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Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
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CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
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Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
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Goods and Services Tax : Govt. sets October 1, 2024, for Finance Act 2024, Section 13; April 1, 2025, for Sections 11 and 12, under Notification No. 16/202...
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Taxes changes 1. No income tax for income up to Rs 6.5 lakh 2. Full tax rebate for income up to Rs 5 lakh per annum 3. No tax on notional rent on second self-occupied house 4. Capital Gains exemption under Section 54 to be available on two house properties 5. Tax benefit of Rs 18,500 crore given to three crore middle-class tax payers 6. Standard deduction raised to Rs 50,000 […]
Announcing the Interim Budget, acting finance minister Piyush Goyal on Friday proposed that individuals earning up to Rs 5 lakh would get a full tax rebate u/s 87A. This will provide tax saving of up to Rs 12,500 for all taxpayers in this bracket. Those who save more can effectively push this rebate up to an […]
Happy Budget 2019 !!! The Modi government has come with something for everyone this year and particularly for the middle class people which represents the majority population of India. Mainly two things shown concerned which are Income Tax rebate for individual and support scheme for farmers. Synopsis of these budget are as follows: Full Tax […]
Finance Minister while presenting the Budget speech has clearly stated that there will not be any Income Tax to the on Income up to Rs 5 lakh, but when Finance Bills came on the records it clear the myth spread on the news media and other websites. As per the Clause 8 of the Bill […]
HIGHLIGHTS OF INTERIM UNION BUDGET 2019 Tax 1. Within 2 years, Tax assessment will be done electronically 2. IT returns processing in just 24 hours 3. Minimum 14% revenue of GST to states by Central Govt. 4. Custom duty has abolished from 36 Capital Goods 5. Recommendations to GST council for reducing GST rates for […]
On Friday 1, 2019 Finance Minister Piyush Goyal presented much awaited Interim Budget in Lok Sabha. One interesting point in the budget was that instead of giving straight exemption on income of upto Rs. 5,00,000, FM slightly twisted the situation by giving Rebate under section 87A. Let’s understand how: Particulars Situation I Situation II Income […]
Finance Minister Piyush Goyal presented the Interim Budget 2019 today, amidst much speculation and debate. However, the Budget announcements look promising for the rural sector of the economy, the investors, and the salaried. One of the key takeaways of the budget was the hike the government proposed for TDS deduction limit on interest earnings for […]
Standard deduction for salaried persons has been increased to Rs. 50,000 from earlier Rs. 40,000. Long term capital gains exemption under section 54 for sell of residential house has been extended to two residential houses from one earlier, for capital gains up to Rs. 2 Crores.
1. Individual taxpayers with annual income up to 5 lakh rupees to get full tax Rebate. 2. Individual with gross income up to 6.5 lakh rupees will not need to pay any tax if they makes investment in the Provident funds and Prescribed equities. 3. TDS threshold limit on rental income raised from 1.8 lakh to 2.4 lakh rupees.
Interim Finance Minister Piyush Goyal has presented the much awaited Interim Budget also known as a Vote on account Budget. The Major highlights of the Interim Budget are as follows: CHANGES IN TAX RATES Individual taxpayers with annual income up to Rs. 5 lakh to get full tax rebate. Standard deduction of Rs. 40,000 has […]