Electronic Verification of ITRV

ITR-V can not now be verified online using Aadhar card and / or net banking. This is a much awaited initiative from Income tax department which is welcomed by all income tax payers.

Step by step guide on how to verify ITRV online is given below:

You can also visit Online Verification of ITR V 

Income Tax Rates for 2015-2016

Income Tax Rates for Assessment year 2016-2017:

Income Tax Rates/Slab for Assessment Year 2016-17	Rates/ %age
Up to 2,50,000 Up to 2,50,000 (for women) Up to 3,00,000 (for resident individual of 60 years till 80 years)	Nil
250,001 – 5,00,000 Up to 500,000 (for resident individual of 80 years and above, Tax is nil)	10% Nil
5,00,001 – 10,00,000	20%
10,00,001 upwards	30%

Education Cess of 3% is also applicable to Income Tax computed as per above slab.

There is no change in Income tax rates for year 2015-16. It is same as last year 2014-15 (AY 2015-16).

Source: http://incometaxreturnindia.com/income-tax-slabs/#Assessment year 2016-2017

Income Tax on Gifts

Gifts received from specified relatives are exempt from Income Tax, and there is no upper limit also.


What is the current law on gifts tax?
Any gift received in cash or kind exceeding Rs.50,000 or purchase of movable or immovable property for inadequate payment is taxed in the hands of recipient as "income from other sources."

Who is a relative in the eyes of the law?

A relative can be any of the following:
1) Spouse of the individual
2) Brother or sister of the individual, spouse or of either parent
3) Lineal ascendants or descendants of individual or of spouse
4) Spouse of person referred to in scenario 2 and 3 above

For more details visit:
http://www.incometaxreturnindia.in/Income_Tax_on_gifts.htm

Budget 2011 Income Tax-Highlights

1) Union Budget 2011: Income Tax limit raised to Rs 1.8 lakh

2) Senior citizens
Unveiling the Budget proposals for 2011-12 in the Lok Sabha, he also proposed to reduce the age limit for consideration as senior citizens from 65 years to 60 years.

Senior citizens will get tax exemption for income up to Rs 2.5 lakh, higher from Rs 2.4 lakh now.
As per the announcement, the increase in the income tax exemption limit for general tax payers (excluding women and senior citizens) to Rs 1.8 lakh per annum would translate into a benefit of Rs 2,000 for all tax payers.

3) Very Senior citizens

Marginally widening tax slabs for individuals, introducing higher basic slabs for very senior citizens, aged 80 years and above.

Income Tax Rates/Slabs for A.Y. (2011-12)

Income Tax Rates/Slabs for A.Y. (2011-12)
Slab (Rs.) Tax (Rs.)
less than 1,60,000 Nil
1,60,000 to 5,00,000 (TI – 1,60,000) * 10%
5,00,000 to 8,00,000 34,000 + (TI – 5,00,000) * 20%
Greater than 8,00,000 94,000 + (TI – 8,00,000) * 30%

Women aged 65 years or less
Slab (Rs.) Tax (Rs.)
less than 1,90,000 Nil
1,90,000 to 5,00,000 (TI – 1,90,000) * 10%
5,00,000 to 8,00,000 31,000 + (TI – 5,00,000) * 20%
Greater than 8,00,000 91,000 + (TI – 8,00,000) * 30%

Senior Citizens (Individuals aged above 65 years)
Slab (Rs.) Tax (Rs.)
less than 2,40,000 Nil
2,40,000 to 5,00,000 (TI – 2,40,000) * 10%
5,00,000 to 8,00,000 26,000 + (TI – 5,00,000) * 20%
Greater than 8,00,000 86,000 + (TI – 8,00,000) * 30%