Indian Aviation Industry The Indian aviation industry gave a very poor performance. We are still lagging behind the aviation industry of the other countries in terms of performance. It is needless to say that the sector is among one of the most technically challenged and under developed sectors in the economy. Kingfisher Airlines which was […]

Limited Liability Company Limited Liability Company is a hybrid business entity having some features of a corporation, a partnership or sole proprietorship business. It is more of an association than a corporation. It is seen that many people choose the Limited Liability Company as their form of business, mainly because of the ease in set […]

What is a “Sole Proprietorship”? It is a simple type of business structure that is owned and operated by the same person and thus does not involve the complications of the complex filing requirements associated with other types of business structures such as corporations. In sole proprietorship the income and expenses of the business is reported […]

Kingfisher Crisis – Is it the time to Shutdown Kingfisher is facing a tough time to help its debt ridden airlines fly high again, which was grounded after the government suspended the license. The Kingfisher Airlines, started by the King of good times and liquor baron, Dr. Vijay Mallya on the eve of the 18th […]

Credit Cards in our debt and credit fueled economy have become almost as indispensable as cash money.It is impossible to think of days when Credit Cards did not exist.But Credit Cards are a recent phenomenon and their ubiquity is owing to the ease with which Banks give these Cards.The reason is that Banks make a ton of money through the issue and usage of these credit cards at the expense of the consumers.The hidden costs of credit cards are not known to the customers as credit card processors like Mastercard and Visa make billions of dollars each year.This money is taken from the vendors of goods and services which charge you for this extra money that they pay.However Credit Cards also have substantial advantages if they are used wisely.However as we know in case of credit and debt the human mind is not prone to prudence and care.Many Americans have wracked up unsustainable credit card debt and destroyed their lives.The reason is that you get easy credit on thse cards .The incentive of short term pleasure buying stuff from your credit cards is too much to resist for most people.If the credit was unavailable then people would not have fallen into the problem of debt in the first place.

The Indian Income tax Act prescribes different tax slabs for Senior citizens, Women & Individuals including AOP (Association of Person), BOI (Body of Individuals) & HUF (Hindu Undivided Family).

To calculate the total income tax liability, one needs to follow the below mentioned process:

* Calculate your gross total income. This includes gross income from the five sources of income – Income from Salary, Business/ Profession, Capital Gains, House Property & Income from other sources.
* Calculate the net deductions for example donations, investments and savings such as provident fund subscriptions, Life Insurance Premiums etc.
* The net taxable income is gross total income less net deductions.
* Then the appropriate income tax rate is applied to calculate the total tax liability.
* Education Cess of 3% is applied on the tax payable to arrive at the total tax payable. Relief under various sections would be applied on this total tax.