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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 18543 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 37581 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 6807 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 1434 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 5421 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 2349 Views 2 comments Print

Budget 2020 – Where Common Man Stands

February 7, 2020 1995 Views 0 comment Print

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 know what […]

Budget 2020 Expectations of major relief in Personal Taxation Belied

February 7, 2020 825 Views 0 comment Print

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:

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

February 5, 2020 6684 Views 0 comment Print

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 salary is taxable. Further, the amount […]

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

February 5, 2020 29184 Views 3 comments Print

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 […]

Exempting non-resident from filing tax return in certain conditions

February 5, 2020 41418 Views 0 comment Print

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) received from […]

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

February 5, 2020 20718 Views 2 comments Print

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 […]

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

February 5, 2020 6897 Views 7 comments Print

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

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

February 4, 2020 15897 Views 1 comment Print

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 […]

DDT – Discontinued Distribution tax!

February 4, 2020 11469 Views 0 comment Print

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 paid to shareholders. These […]

DUAL INCOME TAX SLAB :- A Dillema Resolved

February 4, 2020 27363 Views 5 comments Print

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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June 2024