personal income tax changes - Page 3

Budget 2020 Expectations of major relief in Personal Taxation Belied

An Optional New Simplified Personal Income Tax Regime for Individual Tax Payers wherein the below slabs has been introduced subject to no deductions or exemptions:...

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Posted Under: Income Tax |

Budget 2020: Tax on Employer’s contribution to RPFs, Superannuation Funds & NPS

Budget 2020: Rationalization of tax treatment of employer’s contribution to recognized provident funds (RPFs), superannuation funds and national pension scheme (NPS). Under the existing provisions of the Act, the contribution by the employer to the account of an employee in a recognized provident fund exceeding twelve per cent. of salar...

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Posted Under: Income Tax |

Budget 2020: TDS on interest paid by co-operative society to members

Enlarging the scope for tax deduction on interest income u/s 194A of the Act Section 194A of the Act governs interest other than interest on securities. Sub-section (1) thereof provides that any person not being individual or HUF who is responsible for paying to a resident any income by way of interest other than income […]...

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Posted Under: Income Tax |

Exempting non-resident from filing tax return in certain conditions

Budget 2020-21 Propose to Exempt non-resident from filing of Income-tax return under sub-section (1) of section 139 in certain conditions. Section 115A of the Act provides for the determination of tax for a non-resident whose total income consists of: (a) certain dividend or interest income; (b) royalty or fees for technical services (FTS...

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Budget 2020: Exemptions & deductions phased out in new Income Tax Rate regime

Finance Minister presented the Union Budget 2020 in parliament on 01-02-2020. The budget proposed a new tax regime for the individuals and HUF’s. Under this regime , an option has been given to individuals and HUF to pay tax at lower rates, subject to fulfillment of certain condition wherein one of the condition is that […]...

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Posted Under: Income Tax |

Budget 2020: Analysis of Changes in income tax rates for Individuals & HUF

Article analyses Proposed Changes in income tax rates for Individuals & HUF (Section 115BAC) proposed by Budget 2020-21 which will be applicable from Financial Year 2020-21...

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Posted Under: Income Tax |

Section 15BAC- New Vs. Old Tax Regime for individuals and HUFs

NEW TAX REGIME [SECTION 115BAC] – In Finance Bill, 2020 a new section 115BAC has been inserted to provide concessional slab rate of tax for individuals and HUFs. Further, this section is optional and option has to be exercised on or before the due date of filing return. However, to avail the benefit of concessional […]...

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DDT – Discontinued Distribution tax!

In yet another bold move after the Ordinance announcements, the Finance Bill, 2020, inter alia, proposes to abolish dividend distribution tax (DDT), thereby, boosting investible funds and higher dividend payouts by corporates. Currently, DDT is payable by domestic companies at the effective rate of 20.56% on the dividends proposed to be p...

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DUAL INCOME TAX SLAB :- A Dillema Resolved

In an attempt towards the Direct tax code (DTC), Our Honourable finance Minister has announced dual slab rate. where Individuals has given option to choose the old slab rate or slab rate as defined in recently announced finance act, Now there are different questions in the minds of Assesses, which slab would be beneficial and […]...

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TCS on remittance under Liberalised Remittance Scheme (LRS)

It is proposed to provide for tax collection at source (TCS) on remittance under Liberalised Remittance Scheme of Reserve Bank of India exceeding seven lakh rupees....

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Posted Under: Income Tax |

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