personal income tax changes - Page 5

Govt clarifies on Tax on Income of Indian citizens working Overseas

NA 02/02/2020

It is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earned outside India by him shall not be taxed in India unless it is derived from an Indian business or profession....

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Residency provisions – 182 days criteria reduced to 120 days

Modification of residency provisions. Sub-section (1) of section 6 of the Act provide for situations in which an individual shall be resident in India in a previous year. Clause (c) thereof provides that the individual shall be Indian resident in a year, if he,- (i) has been in India for an overall period of 365 […]...

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Posted Under: Income Tax |

Govt to notify e-scheme for imposing Income tax penalty

it is proposed to insert a new sub-section (2A) in section 274 so as to provide that Central Government may notify an e-scheme for imposing penalty so as to impart greater efficiency, transparency and accountability...

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Posted Under: Income Tax |

New Section 285BB- Form 26AS to provide multiple information

Rationalisation of provision relating to Form 26AS Section 203AA of the Act, inter-alia, requires the prescribed income-tax authority or the person authorised by such authority referred to in sub-section (3) of section 200, to prepare and deliver a statement in Form 26AS to every person from whose income, the tax has been deducted or in [...

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Posted Under: Income Tax |

Deferring TDS or tax payment on income pertaining to ESOP of start-ups

Deferring TDS or tax payment in respect of income pertaining to Employee Stock Option Plan (ESOP) of start- ups. ESOPs have been a significant component of the compensation for the employees of start-ups, as it allows the founders and start-ups to employ highly talented employees at a relatively low salary amount with balance being made [...

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Posted Under: Income Tax |

Optional Tax rates for Individual & HUF Taxpayers (From AY 2021-22)

By insertion of section 115BAC in the Act, on satisfaction of certain conditions, an individual or HUF shall, from assessment year 2021-22 onwards, have the option to pay tax in respect of the total income at following  rates:-  Total Income (Rs) Rate Upto 2,50,000  Nil From 2,50,001 to 5,00,000  5 % From 5,00,001 to 7,50,000  [&hell...

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Posted Under: Income Tax |

Lower Tax Rate for Individuals / HUF- Only a Myth

In Finance Bill, 2020 Honorable Finance Minister has provided an option to Individuals and HUF to opt for lower tax rate by foregoing certain exemptions / deductions. New slab rates under the lower tax option is as below:-...

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Posted Under: Income Tax |

New scheme of Income Tax Rates for Individuals & HUF: FAQs

FAQs on new scheme of Income Tax rates introduced in Union Budget 2020-21 / Finance Bill 2020. Q1. When will the new scheme of Income Tax rates be applicable? Ans. The new Scheme will be applicable from Asst Year 2021-22 (i.e. Financial Year 2020-21). Q2. What is the new Scheme of Income Tax rates? Ans. […]...

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Posted Under: Income Tax |

Budget 2020: Tax Audit Limit 5 Crore, Return filing date 31st October

Rationalisation of provisions relating to tax audit in certain cases. Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on […]...

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Posted Under: Income Tax |

New optional Income Tax Slab Rate for Individual / HUF for FY 2020-21

Now, Individual and HUF has option to choose their own tax slab rate! In line with options provided to domestic companies under the Taxation Law Amendment Act, 2019 (TLAA) and proposed to be provided to resident co-operative societies under this Bill, it is also proposed to provide similar option to individual and HUF by insertion [&helli...

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Posted Under: Income Tax |

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