Income Tax articles

4 New Income Tax Tax exemption in Financial Year 2019-20

Let’s take a quick look at the key changes in the Interim Budget 2019 from a personal tax perspective, which will be effective from 1 April 2019. 1. Standard Deduction from Salary: Standard deduction has been increased from Rs 40,000 to Rs 50,000 for salaried individuals (which was introduced in the Budget 2018 in lieu […]...

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Situations where tax is payable even if Income is less than Rs. 5 lakhs

Situations where person has to pay tax even if Income is less than Rs. 5 lakhs In Budget 2019 our finance minister has announced that no tax will be paid on Income up to Rs. 5 lakhs. Many of us misunderstood that the income tax slabs have been increased, whereas the finance minister has mentioned […]...

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Important amendment in Direct Tax for AY 2020-21 / FY 2019-20

CA Raja Saha Article explains Budget 2019 changes related to No tax on taxable income up to Rs 5 lakh,  Standard Deduction u/s 16(ia),  Income Tax Slab Rate for AY 2020-21 for Individuals, Tax Slab Rate for Domestic Company, Tax Rates for Foreign Company, Income Tax Slab for Co-operative Society,  Notional Rent on second self […...

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Income Tax Amendments vide Finance Act, 2019

Income tax rate for company as well as for individual is same as of financial year of 2018-19. a) Corporate tax rate is 30%, surcharge is 12%, Health and Education cess @ 4%. Effective tax rate comes to 34.944%. Company whose turnover / gross receipt does not exceed 250 crore in financial year 2016-17, corporate […]...

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Why does the government not enhance the exemption limit

The government has by a stroke made the taxable income upto Rs. 5 lakhs fully tax free in the hands of small taxpayers without raising the exemption limit. Most of the people have been wondering why the government is not raising the exemption limit instead of playing with Section 87A. I feel the government has […]...

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Analysis of Recent Development under Income Tax Act 1961

At the outset, it is very important to address a common interpretation mistake made by most of us regarding the increase in slab rate of income tax. In the speech the finance minister have clearly mentioned that there is no change in the Slab rate of Income tax but still 100% tax rebate is granted upto income of Rs. 5 Lac. Thus, it means ...

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Benefits of Budget 2019 Empowering India

The 2019 Budget by the Modi Government is referred to as his second surgical strike!! The interim Budget 2019 announced by Finance Minister Piyush Goyal was a pleasant surprise for the middle class families and farmers. This budget announced in the close proximity of the coming up elections is a promise given by the government […]...

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Budget 2019 – 5 Major Changes

Budget 2019 can be said as a boon to middle class tax payers if they plan their tax well in advance. The budget has brought some major changes to small tax payers , salaried tax payers and also a has some favourable impact on real estate sector in view of changes in house property income […]...

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Budget 2019 Summary / Highlight

Article provide Summary / Highlight of Interim Union Budget 2019.  RATES OF INCOME-TAX Income – Tax The provisions of section 2 of, and the First Schedule to, the Finance Act, 2018 (13 of 2018. ), shall apply in relation to income-tax for the assessment year (2020-2021) or, as the case may be, the financial year […]...

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A Bundle of joy# Budget 2019?

1. Standard deduction in respect of Salaried employees has been raised from Rs 40000 to Rs 50000: 2. Full tax rebate for individuals having taxable income upto Rs 500000 3. Increase in TDS threshold on interest on bank and post office deposits from Rs 10000 to Rs 40000 4. Section 54 Capital gain exemption now extends to two house propert...

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