INCOME TAX SERVICES
An individual is considered resident in India if he is in India in tax year for:
HEADS OF INCOME
Income is categorized under five broad heads/classes where the taxable component of income is ascertained as per the rules for particular head/class of income followed by aggregation for determining total taxable income. These include:
RULES GOVERNING FOREIGN NATIONALS
For foreign nationals, Indian tax law provides exemption of income earned subject to prescribed conditions. This is based on conditions like –
Tax Rates For Individuals For Financial Year 2017-18 (Assessment Year 2018-19) Is As Per Follows:
*For FY 2017-18, the Finance Minister has provided a maximum Rebate of Rs. 2,500 under Section 87A who are a RESIDENT INDIVIDUAL & Total Income Less Deductions (under Section 80) is equal to or less than Rs 3,50,000. If both the above conditions are satisfied, rebate of Rs 2,500 will be available under Section 87A. The rebate is limited to Rs 2,500. Which means if the total tax payable is lower than Rs 2,500, such lower amount of tax will be the rebate under section 87A. This rebate is applied on total tax before adding Education Cess(3%). This rebate is also available to Senior Citizens who are 60 years old but less than 80 years old.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh but up to Rs.1 crore and 15% of income tax, where the total income exceeds Rs.1 crore.
Domestic Company – Turnover upto Rs. 50 crores
Income Tax: 25% of taxable income
Kinds of Taxes
Annual Tax which is levied on income earned in a financial year and is based as per the rates declared in annual budget. With rates varying with each budget, the tax is payable in advance by way of quarterly installments during financial year.
Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%.
Surcharge: If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
Education Cess of 3% of total of Income-tax and surcharge
|What Ishtar Traders and Consultants LLP Offers?|
Do you looking for Income tax Consultants or Tax consultants in Delhi? We offer Income tax Consultants or Tax consultants in Delhi services at affordable price, which meet the client’s requirements and expectations completely. We offer expert consultancy to Corporate, foreign Companies, individuals (both Residents and Non-residents), partnership firms who are liable to pay Tax according to the Indian legislation authority. We are also dealing in filing Income Tax Return for various categories of persons under the income tax act. This is another important aspect about which people are generally not aware of and because of lack of knowledge and at times poor guidance land in making improper financial decisions, which is an important aspect of everyone’s life. We can develop tax strategies that can help our clients in managing new tax laws according to our legislation. Our expert services include – Tax Planning, Reducing Tax Liabilities & Risks, Finalization of Accounts, Filing of Returns, Preparation of Tax planning and preparation. So, come to us for filing your Income Tax Return and enjoy the benefits of good financial planning advice and that too in a cost effective manner. Below mentioned our Income tax Consultants or Tax consultants related service that we offer to our clients:
• Preparation of return
• Tax assessments before authorities in India
• Consultancy in Tax matters & tax planning
• Foreign taxation consultancy
• Transfer Pricing matters
• Withholding tax compliance
• Income tax Appeals before CIT (Appeals) and ITAT