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...
NEW TAX REGIME [SECTION 115BAC] – In Finance Bill, 2020 a new section 115BAC has been inserted to provide concessional slab rate of tax for individuals and HUFs. Further, this section is optional and option has to be exercised on or before the due date of filing return. However, to avail the benefit of concessional […]
In yet another bold move after the Ordinance announcements, the Finance Bill, 2020, inter alia, proposes to abolish dividend distribution tax (DDT), thereby, boosting investible funds and higher dividend payouts by corporates. Currently, DDT is payable by domestic companies at the effective rate of 20.56% on the dividends proposed to be paid to shareholders. These […]
In an attempt towards the Direct tax code (DTC), Our Honourable finance Minister has announced dual slab rate. where Individuals has given option to choose the old slab rate or slab rate as defined in recently announced finance act, Now there are different questions in the minds of Assesses, which slab would be beneficial and […]
It is proposed to provide for tax collection at source (TCS) on remittance under Liberalised Remittance Scheme of Reserve Bank of India exceeding seven lakh rupees.
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 provision of the law.
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.
In line with the options provided to the domestic company and co-operative societies, similar option proposed to individual or HUF upon satisfaction of certain conditions by incretion of new section 115BAC to pay concessional rate of tax on total income as follows: Total Income (Rs.) Rate of Tax Up to 2,50,000 Nil From 2,50,000 to […]
Hon’ble Finance Minister, Smt. Nirmala Sitha Raman has presented a lengthiest Wonderful budget, made navel and result oriented allocations, Proposed Sixteen point formulae for doubling the farmers income is Welcomed by all the citizen of India with praise. The reforms brought for corporate sector also applauded and may also instigate more foreign funds, generate more […]
In this Article, we will discuss about change in Section 17 of Income Tax act related to provident and superannuation fund received by salaried employees . Employer Contribution in all 3 specified fund including interest earned on same amount ,during Previous Financial Year, will be taxable in hands of employees if it is exceeding Rs 7,50,000.
Removing dividend distribution tax (DDT) and moving to classical system of taxing dividend in the hands of shareholders/unit holders. Section 115-O provides that, in addition to the income-tax chargeable in respect of the total income of a domestic company, any amount declared, distributed or paid by way of dividends shall be charged to additional income-tax […]
