Income tax book for ay 2014-15

The income tax ordinance, 1984 chapters and sections. Income tax rates applicable for individuals, hindu undivided family huf, association of persons aop and body of individuals boi in india is as under. Now my total income is rs 591684 including the arrears. In case of senior citizen and super senior citizen, the basic income tax exemption limit for the assessment year ay 20142015 is rs 2, 50,000 and rs 5, 00,000 respectively. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 201516 for last fy 201415. For individuals below 60 years age including woman assessees. My next question is that how should be calculated the income tax for current year. The income tax rates and slabs applicable for the financial year 2014 are same as it was during financial year 2012, except the two major changes which was given below. Income tax rates for assessment year 20142015 financial. If the taxpayer other than those covered under audit of books of account. Department of the treasury internal revenue service irs. In the case of corporate assessee, if the net income of a corporate assessee for the assessment year 20142015 exceeds rs. For financial year 2014, additional surcharge called the education cess on income tax and secondary and higher education cess on income tax shall continue to be levied at the rate of two per cent. By filing your income tax return, you declare how much income you earned.

So, the returns for the financial year 201415 assessment year. Assessment year 201415, relevant to financial year 2014. Ten rules you must follow while filing income tax returns. For a nonresident individual the basic exemption limit for income tax calculation related to assessment year ay 20142015 is rs 2, 00,000 irrespective of there age. My question is that this arrear should not be added in previous year. Xcd 10,000 in any assessment year, and deductions during any. Every year the income tax rates are changed by the government and every year government charged tax on the new tax slab or on the latest tax slabs. Buy v g mehtas income tax ready reckoner ay 201415 book online at best prices in india on. Department of the treasury internal revenue service. We have prepared this booklet mainly for the guidance of our existing clients. Auto income tax calculator financial year 201415 assessment year 201516. The submission of vat returns and sales and purchase books must be done.