TaxEknowledge

GIFT WHICH ARE EXEMPTED FROM INCOME TAX Gifts which are in cash or in kind , which are exempted are very few. The list of exempted gifts from relatives or any other conditions are as follows.   A. FROM RELATIVES: 1- Gift from spouse means wife or husband. 2- Gift from brother or sister. 3- Brother or sister of the spouse. 4- Brother or sister of either of parents either husband or wife. 5- Any lineal ascendant or descendant. 6- Any lineal ascendant or descendant of the spouse.   a quick view of RELATIVES as per income tax act:       B. FROM OTHERS: 1- Money or property received by a person on the occasion of his/her marriage. 2- Property or money transferred by the way of inheritance of either individual or H.U.F. 3- Property or money received in contemplation of the payer. 4- Property or money received from the local authority . 5- Property or money received from any local university, college, or any other ...

INCOME TAX IS PLANNING TO ADD 8 NEW TRANSACTIONS IN AIR RADAR Indian government is feeling high pressure of black money of opposition as well as public. So income tax department added eight new information in its AIR (Annual information return). AIR is the income tax department tool which will tell the high value transactions in different fields. Currently, AIR works with 7-8 type of transaction including property dealing and share market transaction worth 20 lakhs and 10 lakhs respectively. Income tax department added 8 new features in AIR programme which will tell income tax department of high value transactions records of the assesses. The department will match these transaction in annual income tax returns of the assesse, and if mismatch, there is always a chance to recover tax and penalty. The total transactions which come into radar of Annual Information Return (AIR) are as under. Income tax department is planning these new transactions to add in the AIR network which are a...

For Men Upto Rs. 1,80,000/- Nil Rs. 1,80,001/- to Rs. 5,00,000/- 10 per cent Rs. 5,00,001/- to Rs. 8,00,000 20 per cent Above Rs. 8,00,000/- 30 per cent For Women Upto Rs. 1,90,000/- Nil Rs. 1,90,000/- to Rs. 5,00,000/- 10 per cent Rs. 5,00,001/- to Rs. 8,00,000 20 per cent Above Rs. 8,00,000/- 30 per cent For resident individual of 60 years or above (Senior Citizens) Upto Rs. 2,50,000/- Nil Rs. 2,50,001/- to Rs. 5,00,000/- 10 per cent Rs. 5,00,001/- to Rs. 8,00,000 20 per cent Above Rs. 8,00,000/- 30 per cent For resident individual of 80 years or above  (Very Senior Citizens) Upto Rs. 5,00,000/- Nil Rs. 5,00,001/- to Rs. 8,00,000 20 per cent Above Rs. 8,00,000/- 30 per cent