Latest income tax slabs in india fy 201617 or as 201718. Such goods are taxed at 12%, % or even 15% in different states. Income tax ratesslabs for financial year 201112 assessment year 2012 exemptions, deduction capital gain, set off carry forward losses a small ready reckoned by. There will be no surcharge on income tax payments by individual taxpayers during fy 2012 ay 2014. The move was approved on an experimental basis, and was reduced on pulses and dals of. For normal category the simple calculation is as follows. For individuals below 60 years age, other than woman assessees. Vilgst home updates on gst, vat, service tax, central. Corporate and indirect tax rate survey 2014 assets. Table 2 shows the slabs of individual tax rate in fy 201516. The only exemptions are for the sales and leases of residential properties, importation and local supply of investment precious metals and most financial services. Vat is charged at the rate of 1% of agreement value in mumbai and pune and 5% in bangalore. Service tax is payable only on property purchase directly from builders.
The government is finally going to implement muchtalkedabout value added tax vat and supplementary duty act 2012 from july 1, with four slabs including the existing 15%. Income tax rates in india and comparison with other countries and exemption limits of all. The amount of incometax shall be increased by education cess on income tax at the rate of two per cent of the incometax. The uttar pradesh value added tax act, 2008 as amended by notification no 292 dt march 12th, 2015 schedulei see clause b of section7 of uttar pradesh value added tax ordinance, 2007 list of exempted goods s. The nbr taxes include customs duty, value added tax vat. Export of goods and international services are zerorated. Taxable income in 10% slab maximum tax will be rs 32000. Income tax paripatra national board of revenue nbr, bangladesh. The following it rates were applicable for the financial year ending march 31, 20 financial year 2012assessment year 2014. Corporate tax rates in the eu27 have risen slightly in 2012, ending a long declining trend. Further increase in vat rates in 2012 european commission. Sales taxvalue added tax vat laws and rules framed thereunder are. Full income tax slabs, education cess, surcharge and higher education cess for financial year 2012 are as follows. Gst in singapore is a broadbased value added tax levied on import of goods, as well as nearly all supplies of goods and services.
How to calculate service tax and vat on underconstruction. There are three categories in income tax slabs which is for individual, senior citizen and senior citizen with the age of 80 years and more. Income tax rates for fy financial year 2012 ay assessment year 2014,for individuals,men, women, senior citizens, hufs and other categories surcharge and education cess. Top statutory income tax rates and standard vat rates, %. Calculate service tax and vat on underconstruction property. In case of individual other than ii, iii and iv below and huf. There have been talks of change in income tax slabs for next financial year i. Vat sros national board of revenue nbr, bangladesh. The standard rate of vat increased to 20% on 4 january 2011 from 17. In case of an individual resident who is of the age of 60 years or more but. The exemption limit has been raised from 180000 to rs. Now itr5 and itr6 has also been released in paper form.
Different rates of taxes are payable depending on the income of an individual and the tax slab rates for the year 2012 are as follows. Income tax rates for financial year 2012 and ay 2014. These provisions shall apply to all categories unless specified otherwise and are integral part of the rate schedule. Revenue and tax systems in bangladesh make tax fair. Value added tax rules 1991 made under value added tax act 1991. There is no vat on underconstruction properties bought in noidancr, chennai and kolkata. The said notification has been rescinded by notification no. Latest income tax slabs and rates for fy 2012 and as. Professional tax slab madhya pradesh 201220 0 to 150000 nil 150000 to 180000 1500 rs 125 per month 180000 and above 2500 rs 208 per month yogesh gangrade bhopal asked in.
Plzz anyone can tell me the slab of professional tax in maharashtra for f y 2012 income tax. Valueadded tax 32 scope of vat 33 vat rates 33 vat reverse charge 34 time of supply 34 compliance obligations 34 input tax not deductible blocked vat supplies 35 time limit for claiming input tax 35 tax paid prior to registration 35 vat refund 35 withholding vat 35 electronic billing machines ebms 36 taxable value of goods or services 36. Income tax rates ay 2012 the new and revised income tax slabs and rates applicable for the financial year fy 201112 and assessment year ay 2012 are mentioned below. Income tax slabs income tax rates fy 201112 av 2012. Division wise distribution of tngst assessees by tax slab. Itr1 sahaj,itr2,itr3, itr4 and itr4s sugam has been released. Notification of the vat and sd rules, 2016 being into force. The performance audit covering a period from 200809 to 2012 was conducted from november 20 to september 2014. Income tax rates slabs for the financial year 2011 2012 a. Apart from the standard vat rate, there will be three different vat rates like. Excise duty rate changed from 10% to 12% applicable from 1732012 onwards update the excise duty for stock item single stock item multiple stock items service tax changed from 10% to 12% applicable from 142012.
Income tax rates slabs for the financial year 20112012 a. Income tax return form for assessment year 2012 has been released by income tax department. Ey private client services network, which comprises professionals from ey member firms. Following the 201216 vat reforms, there are only four vat rates in china, plus nil rating.
In case of individual being a woman resident in india and below the age of 60 years at any time during the previous year. As per vat act at a flat rate of 15% is chargeable on all goods and services imported in bangladesh and on all goods and services. Input tax and output tax both decreased between 200809 and 200910 by per cent and 11 per cent respectively, due to the reduction in the vat rate, but have since increased quite rapidly between 200910 and 201011 by 25 per cent and 22 per cent respectively and 201011 and 201112 by 19 per cent and 18 per cent respectively, mainly. Women are also brought under the same tax slab and now there will be no gender discrimination.
Value added tax or vat is levied both on local as well as imported goods. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most. The union budget 201220 announced by finance minister pranab mukherjee has amended the tax slab for individuals. The data available in the efiling system efs of the ctd with. Notification of the vat and sd act, 2012 being into force. What is the slab of professional tax of assam answers. Income tax rates for fy financial year 201112 ay assessment year 2012,for individuals,men, women, senior citizens, hufs and other categories surcharge and education cess. The following it rates were applicable for the financial year ending march 31, 20 financial year 2012 assessment year 2014. Comprehensive list of various taxes levied on any startup. The 20% slab has been expanded and its limit has been moved up from 8 lakhs to 10 lakhs. A motion to reduce the value added tax vat on pulses from its current rate of five per cent to one per cent for the next three months was approved by the odisha cabinet on tuesday. Applicable to individual male below the age of 60 years and huf.
So, there will be an additional saving of rs 22000 in tax if your taxable income is rs 10, 00,000 as compared to previous year. Governments worldwide continue to reform their tax codes at a historically rapid rate. This is the income tax slabs for financial year 2012 and the analysis year 2014. There will be no surcharge on income tax payments by individual taxpayers during fy 2012 ay 2014 2. What are the latest rates of vat under the purview of vat procedure 1991.
The us does not impose a national vat, however most states, and. Check calculation of vat, vat rates, vat registration, documents required and. Assessment year 2012, relevant to financial year 201112. Income tax income tax act income tax slabs efiling income tax income tax return. Value added tax vat tax rates, process of calculation. Now this year, it is expected that this upper limit may be changed to rs. Concept of total income will be covered in latter post. Under the purview of vat procedure 1991 the standard rate of vat is 15%. Income tax department income tax return statistics. The move was approved on an experimental basis, and was reduced on pulses and dals of all kinds under the ovat act, 2004. From 2012, women were also a part of the general slab.741 827 746 408 705 637 968 1257 824 36 1 1251 144 821 874 975 233 1177 411 570 1056 583 70 160 785 1614 1605 25 397 909 838 1503 911 734 717 1360 1319 896 654 238 1003 279 1180 1100