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Wishlist for Budget 2024: Income Tax Reforms and Relief Demands

Income Tax : Explore wishlist for Budget 2024 from an income tax perspective. From standard deduction to LTCG tax rates, discover key proposals...

January 21, 2024 1599 Views 0 comment Print

Personal Income Tax and Compliance Costs: A Critical Study

Income Tax : The scope of this article is primarily focused on the compliance of individuals with the tax system, excluding corporate entities ...

January 18, 2024 1638 Views 0 comment Print

Applicability of Marginal relief under new regime as well as old tax regime

Income Tax : Explore the applicability of Marginal Relief in both old and new tax regimes, designed to ease the tax burden on individuals with ...

May 15, 2023 18612 Views 7 comments Print

Old Vs New Income Tax Regime Which Tax Regime is better?

Income Tax : Explore the old vs new income tax regime for FY 2023-24. Compare tax slabs, benefits, exemptions, and deductions to determine whic...

May 3, 2023 37587 Views 18 comments Print

Impact of Budget 2023 on Personal Income Tax

Income Tax : Discover the impact of Budget 2023 on Personal Income Tax, including changes in tax rates, exemptions, deductions, and the choice ...

March 13, 2023 6810 Views 2 comments Print

Latest News

Income tax Rates for assessment year 2021-22

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...

February 2, 2021 21294 Views 1 comment Print

Budget 2020: DDT proposed to be removed

Income Tax : Union Budget proposed to remove the Dividend Distribution Tax. Currently, companies are required to pay DDT on the dividend paid t...

February 1, 2020 1440 Views 0 comment Print

Increase Income Tax Slab, Section 80C & Section 80TTA deduction

Income Tax : Tax Bar Association made a Pre Budget Memorandum to Finance Minister and requested for increase in Income Tax Slab Rate, Increase ...

January 29, 2020 17148 Views 5 comments Print

Budget 2020- Increase Tax Exemption Slabs / Section 80C Deduction/ Cash Transaction Limit

Income Tax : Punjab Accountants Association hs requested Honourable Union Finance Minister, Ms. Nirmala Sitharaman to revise Income-tax Slab fo...

January 21, 2020 14712 Views 0 comment Print

No Tax Benefit to those having Taxable Income Exceeding 5 Lakh

Income Tax : Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Ministe...

February 1, 2019 20640 Views 8 comments Print

Latest Notifications

No TDS by Mutual Funds on income in the nature of capital gains

Income Tax : t under the proposed section 194K, a Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall b...

February 4, 2020 5427 Views 1 comment Print

CBDT to Compile data of taxpayer in whose case appeals are pending

Income Tax : As you are aware the Hon'ble Finance Minister in her Budget Speech on lst  February 2020 announced a new Scheme namely Vivad se V...

February 4, 2020 1272 Views 0 comment Print

Govt clarifies on Tax on Income of Indian citizens working Overseas

Income Tax : It is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earne...

February 2, 2020 2352 Views 2 comments Print

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

February 2, 2018 109941 Views 10 comments Print

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 cent Rs. […]

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

February 2, 2018 24711 Views 0 comment Print

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

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

February 2, 2018 6399 Views 0 comment Print

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 .

Rs 40,000 Standard deduction on salary income

February 2, 2018 631116 Views 73 comments Print

It is proposed to allow a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. Consequently the present exemption in respect of Transport Allowance (except in case of differently abled persons) and reimbursement of medical expenses is proposed to be withdrawn.

Addition of income appearing in Form 26AS ,16A, 16 but not included in returned Income

February 2, 2018 9858 Views 0 comment Print

Clause (a) of the said sub-section provides that at the time of processing of return, the total income or loss shall be computed after making the adjustments specified in sub-clauses (i) to (vi) thereof.

Tax-free withdrawal from NPS to non-employee subscribers

February 2, 2018 2646 Views 0 comment Print

Under the existing provisions of the clause (12A) of section 10 of the Act, an employee contributing to the NPS is allowed an exemption in respect of 40% of the total amount payable to him on closure of his account or on his opting out.

No adjustment if variation between stamp duty value & sale consideration not exceeds 5%

February 2, 2018 17868 Views 0 comment Print

Rationalization of section 43CA, section 50C and section 56. At present, while taxing income from capital gains (section 50C), business profits (section 43CA) and other sources (section 56) arising out of transactions in immovable property, the sale consideration or stamp duty value, whichever is higher is adopted. The difference is taxed as income both in the hands of the purchaser and the seller.

Section 54EC only on Land & Building Transfer: Investment period 5 Years

February 2, 2018 8451 Views 2 comments Print

It is proposed to amend the section 54EC so as to provide that capital gain arising from the transfer of a long-term capital asset, being land or building or both, invested in the long-term specified asset at any time within a period of six months after the date of such transfer, the capital gain shall not be charged to tax subject to certain conditions specified in this section.

10 Points To Remember In Budget 2018-19

February 1, 2018 3234 Views 0 comment Print

Government has not proposed any changes in tax slabs for the salaried class this year. So the effective tax rates will be same as last year, as follows;

10% Tax on LTCG on Equity Shares & EOFs with Sample Calculation

February 1, 2018 7053 Views 0 comment Print

The Taxes shall arise for Gains Booked on Long Term Capital Assets being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018

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June 2024