Budget Common Man

Some Issues in Union Budget on Direct Tax 2022

Income Tax - There have been Buzz words and viral posts before the budget that income tax will be replaced by the expenditure tax, a new conception of direct tax in line with the prevailing social security taxes in the gulf nations notably in Saudi Arabia and UAE, where income tax in conventional mode not in vogue particularly […]...

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7 Expectations from Union Budget 2022

Income Tax - Expectation from budget – This would be the Fourth budget presented by Ms. Nirmala Sitharaman and second budget since covid has emrged. This Budget would be special as this would be seen as a Pre-poll budget of significant states like UP and Punjab along with Goa Manipur and Uttarakhand. Where central government may try to […]...

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FM Madam- Please Enhance limit of Section 80C of Income Tax Act

Income Tax - Whenever a Budget is introduced in the Parliament, the middle income group primarily eye Section 80C of the Income Tax Act as it is the most popular and favourite section affecting the nett tax liability of the taxpayers. The rationale behind this deduction is to induce savings by investing in tax saving investments or incurring […...

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Expectations of Tax Payers In Budget -2022

Income Tax - We all know that Central Budget -2022 will announce on 1st February, 2022 by or Finance Minister Smt. Nirmala Sitaraman. During the year 2022-23, what should be the expected income and expenditure of the Government, will put before the Parliament for discussion. Till date deficit budget were published, and people expect the same for comin...

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Budget 2022 – Increase Standard Deduction for Salaried Class

Income Tax - The salaried persons perhaps have no say in the Budget. Businesses and the self employed manage their taxable incomes but the salaried class cannot escape the clutches of the Income Tax Department because the employer is mandated for deducting tax at source....

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34 Suggestion on Budget 2022 Proposal for GST

Income Tax - BJP Professional Cell, Mumbai has made a representation to Honorable Union Finance Minister and suggested 34 changes related to GST in Union Budget 2022 so that difficulties faced by Common GST Taxpayers can be removed.  BJP Professional Cell, Mumbai Date: 21-01-2022 To, Smt. Nirmala Sitharaman Madam, Honorable Union Finance Minister Min...

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Income tax Rates for assessment year 2021-22

Income Tax - Rates of income-tax in respect of income liable to tax for the assessment year 2021-22 i.e. Financial Year 2020-21 In respect of income of all categories of assessee liable to tax for the assessment year 2021-22, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic [&h...

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Budget 2020: DDT proposed to be removed

Income Tax - Union Budget proposed to remove the Dividend Distribution Tax. Currently, companies are required to pay DDT on the dividend paid to its shareholders at the rate of 15% plus applicable surcharge and cess in addition to the tax payable by the company on its profits, the Minister said....

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Increase Income Tax Slab, Section 80C & Section 80TTA deduction

Income Tax - Tax Bar Association made a Pre Budget Memorandum to Finance Minister and requested for increase in Income Tax Slab Rate, Increase Exemption Limit of Income of Minor, Increase Section 44ADA Thrash-hold limit, Increase Section 80C and Section 80TTA limit etc. Text of the Pre Budget Memorandum is as follows:- Dated: January 18, 2020 To Hon...

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Budget 2020- Increase Tax Exemption Slabs / Section 80C Deduction/ Cash Transaction Limit

Income Tax - Punjab Accountants Association hs requested Honourable Union Finance Minister, Ms. Nirmala Sitharaman to revise Income-tax Slab for the Financial Year 2020-21, Increase Cash transaction in a day to atleast Rs. 20,000 and to increase section 80C deduction limit to Rs. 2,00,000....

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No TDS by Mutual Funds on income in the nature of capital gains

NA - (04/02/2020) - t under the proposed section 194K, a Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall be required to be deducted by the Mutual Fund on income which is in the nature of capital gains. Necessary clarification, if required, shall be proposed in the relevant pr...

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CBDT to Compile data of taxpayer in whose case appeals are pending

D.O.No.279/Misc./M-10/2020 -ITJ - (04/02/2020) - As you are aware the Hon'ble Finance Minister in her Budget Speech on lst  February 2020 announced a new Scheme namely Vivad se Vishwas' wherein a taxpayer in whose case appeals are pending at any level may benefit from this scheme....

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Govt clarifies on Tax on Income of Indian citizens working Overseas

NA - (02/02/2020) - It is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earned outside India by him shall not be taxed in India unless it is derived from an Indian business or profession....

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Recent Posts in "Budget Common Man"

Some Issues in Union Budget on Direct Tax 2022

There have been Buzz words and viral posts before the budget that income tax will be replaced by the expenditure tax, a new conception of direct tax in line with the prevailing social security taxes in the gulf nations notably in Saudi Arabia and UAE, where income tax in conventional mode not in vogue particularly […]...

Read More
Posted Under: Income Tax |

7 Expectations from Union Budget 2022

Expectation from budget – This would be the Fourth budget presented by Ms. Nirmala Sitharaman and second budget since covid has emrged. This Budget would be special as this would be seen as a Pre-poll budget of significant states like UP and Punjab along with Goa Manipur and Uttarakhand. Where central government may try to […]...

Read More
Posted Under: Income Tax |

34 Suggestion on Budget 2022 Proposal for GST

BJP Professional Cell, Mumbai has made a representation to Honorable Union Finance Minister and suggested 34 changes related to GST in Union Budget 2022 so that difficulties faced by Common GST Taxpayers can be removed.  BJP Professional Cell, Mumbai Date: 21-01-2022 To, Smt. Nirmala Sitharaman Madam, Honorable Union Finance Minister Min...

Read More
Posted Under: Income Tax | ,

FM Madam- Please Enhance limit of Section 80C of Income Tax Act

Whenever a Budget is introduced in the Parliament, the middle income group primarily eye Section 80C of the Income Tax Act as it is the most popular and favourite section affecting the nett tax liability of the taxpayers. The rationale behind this deduction is to induce savings by investing in tax saving investments or incurring […...

Read More
Posted Under: Income Tax | ,

Expectations of Tax Payers In Budget -2022

We all know that Central Budget -2022 will announce on 1st February, 2022 by or Finance Minister Smt. Nirmala Sitaraman. During the year 2022-23, what should be the expected income and expenditure of the Government, will put before the Parliament for discussion. Till date deficit budget were published, and people expect the same for comin...

Read More
Posted Under: Income Tax | ,

Budget 2022 – Increase Standard Deduction for Salaried Class

The salaried persons perhaps have no say in the Budget. Businesses and the self employed manage their taxable incomes but the salaried class cannot escape the clutches of the Income Tax Department because the employer is mandated for deducting tax at source....

Read More
Posted Under: Income Tax | ,

बजट पूर्व सुझावों में छोटा व्यापारी और आम वर्ग हुआ उपेक्षित

पिछले दिनों वित्त मंत्री द्वारा बजट पूर्व सुझावों हेतु कई बड़े व्यापारिक, उद्योगिक एवं अर्थशास्त्रियों के साथ मीटिंग और विचार व...

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Posted Under: Income Tax |

Higher TDS/TCS Rate for non-filers of income Tax Return

Section 206AB and Section 206CCA – Special provision for deduction of tax at source (TDS) and collection of tax at source (TCS) for non-filers of income Tax Return at Higher Rates The new section 206AB and 206CCA are proposed to be inserted in the Income Tax Act, 1961 (“Act”) by the Finance Bill, 2021. The […]...

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Posted Under: Income Tax |

Changes in Due date of Original, Revised, Belated & Defective Return

Budget 2021 proposes Extending of due date for filing return of income in some cases, reducing time to file belated return and to revise original return and also to remove difficulty in cases of defective returns Section 139 of the Act contains provisions in respect of the filing of return of income for different persons […]...

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Posted Under: Income Tax |

Section 234C interest relaxed on dividend income, Capital Gain

Union Budget 2021 proposed to relax Section 234C interest on Dividend income along with capital gains if shortfall in the advance tax payments and tax due has been paid in the subsequent advance tax instalments. Advance tax instalment for dividend income, Capital Gain etc. Section 234C of the Act provides for payment of interest by [&hell...

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Posted Under: Income Tax |

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