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Surcharge was increased from 12% to 15% on tax on all incomes above ₹ 1 crore (US$120,000) and those earning dividend of over ₹ 10 lakh (US$12,000) per annum will now have to pay tax on it. [4] Monetary limit for deciding an appeal by a single member Bench of ITAT enhanced from ₹ 15 lakh (US$18,000) to ₹ 50 lakh (US$60,000). [5]
There was no change in income tax slabs of individuals. [4] The wealth tax was abolished. The surcharge on individuals, Hindu Undivided Families (HUF), associations of persons (AOPs), bodies of individuals (BOI)s, artificial juridical persons, firms, cooperative societies and local authorities having income earning ₹1 crore or more, was raised from 10% to 12%.
The application of the Act has been discontinued since 1 April 2016. [1] The wealth tax was abolished in the Union Budget (2016–2017) presented by Union Finance Minister Arun Jaitley on 28 February 2016. The wealth tax was replaced with an additional surcharge of 2 per cent on the super rich with a taxable income of over 1 crore annually. [2]
Normal return (§139(1)) – Individuals with an income above ₹ 250,000 (under age 60), ₹ 300,000 (age 60 years to 79 years), or ₹ 500,000 (over 80) must file a return. Due dates vary. A belated return, under §139(4), may be filed before the end of the assessment year.
Lloyds Banking Group and NatWest saw shares rise by about 1.5% after the Treasury confirmed that the tax on banks’ profits would be cut from April. Bank surcharge slashed but ‘so-called cut ...
As per an analysis by the Revenue Department, 91.7% of tax filers (about 5.3 crore out of 5.78 crore tax filers) claimed a cumulative deduction (Sec 80 (C) + Sec 80 (D) + NPS + Loan Interest Repayment + Standard Deduction + others) of less than ₹2 lakh and less than 1 per cent of all tax filers (nearly 3.7 lakh) claimed deductions of over Rs ...
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Planned defence expenditure of ₹ 203,000 crore (US$24 billion) Education expenditure of ₹ 5,000 crore (US$590 million) [2] ₹ 37,330 crore (US$4.4 billion) was allocated for Ministry of Health & Family Welfare in the financial year 2014. ₹ 3,511 crore (US$410 million) allocated to Minority Affairs Ministry.