Income Tax

Income tax as we all know is levied on the remuneration received by an individual for the service or for the profit generated by the business for an individual or a group of shareholders. Indian Government is implementing Direct Tax Code from this financial year. In this budget, the basic tax exemption limit is Rs.160,000, Rs.190,000 and Rs.240,000.

Cess rates are same as 3% on total taxable amount.

Tax rates for the corporates:

• Corporate and partnership firms are taxed at the rate of 30% like earlier.

• Surcharge on domestic companies is now 7.5% instead of earlier rate of 10%.

Increase the limit of audit on turnover
The limit of turnover for the auditing purpose has changed.
Let us have a look at the different slabs for this:
Business turnover up to 60 lakhs will be audited.
Professional receipts up to 10 lakhs will be audited