Sponsored
    Follow Us:

Budget Common Man

Latest Articles


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 8520 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 10107 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 8307 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 8340 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 12318 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 10272 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 21522 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 1482 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 17172 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 14730 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 5523 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 1284 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 2526 Views 2 comments Print


Computation of Cost of asset acquired before 1st April, 2001

February 3, 2020 141927 Views 3 comments Print

Rationalization of provisions of section 55 of the Act to compute cost of acquisition The existing provisions of section 55 of the Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains […]

Changes introduced by Budget 2020 (Finance Bill 2020) for Individuals

February 3, 2020 4173 Views 3 comments Print

The Finance Minister has proposed several changes in respect of taxation of Individual through Finance Bill 2020. Changes are discussed below: New Slab rates for Individuals on cost of removal of exemptions/deduction (Optional Tax Regime Sec 115BAC) The Finance Minister Nirmala Sitharaman has proposed a new optional tax regime in the budget 2020 for the […]

20 Googly Balls of Budget 2020 that can take Taxpayer’s wicket

February 3, 2020 15039 Views 1 comment Print

Arjuna: Krishna, the Union Budget for 2020-21 was announced on 1st of February 2020. Various new googly provisions were proposed in the same, kindly please explain which were those? Krishna: Arjuna, In the Union Budget 2020-21, there are certain provisions proposed, those may take the taxpayer’s wicket. While playing a 20-20 cricket match, the players […]

Income tax Changes, effecting Individual Tax Payer – Budget 2020

February 3, 2020 2067 Views 2 comments Print

This article is aimed at summarizing the various changes in Income tax act which would effect an individual tax payer. New Tax scheme- An option was provided to Individuals and HUF to opt for lower tax rate by foregoing certain exemptions / deductions.

Govt clarifies on Tax on Income of Indian citizens working Overseas

February 2, 2020 2526 Views 2 comments Print

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.

Residency provisions – 182 days criteria reduced to 120 days

February 2, 2020 9759 Views 0 comment Print

Modification of residency provisions. Sub-section (1) of section 6 of the Act provide for situations in which an individual shall be resident in India in a previous year. Clause (c) thereof provides that the individual shall be Indian resident in a year, if he,- (i) has been in India for an overall period of 365 […]

Govt to notify e-scheme for imposing Income tax penalty

February 2, 2020 1431 Views 0 comment Print

it is proposed to insert a new sub-section (2A) in section 274 so as to provide that Central Government may notify an e-scheme for imposing penalty so as to impart greater efficiency, transparency and accountability

New Section 285BB- Form 26AS to provide multiple information

February 2, 2020 13674 Views 0 comment Print

Rationalisation of provision relating to Form 26AS Section 203AA of the Act, inter-alia, requires the prescribed income-tax authority or the person authorised by such authority referred to in sub-section (3) of section 200, to prepare and deliver a statement in Form 26AS to every person from whose income, the tax has been deducted or in […]

Deferring TDS or tax payment on income pertaining to ESOP of start-ups

February 2, 2020 22740 Views 0 comment Print

Deferring TDS or tax payment in respect of income pertaining to Employee Stock Option Plan (ESOP) of start- ups. ESOPs have been a significant component of the compensation for the employees of start-ups, as it allows the founders and start-ups to employ highly talented employees at a relatively low salary amount with balance being made […]

Optional Tax rates for Individual & HUF Taxpayers (From AY 2021-22)

February 2, 2020 3846 Views 2 comments Print

By insertion of section 115BAC in the Act, on satisfaction of certain conditions, an individual or HUF shall, from assessment year 2021-22 onwards, have the option to pay tax in respect of the total income at following  rates:-  Total Income (Rs) Rate Upto 2,50,000  Nil From 2,50,001 to 5,00,000  5 % From 5,00,001 to 7,50,000  […]

Sponsored
Sponsored
Search Post by Date
November 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930