personal income tax changes - Page 2

Income tax Rates for assessment year 2021-22

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 income of all categories of assessee liable to tax for the assessment year 2021-22, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic [&h...

Read More
Posted Under: Income Tax | ,

Section 194P Return filing exemption for Senior Citizen aged 75 Year or more

Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021. Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that every person being an individual, if his […]...

Read More
Posted Under: Income Tax |

Section 43CA – Stamp Duty Value- Safer Harbour limit increased to 20%

Increase in safe harbour limit of 10% for home buyers and real estate developers selling such residential units under Union Budget 2021 to 20% for certain transfer during the period from 12th November, 2020 to 30th June, 2021 Section 43CA of the Act, inter alia, provides that where the consideration declared to be received or […]...

Read More
Posted Under: Income Tax |

Section 80EEA: Extension of date of sanction of loan for affordable residential house property

Extension of date of sanction of loan for affordable residential house property under Union Budget 2021 The existing provision of the section 80EEA of the Act, inter alia, provides a deduction in respect of interest on loan taken for a residential house property from any financial institution up to one lakh fifty-thousand rupees subject t...

Read More
Posted Under: Income Tax |

Exemption for LTC Cash Scheme under Budget 2021

Under the existing provisions of the Act, clause (5) of section 10 of the Act provides for exemption in respect of the value of travel concession or assistance received by or due to an employee from his employer or former employer for himself and his family, in connection with his proceeding on leave to any […]...

Read More
Posted Under: Income Tax |

Government needs to make NPS fair for all categories of subscribers

The union budget will be presented on 1st February so I thought of making some suggestions to remove some anomalies and inequalities in the Income Tax Act provisions to make the NPS system fair and little better for everyone.  Here are my suggestions. Uniformities of tax treatment of retirement corpus of Tier I of NPS […]...

Read More
Posted Under: Income Tax | ,

Rebate allowable under Section 87A of Income Tax Act

It is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000....

Read More
Posted Under: Income Tax | ,

Key Features of Budget 2020 Income Tax for employees

Budget 2020 for Employees – Budget 2020 proposed a new alternative income tax slab/rates for individual/HUF assesses from Financial Year 2020-21 onwards. – Freedom is given to the assessee to choose between old and new rates. New Tax rates proposed in Budget 2020 for Individuals and HUF are: Income Bracket In Rs Proposed Tax R...

Read More
Posted Under: Income Tax |

Tax Planning Tips for Pensioners & senior citizens for AY 2021-22

Tax Planning Tips for Pensioners and senior citizens for Assessment Year 2021-2022 If you want to get pension from April 2020, you have to give an anticipatory statement in Treasury or bank in March 2020. Therefore, as a pensioner you need a basic idea about the new finance bill of Feb 2020. Through this article, […]...

Read More
Posted Under: Income Tax |

Budget 2020 – Where Common Man Stands

Budget 2020 was presented on 1st February, 2020 by our Finance Minister Smt. Nirmala Sitharaman. After presenting the Budget as usual politicians from Ruling Party will support each and every proposal made in Budget,whereas politician from opposite party will called it as ‘Useless’. So ignore all this and if you truly want to ...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (5,468)
Company Law (7,370)
Custom Duty (8,495)
DGFT (4,538)
Excise Duty (4,488)
Fema / RBI (4,694)
Finance (4,977)
Income Tax (37,197)
SEBI (3,976)
Service Tax (3,717)

Search Posts by Date

June 2021
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930