In Finance Bill, 2020 Honorable Finance Minister has provided an option to Individuals and HUF to opt for lower tax rate by foregoing certain exemptions / deductions. New slab rates under the lower tax option is as below:-...

FAQs on new scheme of Income Tax rates introduced in Union Budget 2020-21 / Finance Bill 2020. Q1. When will the new scheme of Income Tax rates be applicable? Ans. The new Scheme will be applicable from Asst Year 2021-22 (i.e. Financial Year 2020-21). Q2. What is the new Scheme of Income Tax rates? Ans. […]...

Rationalisation of provisions relating to tax audit in certain cases. Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on […]...

Now, Individual and HUF has option to choose their own tax slab rate! In line with options provided to domestic companies under the Taxation Law Amendment Act, 2019 (TLAA) and proposed to be provided to resident co-operative societies under this Bill, it is also proposed to provide similar option to individual and HUF by insertion [&helli...

Rates of income-tax in respect of income liable to tax for the Assessment year 2020-21 / Financial Year 2019-20 In respect of income of all categories of assessees liable to tax for the assessment year 2020-21, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic [&hel...

Income Tax Calculator in Excel; Format for Financial Year 2020-21 / Assessment Year 2021-22 The Finance Minister has proposed to bring a new and simplified personal income tax regime, wherein income tax rates will be significantly reduced for the individual taxpayers who forego certain deductions and exemptions, however the same is option...

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....

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 Honâ€...

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....

In Budget 2019, Honorable Finance Minister announced that ‘Those having taxable income of up to Rs 5 lakh will not have to pay any tax for FY 2019-20’. An individual who is resident in India and whose taxable income does not exceed Rs. 5,00,000 is entitled to claim rebate under section 87A. Rebate is available in […]...