Budget Common Man

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

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

Income Tax - 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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Section 234C interest relaxed on dividend income, Capital Gain

Income Tax - 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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Tax Audit Limit proposed to increase to ten crore rupees

Income Tax - It is proposed to increase the threshold limit for Tax Audit Under section 44AB from five crore rupees to ten crore rupees in cases listed above....

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TDS/TCS on non filer of income-tax return at higher rates

Income Tax - New section 206AB of the Income Tax Act is a special provision providing for higher rate for TDS for the non-filers of income-tax return. Similarly it is proposed to insert a section 206CCA in the Act as a special provision for providing for higher rate of TCS for non-filers of income-tax return....

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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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Tax Rate 5% for individual income between Rs 2.5 to Rs 5 lakh

Income Tax - FM reduced rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs. This would reduce tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability....

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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"

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 […]...

Read More
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 […]...

Read More
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...

Read More
Posted Under: Income Tax |

Tax Audit Limit proposed to increase to ten crore rupees

It is proposed to increase the threshold limit for Tax Audit Under section 44AB from five crore rupees to ten crore rupees in cases listed above....

Read More
Posted Under: Income Tax |

TDS/TCS on non filer of income-tax return at higher rates

New section 206AB of the Income Tax Act is a special provision providing for higher rate for TDS for the non-filers of income-tax return. Similarly it is proposed to insert a section 206CCA in the Act as a special provision for providing for higher rate of TCS for non-filers of income-tax return....

Read More
Posted Under: Income Tax |

Major Income Tax Changes Proposed in Union Budget, 2021

MAJOR INCOME TAX CHANGES PROPOSED IN UNION BUDGET, 2021 In this article we will take a look at all the major income tax changes proposed in Union Budget, 2021 presented by Hon’ble Finance Minister on 1st Feb, 2021. Direct Tax Proposals: 1. Relief to Senior Citizens from filing income tax return: In order to ease […]...

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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...

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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....

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Posted Under: Income Tax |

Budget proposals affecting home buyers

The budget has two proposals which intend to extend the tax benefits available to home buyers. Extension of time limit for availing home loan interest deduction to buy a house An individual is entitled to , under Section 80EEA, claim deduction of interest upto Rs. 1.50 lakh for loan taken from financial institutions to buy […]...

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Posted Under: Income Tax |

Affordable Housing gets shot in the Arm

A host of measures have been proposed in the Finance Bill 2021, which is targeted to provide relief to both the affordable house buyers as well as the developers of affordable housing projects. These specific and targeted measures would help to boost the activity in the real estate sector. a. Increase in tolerance limit upto […]...

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Posted Under: Income Tax |

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