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CHAPTER XVII -COLLECTION AND RECOVERY OF TAX

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CHAPTER XVII

COLLECTION AND RECOVERY OF TAX

A: GENERAL:
u/s 190 : Deduction at source and advance payment.
u/s 191: Direct payment.

B: DEDUCTION AT SOURCE:

U/s 192 Salaries
U/s 192 A Payment of accumulated balance due to an employee
U/s 193 Interest on Securities
U/s 194 Dividends
U/s 194A Interest other than Interest on Securities
U/s 194B Lottery / Cross Word Puzzle
U/s 194BB Winnings from Horse Race
U/s 194C Payment to Contractor
U/s 194D Insurance Commission
U/s 194DA Payment in respect of Life Insurance Policy
U/s 194E Payments to non-resident sportsmen or sports associations
U/s 194EE Refund of National Savings Scheme, etc.
U/s 194F Repurchase of units by MF/UTI
U/s 194G Commission on sale of lottery tickets
U/s 194H Commission or Brokerage
U/s 194I Rent of Machinery, Plant or Equipment
U/s 194IA Transfer of immovable property other then agricultural Land
U/s 194J Professional/ Technical charges/Royalty & Non-compete fees /payments to directors
U/s 194K Income in respect of units
U/s 194LA Compensation on acquisition of immovable property
U/s 194LB Interest from an Infrastructure Bond
U/s 194LBA Income in the nature of interest received or receivable from a special purpose vehicle,distributed by a business trust to its unit holders.
U/s 194LBB Payments to a unit holder in respect of units of Investment Fund u/s 115UB
U/s 194LC Interest to Non Resident from Indian company/business trusts engaged in certain business.
U/s 194LD Interest on certain Govt Bonds/Securities payable on or after 01-06-2013 but before 01-06-2017
U/s 195 Payment to Non Residents
U/s 195A Income payable “net of Tax”
U/s 196 Interest or dividend or other sums payable to Governament, RBI or Certain Corporation
U/s 196A Income in respect of units of Non Residents
U/s 196B Income From Units
U/s 196C Income from foreign currency bonds or shares of Indian Company
U/s 196D Income of Foreign Institutional Investors From Securities

List of Resolution for which MGT-14 requires to be filed

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 The Resolutions for which MGT-14 has to be filed can be categorized in the following three categories:
1 Board Resolutions

2 Special Resolutions

3 Ordinary Resolutions

List of board resolutions required to be filed with ROC in form MGT-14

A.      To issue securities, including debentures, whether in or outside India. (In case of shares issue of security means issue of Letter of Offer).

B.       To Borrow Monies.(Borrow Money from any sources including Director)

C.       To invest the funds of the Company.(Also follow provisions of Section 186)

D.      To grant loans or give guarantee or provide security in respect of loans. (Also follow provisions of Section 186)

E.       To approve financial statement and the Board’s report.

F.       To appoint internal auditors.

G.      To appoint Secretarial Auditor.

H.      To appoint or remove key managerial personnel (KMP).{KMP includes (MD, WTD, CEO, CFO & CS)}

I.          To make Political Contributions.

J.          To make calls on shareholders in respect of money unpaid on their shares.

K.       To authorize buy-back of securities under section 68.

L.        To Diversify the business of the company.

M.     To approve Amalgamation, Merger or Reconstruction.

N.      Take over a company or Acquire a controlling or substantial stake in another company.

 

List of special resolution required to be file with ROC in form MGT-14

Section – 8

For a company registered under Section- 8 to convert itself into a company of any other kind or alteration of its Memorandum or Articles.

Section – 12

Change of location of registered office in the same State outside the local limits of the city, town or village where it is situated.

Section – 13

Change of registered office from the jurisdiction of one Registrar to that of another Registrar in the same State.

Section – 14

Amendment of Articles of a private company for entrenchment of any provisions. (To be agreed to by all members in a private company).

Section – 14

Amendment of Articles of a public company for entrenchment of any Provisions.

Section – 13

Change in name of the company to be approved by special resolution.

Section – 13(8)

A company, which has raised money from public through Prospectus and still has any unutilized amount out of the money so raised, shall not Change its objects for which it raised the money through prospectus unless a special resolution is passed by the company.

Section – 27(1)

A company shall not, at any time, vary the terms of a contract referred to in the prospectus or objects for which the prospectus was issued, except subject to the approval of, or except subject to an authority given by the company in general meeting by way of special resolution.

Section – 271 (A)

A company may, after passing a special resolution in its general meeting, issue depository receipts in anyforeign country in such manner, and subject to such conditions, as may be prescribed. (Section still not applicable).

Section – 48(1)

Where a share capital of the company is divided into different classes of shares, the rights attached to the shares of any class may be varied with the consent in writing of the holders of not less than three-fourths of the issued shares of that class or by means of a special resolution passed at a separate meeting of the holders of the issued shares of that class.

Section – 62 (1) (c)

Private offer of securities requires approval of company by special resolution.

Section – 54

Issue of Sweat Equity Shares.

Section – 66 (1)

Reduction of Share Capital.

Section – 67(3)(b)

Special resolution for approving scheme for the purchase of fully-paid shares for the benefit of employees.

Section – 68 (2)(b)

Buy Back of Shares.

Section – 71 (1)

A company may issue debentures with an option to convert such debentures into shares, either wholly or partly at the time of redemption:

Provided that the issue of debentures with an option to convert such debentures into shares, wholly or partly, shall be approved by a special resolution passed at a general meeting.

Section – 94

Keep registers at any other place in India.

Section – 149(10)

Re-appointment of Independent Director.

Section – 165(2)

Subject to the provisions of sub-section (1), the members of a company may, by special resolution, specify any lesser number of companies in which a director of the company may act as directors.

Section – 180(a)

to sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company or where the company owns more than one undertaking, of the whole or substantially the whole of any of such undertakings.

Section – 180(b)

To invest otherwise in trust securities the amount of compensation received by it as a result of any merger or amalgamation.

Section – 180(c)

to borrow money, where the money to be borrowed, together with the money already borrowed by the company will exceed aggregate of its paid-up share capital and free reserves, apart from temporary loans obtained from the company’s bankers in the Ordinary Course of Business.

Section – 180(d)

To remit, or give time for the repayment of, any debt due from a director.

Section – 185

For approving scheme for giving of loan to MD or WTD.

Section – 186

Loan & Investment by company exceeding 60% of paid up share capital or 100% of free reserve.

Section – 196

Appointment of a person as Managerial Personnel if, the age of Person is exceeding 70 year.

Schedule V

Remuneration to Managerial personnel if, profits of company are Inadequate.

Section – 271 (1) (b)

Special Resolution for winding up of the company by Tribunal.

Section – 271 (1) (b)

Special Resolution for winding up of company.

Rule 7(1) Chapter- I

Conversion of private company into One Person Company.
List of ordinary resolution required to be filed with ROC in form MGT-14

Section – 16

The company in general meeting shall pass an ordinary resolution for change of name on receipt of direction from the Central.

Section – 61

A company, if authorized by its Articles, by ordinary resolution, can increase or consolidate its capital or sub-divide or cancel shares not taken up.

Rule 12(6)

Approval of general meeting for issue of bonus shares

Section 73(2)

Approval of general meeting for inviting deposits from members.

Section – 152

Appointment of Director.

Section –

For consideration of accounts and directors report and report of auditors, declaration of dividend, appointment of director on place of who resign.

Section – 148(3)

Remuneration of Cost Auditor shall be fixed by an ordinary resolution at the general meeting

Section – 151

Appointment of a Director by small shareholders.

Section – 152

Appointment of Directors at the first general Meeting.

Section – 149

Appointment of independent Director.

Section – 152

Appointment of Director on being proposed by a member or other person with a deposit of rupees one lakh.

 

Updates

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  1. Now Bank/Cooperative bank and post office RD recurring deposits interest, if more than 10000/- per year will be liable to TDS w.e.f. 1-6-2015. If PAN number is not given then TDS will be 20%

  2. Now w.e.f. 1-6-2015 any transaction in real estate including agricultural land shall be required to be made through account payee cheque or rtgs if it is of Rs. 20000/- or more, only such farmers are free from this if both of them have agricultural income only and not any other income chargeable to income tax i.e. both of them should not have any income like interest/rent/salary etc. even of one rupee, i.e. he should not have even income of one rupee other than only agricultural income. If transaction is done in cash then penalty of an amount equal to such cash transaction will be imposed on seller who accepts cash or refund of advance is made in cash by the seller of property.

  3. Transactions of purchase by consumer of fridge, TV, Car, jewellery can be made in cash or cheque but if more than Rs. 1 Lakh then PAN number of buyer will have to be quoted. (In case of jewellery if more than Rs. 5 Lakh and even a cash transaction of any amount therein, then TCS @1% will have to be made.) CBDT has not yet made any circular or rule regarding quoting of PAN for transaction of movable properties exceeding Rs. 1 Lakh.

  4. w.e.f. 1-6-2015 in case of payment of transport freight at a single transaction of more than Rs. 30000/- or of more than Rs. 75000/- in a year then TDS will have to be deducted @ 1% and in case of recipient being firm or a company then TDS @ 2% will have to be made. if the recipient own 10 or less goods carriage he can give a declaration to this effect then TDS will not be deducted even if payment exceeds the threshold of Rs.30000 / Rs.75000. Till now Income tax rules have not been notified for 2015 therefore format of declaration to be obtained in case of 10 or less truck has not also been notified yet now therefore until specified format comes self declaration from truck owner can be obtained.

  5. w.e.f. 1-6-15 if any payment is made by any person to a non-resident, (not being a company) or to a foreign company any sum whether or not chargeable to income tax shall furnish form No. 15CA & 15CB. Earlier only income chargeable to income tax in India had to be reported only but now all payments are covered. If such information is not furnished or the information furnished is inaccurate then U/s 271-I penalty of Rs. 1 Lakh may be imposed.

  6. Till 31-5-2015 Income tax department has no power to process TDS return U/s 200A to levy TDS late fee U/s 234E but w.e.f. 1-6-2015 as per Sec. 200A income tax department can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of TDS return. so if any late fee is levied before 1-6-2015 appeal can be filed for this or rectification application U/s 154 can be filed to get it cancelled. Now if due to mistake any late fee U/s 234E is paid then refund will be granted of such excess late fee.

New Service Tax Rate of 14% to Come Into Effect From June 1

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New Service Tax Rate of 14% to Come Into Effect From June 1

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,

SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
NOTIFICATION
New Delhi, the 19th May, 2015
No. 14/2015-Service Tax


G.S.R. —(E).- In exercise of the powers conferred by clauses (a), (c) and (f) of section
107, section 108, sub-sections (2), (3) and (4) of section 109, section 153 and section 159 of the
Finance Act, 2015 (No. 20 of 2015), the Central Government hereby appoints the 1st day of
June, 2015 as the date on which the provisions of clauses (a), (c) and (f) of section 107, section
108, sub-sections (2), (3) and (4) of section 109, section 153 and section 159 of the said Act shall come into force.


[F.No. 334/5/2015 – TRU]
(Akshay Joshi)
Under Secretary to the Government of India

107. In the Finance Act, 1994 (hereinafter referred to as the1994 Act), save as otherwise provided, in section 65B,—
(a) clause (9) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint;

(b) after clause (23), the following clause shall be inserted, namely:—‘(23A) “foreman of chit fund” shall have the same meaning as is assigned to the term “foreman” in clause (j) of section 2 of the Chit Funds Act, 1982;’;

(c) clause (24) shall be omitted with effect from such date as the CentralGovernment may, by notification in the Official Gazette, appoint;

(d) after clause (26), the following clause shall be inserted, namely:—‘(26A) “Government” means the Departments of the Central Government,a State Government and its Departments and a Union territory and its Departments,but shall not include any entity, whether created by a statute or otherwise, the accounts of which are not required to be kept in accordance with article 150 of the Constitution or the rules made thereunder;’

e) after clause (31), the following clause shall be inserted, namely:— ‘(31A) “lottery distributor or selling agent” means a person appointed or authorised by a State for the purposes of promoting, marketing, selling or facilitating in organising lottery of any kind, in any manner, organised by such State in accordance with the provisions of the Lotteries (Regulation) Act, 1998;’;

f) in clause (40), the words “alcoholic liquors for human consumption,” shall be
omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint;

(g) in clause (44), for Explanation 2, the following Explanation shall be substituted, namely:— ‘Explanation 2.—For the purposes of this clause, the expression “transaction in money or actionable claim” shall not include––

(i) any activity relating to use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged;

(ii) any activity carried out, for a consideration, in relation to, or for facilitation of, a transaction in money or actionable claim, including the activity carried out––

(a) by a lottery distributor or selling agent in relation to promotion, marketing, organising, selling of lottery or facilitating in organising lottery of any kind, in any other manner;

(b) by a foreman of chit fund for conducting or organising a chit in any manner.’;

(h) clause (49) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint.

108. In section 66B of the 1994 Act, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint, for the words “twelve per cent.”, thewords “fourteen per cent.” shall be substituted.

109. In section 66D of the 1994 Act, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint,—

(1) in clause (a), in sub-clause (iv), for the words “support services”, the words “any service” shall be substituted;

(2) for clause (f), the following clause shall be substituted, namely:— “(f) services by way of carrying out any process amounting to manufacture or production of goods excluding alcoholic liquor for human consumption;”;

(3) in clause (i), the following Explanation shall be inserted, namely:— Explanation.– For the purposes of this clause, the expression “betting,gambling or lottery” shall not include the activity specified in Explanation 2 to clause (44) of section 65B;’;

(4) clause (j) shall be omitted.

153. In the Finance (No. 2) Act, 2004 (herein referred to as 2004 Act), in Chapter VI, section 95 shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint.

INCOME TAX FORMS

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49 A   Pan Application

CBDT notifies ITR-1, ITR-2 and ITR-4S for the AY 2015-16

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CBDT notifies ITR-1, ITR-2 and ITR-4S for the AY 2015-16
&
Changes in Rule 12 of Income Tax Rules, 1962 related to Conditions of Filing of ITR

CBDT has vide Notification No. 41/2015 dated 15-04-2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15.

The Notification also made Several Changes in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return. A brief summary of Changes is as follows :-

General ( Applicable to all ITR forms)

E filing has now been made compulsory in case of Claiming Refund in ITR.

Super Senior citizen are now allowed to file ROI in paper form even though their income exceed Rs 5 lakhs subject to other conditions.

Introduction of Electronic Verification Code (EVC) for verification of return of income filed as an option instead of sending ITR-V to CPC, Bangalore. Accordingly the assessee will have the following three options regarding manner of furnishing of returns filed electronically :

(A)   E filing using digital signature; or
(B)  E Filing with electronic verification code (EVC)- no need to send ITR V to CPC; or
(C)  E Filing and thereafter submitting the verification of the return in Form ITR-V to CPC.

Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.

In case the assesee does not have Aadhar Card Number then the old system of submitting the verification of the return in Form ITR-V to CPC will continue.

Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Details to be provided even for those accounts which have been closed during the year.

ITR-1 (SAHAJ) & ITR-4S (Sugam) cannot be filed by individual who has earned any income from source outside India.

Changes in ITR-2

Details of Foreign Travel made if any (For resident and non resident both) includes, Passport No, Issued at, name of country, number of times travelled and expenditure

Details of utilization of amount deposited in capital gain account scheme for years preceding to last two assessment years. Particulars asked include year of utilization, amount utilized, amount unutilized lying idle in capital gain account scheme till the date of filing of return of income.

In case of LTCG & STCG not chargeable to tax to Non-resident on account of DTAA benefit, It is required to furnish Country name, Article of DTAA, TRC obtained or not?,

For Non-resident, Income from other sources, If any income chargeable to tax at special rate provided in DTAA, It is now required to provide details of Name of Country, Relevant article of DTAA, Rate of Tax, Whether TRC obtained or not?, Corresponding rate of tax under income tax act.

In schedule FA- Foreign assets disclosure, Following details added.

a) Foreign Bank accounts details: It is now further require to furnish Account number, account opening date, Interest/income accrued from such account, If any along with details of head of income and schedule under which such income is shown, if offered to tax in India.
b) In similar manner, details of income from Financial interest in any entity outside India along with details of income offered to tax in ITR-2 from such income.
c) Similar disclosure requirement is also required for Immovable property outside India, capital asset held outside India, trust held outside India

TDS Rates Chart for F.Y. 2015-16 A.Y. 2016-17

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TDS Rate Chart F.Y. 15-16 A.Y. 16-17

Every deductor need to deduct TDS as prescribed in Income Tax Act Not more than that and not lower than that.

The payee can claim refund as per TDS certificate whether is wrongly deduction or higher deduction as the case may be.

TDS can be adjusted against any other payment made or credited if TDS has been wrongly deducted from a payment on which there is no liability to deduct TDS. No doubt, there is no penalty to deduct more or wrongly deduction of TDS. However, deductor will issue TDS certificate (Form 16/Form 16A) as per actual deduction.

The penalty for non-deposit of TDS will be imposed by Income Tax Department.

Section TYPE HUF and INDIVIDUAL OTHERS
192 Salaries Average rate –
193 Interest on Securities    Above Rs.10,000 Interest on Debentures   AboveRs. 5000/- 10 10
194 Deemed dividend u/s.2(22)(e) Dividends other than listed companies 10 10
194A Interest other than Interest on Securities (Including Recurring Deposits wef 01-06-2015) : Bank/Post office  AboveRs.10000/- OthersAboveRs.5000/- 10 10
194B Lottery / Cross Word Puzzle Above Rs. 10000/- 30 30
194BB Winnings from Horse Race AboveRs. 5,000/- 30 30
194C Contracts:

Single  Above  Rs. 30,000

Aggregate Above Rs. 75,000

 1 2
194D Insurance Commission  Above Rs. 20,000 10 10
194DA (w.e.f. 01/10/2014)

Payment in respect of Life Insurance Policy Above Rs. 99,999/-

 02 –
194E Payments to non-resident sportsmen or sports associations 20 20
194EE Refund of NSSAboveRs.2,500/- 20  –
194F Repurchase of units by MF/UTI 20  20
194G Commission on sale of lottery ticketsAboveRs.1,000 10 10
194H Commission or Brokerage AboveRs. 5,000 10 10
194I Rent of Machinery, Plant or Equipment AboveRs. 1,80,000 2% 2%
Land, building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings Above Rs. 1,80,000 10% 10%
194IA Transfer of immovable  property other then agricultural Land Above50 Lakhs 1% 1%
194J Professional/ Technical charges/Royalty & Non-compete fees /payments to directors Above Rs. 30,000 10% 10%
194LA Compensation on acquisition of immovable propertyAboveRs.2,00,000 10 10
194LB Interest from an Infrastructure Bond 5 5
194LBA Income in the nature of interest received or receivable from a special purpose vehicle, distributed by a business trust to its unit holders.

Resident Payee

Non Resident PayeeDistribution of income by a business trust being a real estate investment trust (wef 01-06-2015)

 10

5Rates specified in Part II First Schedule

 10

5Rates specified in Part II First Schedule
194LBB Payments to a unit holder in respect of units of Investment Fund u/s 115UB 10 10
194LC Interest to Non Resident from Indian company/business trusts  engaged in certain business. 5 5
194LD Interest on certain Govt Bonds/Securities payable on or after 01-06-2013 but before 01-06-2017 5 5
195 Payment to Non Residents Applicable Rate Applicable Rate
196B Payment to Non Residents Applicable Rate Applicable Rate
196C Payment to Non Residents Applicable Rate Applicable Rate
196D Payment to Non Residents Applicable Rate Applicable Rate
196E Payment to Non Residents Applicable Rate Applicable Rate

 

General Circular No. O5/2O15

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General Circular No. O5/2O15

F. No. 1/8/2013-CL-V
Government of India
Ministry of Corporate Affairs

5th Floor, A Wing, Shastri Bhavan,
Dr R.P. Road, New Delhi.
Dated: 30th March, 2Ol5

To
All Regional Directors,
All Registrars of Companies,
All Stakeholders.

Subject: Amount received by Private Companies from their members, directors or their relatives before 1st April, 2014 Clarification regarding applicability of Companies (Acceptance and Deposit Rules -2014)

Sir,

Stakeholders have sought clarifications as to whether amounts received by private companies from their members, directors or their relatives prior to 1st April, 2014 shall be considered as deposits under the Companies Act, 2013 as such amounts were not treated as ‘deposits’ under section 58A of the Companies Act, 1956 and rules made there under.

2.The matter has been examined in consultation with RBI and it is clarified that such amounts received by private companies prior to 1st April, 2Ol4 shall not be treated as ‘deposits’ under the Companies Act,2013 and Companies (Acceptance of Deposits) Rules, 2014 subject to the condition that relevant private company shall disclose, in the notes to its financial statement for the financial year commencing on or after 1st April, 2014 the figure of such amounts and the accounting head in which such amounts have been shown in the financial statement.

3. Any renewal or acceptance of fresh deposits on or after 1st April, 2014 shall, however, be in accordance with the provisions of Companies Act, 20 13 and rules made there under.

4.This issues with the approval of the competent authority.

Yours faithfully.
(K.M.S. Naraynan)
Assistant Director (Policy)

Copy to:- 1 E-Governance Section and web contents Officer to place this circular on the Ministry website.
2. Guard File.

Deposits under companies act 2013

Income Tax Slabs & Rates

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Income Tax Slabs & Rates

for Assessment Year 2015-16

Individual resident aged below 60 years or any NRI/ HUF/ AOP/ BOI
Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL
ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year
Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 3,00,000/-. NIL
ii. Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- 10% of the amount by which the taxable income exceeds Rs. 3,00,000/-.
Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/- Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
Individual resident who is of the age of 80 years or more at any time during the previous year
Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 5,00,000/-. NIL
ii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iii. Where the taxable income exceeds Rs. 10,00,000/- Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Section 14-Heads of income

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Heads of income

  1. Incomes of income-tax shall  be classified under the following heads of income :—
    A. Salaries.
    B. Interest on securities omitted Finance Act, 1988, w.e.f. 1-4-1989.
    C. Income from house property.
    D. Profits and gains of business or profession.
    E. Capital gains.
    F. Income from other sources.
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