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Income Tax - Faceless Assessments Authorities – A ‘National e-Assessment Centre’ to facilitate and centrally control the e-assessment. ‘Regional e-Assessment Centres’ under the jurisdiction of the regional Principal Chief Commissioner for making assessment. ‘Assessment units’ for identifying points or issues, material for the determi...
Read MoreIncome Tax - INCOME TAX SLABS & RATES : A.Y 2020-21 [F.Y. 2019-20] Income Tax Slab Rates for A.Y 2020-21 [F.Y. 2019-20] for Individual resident (Aged below 60 years) or Any NRI or HUF or AOP or BOI or AJP, for Senior Citizen (Aged 60 years or more but less than 80 years), for Very Senior Citizen (Aged […]...
Read MoreIncome Tax - In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...
Read MoreIncome Tax - Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates. However, companies are taxed at fixed rate, except for certain specified incomes. This write-up will provide you the information on Income Tax tax rates applica...
Read MoreIncome Tax - a) How to compute the tax charge – current tax and deferred tax charge for the current quarter ending 30 Sep 2019 – Q2 (under the revised rate structure)? b) Will the tax charge for the preceding quarter ended 30 June 2019 (calculated under the then applicable income tax rate – base rate of 30%) need to be restated/revised for th...
Read MoreIncome Tax - FICCI Recommends Cut in Corporate Tax Rate, Revision of It Slabs For Individual Taxpayers in Budget 2019-20 NEW DELHI, 13 January 2019: FICCI in its Pre-Budget recommendations for 2019-20 has suggested reduction in the corporate tax rate across the board to 25% (irrespective of turnover) to spur economic growth and increase overall tax co...
Read MoreIncome Tax - Domestic savings and not foreign investment can take Indian economy on a 10 per cent growth path, for which Income Tax must be abolished and interest rates on Fixed Deposits be raised to nine per cent along with the reduction in the banks' Prime Lending Rates (PLR), senior BJP leader and Member of Parliament (MP)...
Read MoreIncome Tax - FICCI has suggested Finance Minister Mr. Arun Jaitley to consider across the board tax rate cuts for businesses and individuals in the Budget for 2018-19 to spur domestic investment and demand....
Read MoreIncome Tax - FM reduced rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs. This would reduce tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability....
Read MoreIncome Tax - CII has noted that the current corporate tax rate is around 34% (including surcharge and education cess). The proposed corporate tax rate as stated by the Finance Minister is 25% which will effectively mean around 29% (inclusive of surcharge and education cess). The intent of the Finance Minister in the Budget Speech clearly highlighted (...
Read MoreRelease ID: 1582824 - (24/08/2019) - In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in section 111A and section 112A of the Income-tax Ac...
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