personal income tax changes

5 Income Tax Changes affecting Tax planning from 01.04.2018

Income Tax - Tax planning is one of the Key planning in which everyone indulges to get the most out of the benefits available in Income Tax Act. Budget 2018 proposed some key changes in the income tax laws which will become effective from 01.04.2018. Following are New Income Tax Changes affecting Tax planning from 01.04.2018...

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Fee for delay in filing of Income Tax return w.e.f A.Y 2018-19

Income Tax - Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)...

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Section 80TTB: Rs. 50000 deduction on interest income to senior citizen

Income Tax - New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be allowed in these cases....

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7 key Changes in Income tax from April-1, 2018

Income Tax - After a gap of 14 years, the government reintroduced long term capital gains amounting to Rs one lakh and above at the rate of 10% on the sale of equities and equity mutual funds if they are sold any time after one year of their purchase. This means even If you sell your equity on April2, you will be liable to pay the tax at the rate of 1...

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Rate the Budget on Your Own (Income Tax)

Income Tax - This article would contain major amendments proposed vide union Budget 2018 along with the impact of the same on Taxpayer/citizen as well as revenue to the govt /remarks & one more column would be for rating of the amendment. You would have to invest 20 minutes in order to gain yourself an understanding of the budget proposal related to ...

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Tax Rate 5% for individual income between Rs 2.5 to Rs 5 lakh

Income 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....

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FM Relaxes Income Tax Requirements for small businesses

Income Tax - Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore; Threshold for maintenance of books for individuals and HUF more than doubled. Individual Insurance agents earning below taxable limit to be exempted from 5% TDS off commission after filing self-declaration...

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3 Smarts of Budget 2010-11

Income Tax - Yesterday the Parliament of India have created a history by making a walkout even before the budget was yet to be finished. The opposition parties made the walkout once it was declared in the budget that petrol prices to go up. To levy excise duty of Re1 per liter on petrol and diesel have made the whole of India to think about the probab...

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ICAI welcomes Union Budget 2010

Income Tax - ICAI welcomes the Union Budget presented by the Hon’ble Finance Minister Shri Pranab Mukherjee, which can be termed as a relief oriented budget. The Budget skillfully balances the need to step up the economic growth on one side, check inflation on the other side and also address the socio-economic needs of the nation....

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Budget 2010-11: Deduction in respect of contribution to the Central Government Health Scheme

Income Tax - It is, therefore, proposed to also allow deduction in respect of any contribution made to CGHS by including such contribution under the provisions of section 80D. The deduction will be limited to the current aggregate as mentioned in the section....

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Recent Posts in "personal income tax changes"

5 Income Tax Changes affecting Tax planning from 01.04.2018

Tax planning is one of the Key planning in which everyone indulges to get the most out of the benefits available in Income Tax Act. Budget 2018 proposed some key changes in the income tax laws which will become effective from 01.04.2018. Following are New Income Tax Changes affecting Tax planning from 01.04.2018...

Read More
Posted Under: Income Tax |

Fee for delay in filing of Income Tax return w.e.f A.Y 2018-19

Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)...

Read More
Posted Under: Income Tax |

Section 80TTB: Rs. 50000 deduction on interest income to senior citizen

New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be allowed in these cases....

Read More
Posted Under: Income Tax | ,

7 key Changes in Income tax from April-1, 2018

After a gap of 14 years, the government reintroduced long term capital gains amounting to Rs one lakh and above at the rate of 10% on the sale of equities and equity mutual funds if they are sold any time after one year of their purchase. This means even If you sell your equity on April2, you will be liable to pay the tax at the rate of 1...

Read More
Posted Under: Income Tax |

Rate the Budget on Your Own (Income Tax)

This article would contain major amendments proposed vide union Budget 2018 along with the impact of the same on Taxpayer/citizen as well as revenue to the govt /remarks & one more column would be for rating of the amendment. You would have to invest 20 minutes in order to gain yourself an understanding of the budget proposal related to ...

Read More
Posted Under: Income Tax |

Long term capital gain Tax on share – Understanding with illustrations

The new budget which was introduced by Mr Jaitley saw the reintroduction of tax on Long term capital gain @10% with certain restrictions. The pivotal part of this restriction can be entirely put into one word i.e GRANDFATHERING as on 31st January 2018 , which certainly is inspired by tweets of Mr Shashi tharoor considering the usage of su...

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Posted Under: Income Tax | ,

Section 80DDB Enhanced deduction to senior citizens for medical treatment

Section 80DDB of the Act, inter-alia, provide that a deduction is available to an individual and Hindu undivided family with regard to amount paid for medical treatment of specified diseases in respect of very senior citizen upto Rs 80,000/-...

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Posted Under: Income Tax |

Income Tax Rates for financial year 2018-19 / AY 2019-20

Rates of income-tax for financial year 2018-19 or Assessment Year 2019-20 A. Income Tax Rates for financial year 2018-19  for Individual below the Age of Sixty Years, Hindu undivided family, association of persons, body of individuals, artificial juridical person are as under-  Upto Rs. 2,50,000 Nil. Rs. 2,50,001 to Rs. 5,00,000 5 per c...

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Posted Under: Income Tax | ,

Sec. 80D Deductions for senior citizens raised to Rs. 50000

Section 80D, inter-alia, provides that a deduction upto Rs 30,000/- shall be allowed to an assessee, being an individual or a Hindu undivided family, in respect of payments towards annual premium on health insurance policy...

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Posted Under: Income Tax | ,

Tax on long-term capital gains on sale of listed equity shares or equity oriented fund or a unit of business trust

A new section 112A in the Act to provide that long term capital gains arising from transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust shall be taxed at 10 per cent. of such capital gains exceeding one lakh rupees ....

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Posted Under: Income Tax |

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