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News Bulletinby Shashank

Income tax slabs for individuals for the financial year 2017-18.

Hey guys !!! Greetings for the day. Are you paying income tax ? Are you an individual/properitor as per income tax ? If yes then ,today we are going to talk about you, who are paying income tax. In every budget the finance minister prescribes certain slab rates. If a persons income is above that slab rate then he/she has to pay income tax.

Income tax slab rates for the year financial year 2017-18.

The finance minister of the country presented the Union Budget 2017-18 on 1st February 2017. Earlier this date used to be last day of February of the year. Common people had a lot of expectation from this budget, one of which was mist surrounding the slab rates. There were also pre-budget rumours that the basic exemption limit shall be raised from Rs. 2.5L to Rs. 4 L.

Income computation and disclosure standards- Introduction and overveiw.

Enterprises in India follow accounting standards while preparing books of accounts. These standards suggest the manner of recording an expense or income in the books of accounts. In the same way, ICDS only tell how to compute the taxable income. The persons need not maintain books of accounts as per ICDS. In simple words, it is not required for maintenance of books of accounts but only for income shall be computed for taxation purpose. ...

Addition u/s 69 allowed only after enquiry and examining documents..

Section-69 is the weapon in the armory of the income tax dept. which gives wide discretionary power to the assessing officer. If a person makes an investment and source if such investment is neither explained nor recorded in his books, then the A.O can add the amount of investment in the income of the assessee.