Balwant Jain

Income tax changes effective from 1st April 2021

Income Tax - New financial year has begun and with this certain new income tax rules have come into effect. Let us discuss the changes applicable to individual tax payers related to Option to choose from Two tax regimes, Reduced period for filing the belated ITR or for revising your filed ITR, Inclusion of dividend income in ITR […]...

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7 Things to do before 31st March 2021

Income Tax - As we are approaching end of the financial year, there are certain tasks which we need to complete by 31st March 2021. Some of such task includes Submitting the details of salaries received from earlier employer, Submit the proof of expenses to your employer, Verifying quantum of deductions available from your bank records, Payment of [&h...

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Will exemption from ITR filing proposal for senior citizen will work

Income Tax - The budget presented on 1st February 2021 has proposed exemption to senior citizen from filing of income tax return (ITR) subject to satisfaction of certain conditions. Let us understand what is the proposal and whether it will really work as intended. Relief proposed for Senior citizen Presently, based on the income criteria, every indiv...

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Tax on interest on EPF Contributing exceeding Rs 2.5 Lakh

Income Tax - The budget proposals affecting salaried employees contributing toward Employee Provident Funds The finance minister has proposed to partially tax the interest accrued on the provident fund account of employees. Let us discuss the provision. Present Provisions Presently, any payment received by an employee from his provident fund account i...

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Govt attempts taxation parity between mutual fund & ULIPS

Income Tax - The Finance minister has proposed amendments in the Income Tax Act in an attempt to make the taxation of money received from Unit Linked Insurance Policies (ULIP) of life insurance companies on par with equity mutual funds....

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Recent Posts in "Balwant Jain"

Income tax changes effective from 1st April 2021

New financial year has begun and with this certain new income tax rules have come into effect. Let us discuss the changes applicable to individual tax payers related to Option to choose from Two tax regimes, Reduced period for filing the belated ITR or for revising your filed ITR, Inclusion of dividend income in ITR […]...

Read More
Posted Under: Income Tax | ,

7 Things to do before 31st March 2021

As we are approaching end of the financial year, there are certain tasks which we need to complete by 31st March 2021. Some of such task includes Submitting the details of salaries received from earlier employer, Submit the proof of expenses to your employer, Verifying quantum of deductions available from your bank records, Payment of [&h...

Read More
Posted Under: Income Tax |

Will exemption from ITR filing proposal for senior citizen will work

The budget presented on 1st February 2021 has proposed exemption to senior citizen from filing of income tax return (ITR) subject to satisfaction of certain conditions. Let us understand what is the proposal and whether it will really work as intended. Relief proposed for Senior citizen Presently, based on the income criteria, every indiv...

Read More
Posted Under: Income Tax | ,

Tax on interest on EPF Contributing exceeding Rs 2.5 Lakh

The budget proposals affecting salaried employees contributing toward Employee Provident Funds The finance minister has proposed to partially tax the interest accrued on the provident fund account of employees. Let us discuss the provision. Present Provisions Presently, any payment received by an employee from his provident fund account i...

Read More
Posted Under: Income Tax |

Govt attempts taxation parity between mutual fund & ULIPS

The Finance minister has proposed amendments in the Income Tax Act in an attempt to make the taxation of money received from Unit Linked Insurance Policies (ULIP) of life insurance companies on par with equity mutual funds....

Read More
Posted Under: Income Tax |

Why government needs to introduce a separate Section for repayment of home loan in ensuing budget

Why government needs to introduce a separate Section for repayment of home loan in ensuing budget With the skyrocketing prices of real estate, it is almost impossible for a young couple for buy house of their own without taking a home loan. The average ticket size home loan has also gone up steadily in the […]...

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Posted Under: Income Tax |

Government needs to make NPS fair for all categories of subscribers

The union budget will be presented on 1st February so I thought of making some suggestions to remove some anomalies and inequalities in the Income Tax Act provisions to make the NPS system fair and little better for everyone.  Here are my suggestions. Uniformities of tax treatment of retirement corpus of Tier I of NPS […]...

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Posted Under: Income Tax | ,

Suggestions on taxation of capital gains

In this article I wish to give some suggestions to the Finance Minister to make the taxation of capital gain more rational by removing some anomalies. Here are my suggestions. Rebate available under Section 87 A for capital gains Section 87 A allows a resident Individual a tax rebate tax upto Rs. 12,500/- if his […]...

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Posted Under: Income Tax |

Common man’s wish list from finance minister on income tax

With budget day approaching we individual tax payers wish the finance minister to fulfil some of our wishes. Let us discuss what I as a common man wish from the Finance Minister. Revision in the monetary limit of deduction available under Section 80C, 80CCC and 80CCD Presently as per Section 80 CCE the deductions available […]...

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Posted Under: Income Tax | ,

Labour code and its financial impact on salaried

How the new labour code will impact you financially While offering salaries in the private sector the employers generally restrict the component of basic salary to bare minimum to keep its minimum its own contribution for employee provident fund (EPF)  as well as payment of gratuity when the employee leaves the employment. The balance pa...

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Posted Under: Income Tax |

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