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 concep...
Income Tax : Expectation from budget – This would be the Fourth budget presented by Ms. Nirmala Sitharaman and second budget since covid has ...
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 i...
Income Tax : We all know that Central Budget -2022 will announce on 1st February, 2022 by or Finance Minister Smt. Nirmala Sitaraman. During th...
Income Tax : The salaried persons perhaps have no say in the Budget. Businesses and the self employed manage their taxable incomes but the sala...
Goods and Services Tax : BJP Professional Cell, Mumbai has made a representation to Honorable Union Finance Minister and suggested 34 changes related to GS...
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 i...
Income Tax : Union Budget proposed to remove the Dividend Distribution Tax. Currently, companies are required to pay DDT on the dividend paid t...
Income Tax : Tax Bar Association made a Pre Budget Memorandum to Finance Minister and requested for increase in Income Tax Slab Rate, Increase ...
Income Tax : Punjab Accountants Association hs requested Honourable Union Finance Minister, Ms. Nirmala Sitharaman to revise Income-tax Slab fo...
Income Tax : t under the proposed section 194K, a Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall b...
Income Tax : As you are aware the Hon'ble Finance Minister in her Budget Speech on lst February 2020 announced a new Scheme namely Vivad se V...
Income Tax : It is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earne...
Overview of Budget Overall the budget is not a ground-breaking one but more of a steadying hand at the Indian fiscal wheel and an exercise in fiscal discipline. The FM as usual stuck a positive note saying that CPI inflation has come down to 5.4% from 9+ and said it is a huge relief to […]
In order to provide relief to the individual tax payers, it is proposed to amend section 80GG so as to increase the maximum limit of deduction from existing Rs. 2000 per month to Rs. 5000 per month. This section allows an individual a deduction in respect of house rent paid for his own residence. Such […]
There is no change in the existing tax treatment of Public Provident Fund (PPF). Currently there is no monetary ceilings on the employer contribution under EPF with only ceiling being that it would be 12% of the salary of the employee member. Similarly, there is no monetary ceiling on the employer contribution under NPS, except that it would be 10% of salary.
So the finance Minister has ultimately decided to give level playing field in respect of pension products and has proposed withdrawal from employee provident fund balance, created with employee’s contribution made after 1st April 2016, taxable to the extent of 60% and 40% exempt. In my opinion these provisions have either been drafted in a hurry or have deliberately been made to be unjust to salaried people. I have a feeling that the government treats the most honest class of tax payers i.e. salaried as second class citizens. Here is why I feel so.
There has been no change in personal tax rates. The basic exemption limit continues at Rs.2.50 lacs. Tax Rebate of Rs. 2000 available to small tax payers under Section 87A has been increased from Rs. 2,000 to Rs. 5,000. This will benefit about around 2 crore marginal tax payers.
The Finance Minister has presented his third budget in parliament toady containing various direct and indirect tax proposals. In this article I intend to discuss some of the proposals which are beneficial to individual tax payers. Please note that at present these are only proposal until are passed by the parliament.
Budget 2016 takeaways for individual taxpayers Here is a quick list of major announcements made that will affect our pocket. 1. INCREASE IN TAX REBATE: Those earning below Rs 5lakhs to save an additional Rs 3,000 in taxes. Tax rebate under Section 87A has been raised from Rs 2,000 to Rs 5,000. Effectively, this means […]
Increase in time period for acquisition or construction of self-occupied house property for claiming deduction of interest The existing provision of Clause (b) of section 24 provides that interest payable on capital borrowed for acquisition or construction of a house property shall be deducted while computing income from house property. The second proviso to the […]
Income Tax Slab 2017-18: Income Tax Slabs / Rate Chart for Assessment Year 2017-18 / F.Y. 2016-17 for Individual HUF AOP BOI Partnership Firms LLP Companies
#Budget 2016- Rationalization of limit of rebate in income-tax allowable under Section 87A The existing provisions of section 87A of Income-tax Act, provide for a rebate of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less, from the amount of income-tax to an individual […]
