) A 10% surcharge is applicable if the total income exceeds Rs.
10,000,000. Marginal relief available
(2) A 3% education ces…