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Income Tax : Ahmedabad ITAT upholds deletion of ₹1 Cr addition for Radhika Diamonds, noting cash sales were duly recorded and business activi...
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Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
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Income Tax : CBDT notifies Greater Mohali Area Development Authority for income tax exemption under section 10(46A), effective from assessment ...
Article contains analysis of Union Budget 2019 provisions for Income Tax Rates for Financial Year 2019-20, Standard deduction from Salary Income [AY 20-21 Onwards], House Property Income [AY 2020-21 Onwards], Capital Gains Income, TDS and Tax Deduction Income Tax Rates for Financial Year 2019-20 Foreign Company: [AY20-21] No change in Corporate tax rates. Effective tax […]
Interim budget during the last season of Lok Sabha 2019, witnessed one of the populist interim budget. While the Government had eyed to please the commoners, the Finance Ministry played a master stroke, which most of us are not aware. While many of the analysts are keen on the overall impact on the public savings […]
The Interim Budget 2019 has been introduced and left a question for the Indian tax Payers. That how much this budget will impact on their tax liability? People have a misconception that the tax rate has changed and the basic limit of Rs. 2,50,000/- has raised to Rs. 5,00,000/-.They do not understand the actual meaning […]
Taxes changes 1. No income tax for income up to Rs 6.5 lakh 2. Full tax rebate for income up to Rs 5 lakh per annum 3. No tax on notional rent on second self-occupied house 4. Capital Gains exemption under Section 54 to be available on two house properties 5. Tax benefit of Rs 18,500 crore given to three crore middle-class tax payers 6. Standard deduction raised to Rs 50,000 […]
Announcing the Interim Budget, acting finance minister Piyush Goyal on Friday proposed that individuals earning up to Rs 5 lakh would get a full tax rebate u/s 87A. This will provide tax saving of up to Rs 12,500 for all taxpayers in this bracket. Those who save more can effectively push this rebate up to an […]
Happy Budget 2019 !!! The Modi government has come with something for everyone this year and particularly for the middle class people which represents the majority population of India. Mainly two things shown concerned which are Income Tax rebate for individual and support scheme for farmers. Synopsis of these budget are as follows: Full Tax […]
Finance Minister while presenting the Budget speech has clearly stated that there will not be any Income Tax to the on Income up to Rs 5 lakh, but when Finance Bills came on the records it clear the myth spread on the news media and other websites. As per the Clause 8 of the Bill […]
HIGHLIGHTS OF INTERIM UNION BUDGET 2019 Tax 1. Within 2 years, Tax assessment will be done electronically 2. IT returns processing in just 24 hours 3. Minimum 14% revenue of GST to states by Central Govt. 4. Custom duty has abolished from 36 Capital Goods 5. Recommendations to GST council for reducing GST rates for […]
On Friday 1, 2019 Finance Minister Piyush Goyal presented much awaited Interim Budget in Lok Sabha. One interesting point in the budget was that instead of giving straight exemption on income of upto Rs. 5,00,000, FM slightly twisted the situation by giving Rebate under section 87A. Let’s understand how: Particulars Situation I Situation II Income […]
Standard deduction for salaried persons has been increased to Rs. 50,000 from earlier Rs. 40,000. Long term capital gains exemption under section 54 for sell of residential house has been extended to two residential houses from one earlier, for capital gains up to Rs. 2 Crores.
