Income Tax : Explore wishlist for Budget 2024 from an income tax perspective. From standard deduction to LTCG tax rates, discover key proposals...
Income Tax : The scope of this article is primarily focused on the compliance of individuals with the tax system, excluding corporate entities ...
Income Tax : Explore the applicability of Marginal Relief in both old and new tax regimes, designed to ease the tax burden on individuals with ...
Income Tax : Explore the old vs new income tax regime for FY 2023-24. Compare tax slabs, benefits, exemptions, and deductions to determine whic...
Income Tax : Discover the impact of Budget 2023 on Personal Income Tax, including changes in tax rates, exemptions, deductions, and the choice ...
Income Tax : Discover the Ministry of Finance's latest tax changes: ₹75,000 standard deduction, enhanced pension benefits. Potential savings ...
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...
Income Tax : Union Budget proposed to remove the Dividend Distribution Tax. Currently, companies are required to pay DDT on the dividend paid t...
Income Tax : Tax Bar Association made a Pre Budget Memorandum to Finance Minister and requested for increase in Income Tax Slab Rate, Increase ...
Income Tax : Punjab Accountants Association hs requested Honourable Union Finance Minister, Ms. Nirmala Sitharaman to revise Income-tax Slab fo...
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...
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...
Income Tax : It is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earne...
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 […]
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.
t under the proposed section 194K, a Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall be required to be deducted by the Mutual Fund on income which is in the nature of capital gains. Necessary clarification, if required, shall be proposed in the relevant provision of the law.
As you are aware the Hon’ble Finance Minister in her Budget Speech on lst February 2020 announced a new Scheme namely Vivad se Vishwas’ wherein a taxpayer in whose case appeals are pending at any level may benefit from this scheme.
In line with the options provided to the domestic company and co-operative societies, similar option proposed to individual or HUF upon satisfaction of certain conditions by incretion of new section 115BAC to pay concessional rate of tax on total income as follows: Total Income (Rs.) Rate of Tax Up to 2,50,000 Nil From 2,50,000 to […]
Hon’ble Finance Minister, Smt. Nirmala Sitha Raman has presented a lengthiest Wonderful budget, made navel and result oriented allocations, Proposed Sixteen point formulae for doubling the farmers income is Welcomed by all the citizen of India with praise. The reforms brought for corporate sector also applauded and may also instigate more foreign funds, generate more […]
In this Article, we will discuss about change in Section 17 of Income Tax act related to provident and superannuation fund received by salaried employees . Employer Contribution in all 3 specified fund including interest earned on same amount ,during Previous Financial Year, will be taxable in hands of employees if it is exceeding Rs 7,50,000.
Removing dividend distribution tax (DDT) and moving to classical system of taxing dividend in the hands of shareholders/unit holders. Section 115-O provides that, in addition to the income-tax chargeable in respect of the total income of a domestic company, any amount declared, distributed or paid by way of dividends shall be charged to additional income-tax […]
Rationalization of provisions of section 55 of the Act to compute cost of acquisition The existing provisions of section 55 of the Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains […]
The Finance Minister has proposed several changes in respect of taxation of Individual through Finance Bill 2020. Changes are discussed below: New Slab rates for Individuals on cost of removal of exemptions/deduction (Optional Tax Regime Sec 115BAC) The Finance Minister Nirmala Sitharaman has proposed a new optional tax regime in the budget 2020 for the […]
