Income Tax : The article compares old and new income tax regimes for FY 2025-26 and explains how deductions affect final tax liability. It high...
Income Tax : The law consolidates earlier TCS provisions under a new section without changing rates. The key takeaway is the need to update com...
Income Tax : Detailed overview of corporate tax rates, surcharges, and MAT for AY 2021-22 to AY 2025-26, applicable for various domestic and ma...
Income Tax : This report provides a consolidated overview of the critical monetary threshold limits stipulated under various sections of the In...
Income Tax : Detailed comparison of dividend, interest, royalty, and FTS withholding tax rates between India's Income-tax Act and over 60 Doubl...
Income Tax : The Government outlined a phased reduction in corporate tax rates with parallel withdrawal of exemptions. The key takeaway is a sh...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT...
Income Tax : India has progressive direct taxation system wherein an individual or Hindu undivided family (HUF) or an association of person or ...
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 : Higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and ...
Income Tax : The issue under consideration is whether AOP is liable to tax at MMR if income of its members during relevant year exceeded basic ...
Income Tax : CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deal...
Income Tax : In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (...
I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Scheme, Tax Audit and Maintenance of Books.
Under new tax regime tax has been significantly reduced by forgoing certain exemptions and deductions. The rates of tax, amount of tax and savings under new regime is as follows-
The issue under consideration is whether AOP is liable to tax at MMR if income of its members during relevant year exceeded basic exemption limit?
Confused between the new vs old tax regime? This article will help you understand the differences and decide which one is best for you.
Learn about the Income Tax Slab rates for individuals for the financial year 2019-20. Find out the applicable tax rates and surcharges.
The Central Board of Direct Taxes (CBDT) vide Circular No. 8/2020 dated April 13,2020 has clarified that an employer will have to deduct TDS for FY 2020-21, from an employee’s salary on the basis of the tax regime chosen by the employee else by default TDS would be deducted as per Old Tax Regime Rates. The Union […]
Should you opt for the new tax rate? Understand the pros and cons before making a decision. Learn about the reduced tax rates and the exemptions you may have to forgo.
The new tax regime introduced by Budget 2020 for individual taxpayers provide for concessional tax rates with reference to tax rates in the old regime. The new tax regime has lower income tax rates for income up to 15 lakh but what needs to be focused upon is that lower income tax rates are available only if a taxpayer is willing to give up exemptions and deductions available under various provisions of Income tax act, 1961.
Discover the new exemptions for taxpayers choosing the new tax regime. Find out what deductions and exemptions are available under the Finance Act 2020.
Understanding the new vs old income tax rates for individuals in AY 2021-22. Learn about the benefits, deductions, and cash savings under the new tax regime.
