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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 concep...

January 28, 2022 8418 Views 3 comments Print

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 ...

January 28, 2022 10035 Views 1 comment Print

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 i...

January 18, 2022 8166 Views 3 comments Print

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 th...

January 18, 2022 8256 Views 1 comment Print

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 sala...

January 17, 2022 12258 Views 1 comment Print

Latest News

34 Suggestion on Budget 2022 Proposal for GST

Goods and Services Tax : BJP Professional Cell, Mumbai has made a representation to Honorable Union Finance Minister and suggested 34 changes related to GS...

January 23, 2022 10146 Views 0 comment Print

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 i...

February 2, 2021 21279 Views 1 comment Print

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 t...

February 1, 2020 1431 Views 0 comment Print

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 ...

January 29, 2020 17148 Views 5 comments Print

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 fo...

January 21, 2020 14712 Views 0 comment Print

Latest Notifications

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

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...

February 4, 2020 5421 Views 1 comment Print

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

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...

February 4, 2020 1272 Views 0 comment Print

Govt clarifies on Tax on Income of Indian citizens working Overseas

Income Tax : It is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earne...

February 2, 2020 2346 Views 2 comments Print

Tax Audit Limit proposed to increase to ten crore rupees

February 3, 2021 11025 Views 1 comment Print

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.

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

February 3, 2021 13746 Views 0 comment Print

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.

Major Income Tax Changes Proposed in Union Budget, 2021

February 2, 2021 3831 Views 0 comment Print

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 […]

Tax on interest on EPF Contributing exceeding Rs 2.5 Lakh

February 2, 2021 19410 Views 2 comments Print

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 is fully tax free. The same may […]

Govt attempts taxation parity between mutual fund & ULIPS

February 2, 2021 2013 Views 0 comment Print

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.

Budget proposals affecting home buyers

February 2, 2021 2622 Views 1 comment Print

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 […]

Affordable Housing gets shot in the Arm

February 2, 2021 1578 Views 0 comment Print

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 […]

Income tax Rates for assessment year 2022-23

February 2, 2021 42498 Views 0 comment Print

Rates of income-tax in respect of income liable to tax for the assessment year 2022-23 i.e. Financial Year 2021-22 The rates for deduction of income-tax at source from ‘Salaries’ or under section 194P of the Act during the FY 2021-22 and also for computation of ‘advance tax’ payable during the said year in the case […]

Income tax Rates for assessment year 2021-22

February 2, 2021 21279 Views 1 comment Print

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 […]

Section 194P Return filing exemption for Senior Citizen aged 75 Year or more

February 2, 2021 8370 Views 1 comment Print

Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021. Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that every person being an individual, if his […]

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June 2024