CA Intermediate | CA IPCC Amendment for Tax Applicable for 2015 Exam
Direct and Indirect Tax by Finance ACT 2014- Applicable for 2015 Exams
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Rates of income tax:
1. Individual (Man or Woman), resident in India and below the age of 60 years at any time during the previous year and HUF / AOP/BOI & every artificial judicial person:
Income Rate of Tax
Upto 2,50,000 Nil
2,50,001 To 5,00,000 10%
5,00,001 To 10,00,000 20%
Above 10,00,000 30%
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Amendments relating to Income Exempt from Tax
1. SEC 10(23C):
Income of certain National funds, educational institutions and hospitals is exempt from tax. Section 10(23C) has been amended to provide that if the government grant to a university or other institution, during the relevant previous year exceeds a percentage (to be prescribed) of the total receipts (including any voluntary contributions ), of such university or other educational institution, hospital or other institution, as the case maybe, then such university or other educational university, hospital or other institution shall be considered as being substantially financed by the government for that previous year.
Entities which have been approved or notified for claiming benefit of exemption under section 10(23C) would not be entitled to claim any benefit of exemption under other provisions of section 10 (except the exemption in respect of agricultural income). Consequently, these institutions will not be entitled to claim exemption pertaining to dividends, mutual fund interest, long term capital gain, etc.
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