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 (...
The dilemma of which scheme should an employee opt for Income tax in FY 20-21 Everything has been changed in the beginning of new FY 2020-21 like the new virus, lockdown, work from home and also popped up new question i.e. ‘Which scheme should an employee opt for Income Tax ?’ A new section 115BAC […]
Finance Act 2020, has recently introduced new concessional personal tax regime, (New tax regime), by inserting Section 115BAC with effect from Financial year 2019-20.
The Union Budget 2020 has simplified taxation for taxpayers by proposing a brand new, “simplified” tax regime. The new tax regime lowers the tax rates for individual taxpayers. However, there’s a condition: they need to forego tax deductions and exemptions to avail the enticing lower rates. Several queries arises during making of choice of previous […]
Understand the income tax rates for the financial year 2020-21 / AY 2021-22. Discover the different rates applicable to individuals, companies, and more.
So the Union Budget 2020 has led to so many expectations (positive of course) for all the tax assessees in terms of one of the basic amendment- the main one for which we all were waiting for since every-time I guess… Changes in Income Tax Slab rates So here comes the New slab for Individuals […]
India is the second-most populous country; seventh-largest country by area and the most colossal democracy in the world. To run such a cosmic nation, the government requires a lot of resources. Such resources are collected in form of taxes, the primary aim of which is to fund the governance of the nation. The money so […]
Discover the changes in tax rates of domestic companies for F.Y. 2019-20 and A.Y. 2020-21. Learn how Sections 115BAA and 115BAB are revolutionizing taxation.
The Finance Minister Nirmala Sitharaman in Union Budget, 2020 introduced new Income Tax regime. In New Income Tax regime, there is an option for individuals and HUF (Hindu Undivided Family) to pay taxes at lower rates. They have to select the Tax regime for the year in the beginning of the Financial Year (FY). Now, many are confused […]
This article contains Auto Income Tax calculator for Financial Year 2020-21 & Assessment Year 2021-22 in excel format. A circular issued by the CBDT on 13.04.2020 that salaried employees has to chose between the Old and New income-tax regime at the time employers are deducting TDS. OR at the time for filing of ITR. These […]
It was 1st February 2020, when our Honorable Finance Minister Nirmala Sitharaman had presented the Budget 2020 and came up with paradigm shift in the way Individuals are being taxed i.e. NEW TAX REGIME was introduced vide Sections 115BAC and 115BAD of Income Tax Act 1961. QUESTION IS: Whether this new tax regime is only […]
