Sun within yourself

Motivational Quote: "You can always find the sun within yourself if you will only search."—
Maxwell Maltz

Regards
Kshitij yelkar
www.yelkar.com
Mumbai-India

Income Tax Slabs & Rates for Assessment Year 2014-15 - India

Income Tax Slabs & Rates
for Assessment Year 2014-15 - India

 

Please click on the links below to view the Income Tax (also written shortly as I. tax or Inc. tax) Slabs and Rates for Next Assessment Year 2014-15 (applicable on income earned during 01.04.2013 to 31.03.2014) for various categories of Indian Income Tax payers.

Please send us your suggestions / feedback to enable us to make this page more user-friendly and useful.

Individual resident aged below 60 years (i.e. born on or after 1st April 1954) or any NRI / HUF / AOP / BOI / AJP*

Income Tax :Calculate Tax Liability for AY 2014-15

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 2,00,000/-.	NIL
ii.	Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-.	10% of amount by which the total income exceeds Rs. 2,00,000/-. Less : Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv.	Where the total income exceeds Rs. 10,00,000/-.	Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

* Abbreviations used :
   NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

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 (i.e. born on or after 1st April 1934 but before 1st April 1954)

Income Tax :Calculate Tax Liability for AY 2014-15

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 2,50,000/-.	NIL
ii.	Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-	10% of the amount by which the total income exceeds Rs. 2,50,000/-.
iii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv.	Where the total income exceeds Rs. 10,00,000/-	Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

 

1.     Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1934)

Income Tax :Calculate Tax Liability for AY 2014-15

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 5,00,000/-.	NIL
ii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iii.	Where the total income exceeds Rs. 10,00,000/-	Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

2.     Co-operative Society

Income Tax :Calculate Tax Liability for AY 2014-15

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 10,000/-.	10% of the income.
ii.	Where the total income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.	Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii.	Where the total income exceeds Rs. 20,000/-	Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

3.     Firm

Income Tax : 30% of total income.Calculate Tax Liability for AY 2014-15

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

4.     Local Authority

Income Tax : 30% of total income.Calculate Tax Liability for AY 2014-15

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

5.     Domestic Company

Income Tax : 30% of total income.Calculate Tax Liability for AY 2014-15

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

o    At the rate of 5% of such income tax, provided that the total income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

o    At the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

6.     Company other than a Domestic Company

Income Tax :Calculate Tax Liability for AY 2014-15

o    @ 50% of on so much of the total income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.

o    @ 40% of the balance

Surcharge :

The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

o    At the rate of 2% of such income tax, provided that the total income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

o    At the rate of 5% of such income tax, provided that the total income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

Marginal Relief : When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Example :

In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-

1.	Income Tax	Rs. 28,30,300
2.	Surcharge @10% of Income Tax	Rs. 2,83,030
3.	Income Tax on income of Rs. 1 crore	Rs. 28,30,000
4.	Maximum Surcharge payable (Income over Rs. 1 crore less income tax on income over Rs. 1 crore)	Rs. 700/- (1000 - 300)
5.	Income Tax + Surcharge payable	Rs. 28,31,000
6.	Marginal Relief in Surcharge	Rs. 2,82,330/- (2,83,030 - 700)

No change in existing Tax Rates (as shown above) has been proposed in the Interim Budget for the Fiscal Year 2014-15.

Disclaimer :

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

Reference website :  http://finotax.com/income-tax/slabs-next

 

Regards
Kshitij Yelkar
www.yelkar.com
Mumbai- India

Setting goals....

Motivational Quote: "Setting goals is the first step in turning the invisible into the visible."— Anthony Robbins

Regards
Kshitij yelkar
www.yelkar.com

Mumbai-India

Character is like a tree

Motivational Quote: "Character is like a tree, and reputation is like a shadow. The shadow is what we think of it; the tree is the real thing."

Regards
Kshitij Yelkar
www.yelkar.com
 

Struggle..

Motivational Thought:  In the struggle for survival, the fittest win out at the expense of their rivals because they succeed in adapting themselves best to their environment.
—Charles Darwin

Regards
Kshitij yelkar
www.yelkar.com
Mumbai-India

Two things define you..

Motivational Quote: Two things define you. Your patience when you have nothing, and your attitude when you have everything.

Regards
Kshitij Yelkar
www.yelkar.com

Mumbai-India

Never Blame Anyone...

Motivational Quote

Regards
Kshitij Yelkar
www.yelkar.com

Mumbai-India

Secret of success

Motivational Quote: "The secret of success in life is to be ready for opportunity when it comes." - Benjamin Disraeli

Regards
Kshitij Yelkar
www.yelkar.com

Mumbai-India

People will

Motivational Quote:  "I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel." - Maya Angelou

Regards
Kshitij Yelkar
www.yelkar.com
Mumbai-India




 

Discrete Efforts vs Apportioned Efforts vs Level of Efforts

Discrete Efforts vs Apportioned Efforts vs Level of Efforts

1.Discrete Efforts: An activity that can be planned and measured and that yields a specific output.
2.Apportioned Efforts: An activity where an effort is allotted proportionately across certain discrete efforts and not divisible into discrete efforts.
3.Level of Efforts: An activity that does not produce definitive end products and is measured by the passage of time.

These are three earned value management types of activities used to measure work performance.

In order to further explain:
Discrete efforts are actions that directly result in product, service or result or components of a product, service or result.

Example of discrete may include, but not limited to Working Software, Delivered Machines etc.

Apportioned Efforts hold direct supportive relationship to a discrete activity and can be measured in direct proportionate to a discrete effort.  Due to the direct proportion relationship with discrete activity, apportioned efforts may not readily divisible from work packages.

Example of Apportioned Efforts may include, but not limited to:  testing, inspection, verification, validation activities. These activities are performed in direct proportion to their associated main tasks.

Level of efforts includes project management activities which mainly involve those kinds of activities   which are needed to support the discrete and associated apportioned activities. The duration of these activities depends on the duration of the discrete and apportioned activities to which LoE supports.

Example of Level of Efforts may include, but not limited to: Daily stand up, release planning, and retrospective meeting in agile software development, project budget accounting, customer liaison, or oiling machinery during manufacturing, etc. Level of efforts mainly involves collaboration and coordination activities and these activities are repetitive in nature.

Regards
Kshitij yelkar
www.yelkar.com


Keywords: pmp, project management, integration,Time

Superior...

Motivational Quote: "The superior man blames himself. The inferior man blames others." -Don Shula

Regards
Kshitij yelkar
www.yelkar.com

Mumbai-India

 

Victory...

Motivational Quote: To be prepared is half the victory." -- Miguel de Cervantes

Regards
Kshitij yelkar
www.yelkar.com
India-Mumbai

Skill to do ...

Motivational Quote: "Skill to do comes of doing."  -- Ralph Waldo Emerson

Regards
Kshitij Yelkar
www.yelkar.com
India-Mumbai
 

Difficulty...

Motivational Quote: Difficulty is like a bag full of cotton; Heavy for those who see it & light for those who handle it.

Regards
Kshitij Yelkar - Mumbai-India
www.yelkar.com
 

A ship in Port...

Motivational Quote: "A ship in port is safe, but that's not what ships are built for."-Grace Hopper

Regards
Kshitij yelkar
www.yelkar.com
 

Faith ...

Motivational Quote:  Faith is like Wi-Fi, It is invisible but it has power to connect you, Where you need it.

Regards
Kshitij yelkar
www.yelkar.com
 

Dream and Aim

Motivational Quote: "We all have dreams. But in order to make dreams come into reality, it takes an awful lot of determination, dedication, self-discipline, and effort." - Jesse Owens

Regards
Kshitij Yelkar
www.yelkar.com
 

Estimation Techniques

 

Analogous, Parametric and Three Point Estimation (PERT) Techniques

 

 

 

 

 

Analogous Estimation- In the initial phases of project, when not much details are available with PM

for estimation, Analogous technique can be used. In analogous estimation, we refer to ACTUALS of

similar kind activity which was done in past i.e. Historical data. Here we try find out ANALOGY

among the activity which need to be estimated and some activity done in past.
We just take the Actual of activity from historical data and assign same value as Estimation for new

one.
For example - If in last project, a web page had taken 48 hours to be completed, the estimation for

new project's web page development will be taken as 48 hours, irrespective of the details of web

page that need to be developed.

Parametric Estimation - Here again we refer historical data, but this historical data will be taken

as PARAMETER or variable to calculate estimates. The accuracy level of parametric kind of estimation

is better than the estimations done using Analogous estimation.

For Example - In last project, a 10 Km long road was constructed in the budget of $20,000. Now in

new project, we need to construct 15 kms of road. So we calculate that in last project if 10 km was

constructed in $20,000, cost of 1 km = $200.
Now use this value as parameter to calculate estimate for new project = $200 X 15 = $30,000 is the

estimate using Parametric estimation technique.

Three Point Estimation -
Generally single point estimations are risker than 3 point estimate. For example: If you are going

to a destination and you have to give the time by when you will be there at destination what is more

confident answer: 1) I'll reach by 10 AM 2) I'll reach between 10 to 10:15 AM.

Similar concept is used in estimation of activities. Uncertainty and risk with single point estimate

that I need 100 PDs to do this work is more than if we consider 3-point estimation e.g. Most likely

I will finish in 105 PDs (M), however I feel I should be able to finish in 100 PDs(O), at max I'll

finish by 110 PDs(P). so using formula for Beta distribution tE = (tO + 4tM + tP) / 6, tE =

(100+4*105+110)/6 = 105. This estimate is more certain and less riskier

 

 

Keyword: Time, COST, project management, pmp, Estimation, PERT , 3 Points Estimation.

Regards
Kshitij yelkar
www.yelkar.com

What lies within us

Motivational Quotes: "What lies behind us, and what lies before us, are tiny matters compared to what lies within us."  -- Ralph Waldo Emerson

Regards
Kshitij Yelkar
www.yelkar.com

Winning.....

Motivational Quote: "Winning is important to me, but what brings me real joy is the experience of being fully engaged in  whatever I'm doing." - Phil Jackson

Regards
Kshitij yelkar
www.yelkar.com


 

Communication..

Motivational Quote : "Communication is a skill that you can learn. It's like riding a bicycle or typing. If you're  willing to work at it, you can rapidly improve the quality of every part of your life."
-Brian Tracy

Regards
Kshitij Yelkar
www.yelkar.com


 

Inspiration....

Motivational Quote:  "Someone might have a germ of talent, but 90% of it is discipline and how you practice it, what you do with it. Instinct won't carry you through the entire journey. It's what you do in the moments between inspiration." - Cate Blanchett

Regards
Kshitij Yelkar
www.yelkar.com

The mind is everything

Motivational Quote: “All that we are is the result of what we have thought. The mind is everything. What we think we become.” - Buddha


 

Great men

Motivational Quote: "Nothing great will ever be achieved without great men, and men are great only if they are determined to be so." - Charles de Gaulle

Regards
Kshitij Yelkar
www.yelkar.com
 

Cost reimbursable contract

 

Cost reimbursable contract

1. Cost plus fixed fee (CPFF): In this contract allowable cost + fixed amount of profit
2. Cost plus incentive fee (CPIF): In this contract, Allowable cost + seller earns profit if it meets defined performance criteria
3. Cost plus Award fee(CP-AF) - In this contract, allowable cost + award fee representing seller profit 

 

#Cost plus fixed fee (CPFF): In this contract allowable cost + fixed amount of profit

Eg. To Build one room all material and labor cost will get to contractor + Fixed Fee (Eg. 50,000 Is fixed amount agreed by both the parties.) , In this case if cost is material and labor cost is 70,000 + 50000 Fixed Fee = Total 1,20,000 will get paid to Contractor.

 

#Cost plus incentive fee (CPIF): In this contract, Allowable cost + seller earns profit if it meets defined performance criteria

Eg. To Build one room all material and labor cost will get to contractor + Incentives Fee (Eg. If for incentive Term mentioned If Cost is reduced then 20% of reduced amount cost will get paid to Contractor, Assuming Cost was 70,000 and Actual cost come as 50,000 then 20% of 20000 which is 4000 will get as incentive , mean Contract will get 50,000 + 4000 = 54000) , on top of that whatever fixed fees mentioned he will get that also.

 

#Cost plus Award fee(CP-AF) - In this contract, allowable cost + award fee representing seller profit

Cost-plus-Award fee (CPAF) contracts pay a fee based upon the contractor's work performance. In some contracts, the fee is determined subjectively by an awards fee board whereas in others the fee is based upon objective performance metrics. An aircraft development contract, for example, may pay award fees if the contractor achieves certain speed, range, or payload capacity goals

The amount of award fee earned shall be commensurate with the contractor’s overall cost, schedule, and technical performance as measured against contract requirements in accordance with the criteria stated in the award-fee plan. Award fee shall not be earned if the contractor’s overall cost, schedule, and technical performance is below satisfactory. The basis for all award-fee determinations shall be documented in the contract file to include, at a minimum, a determination that overall cost, schedule and technical performance is or is not at a satisfactory level

Contracting officers may supplement the adjectival rating description. The method used to determine the adjectival rating must be documented in the award-fee plan; (Please refer Image. table for criteria)

 

 

 

 

Regards

Kshitij Yelkar

www.yelkar.com

 

keywords : Cost , Cost reimbursable contract , PMP , Project Management

 

Courage is like a muscle...

Motivational Quote: "Courage is like a muscle. We strengthen it with use." -- Ruth Gordon

Regards
Kshitij Yelkar
www.yelkar.com