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 : 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 : Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Ministe...
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...
This article is aimed at summarizing the various changes in Income tax act which would effect an individual tax payer. New Tax scheme- An option was provided to Individuals and HUF to opt for lower tax rate by foregoing certain exemptions / deductions.
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.
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 […]
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
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 […]
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 […]
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 […]
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:-
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. […]
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 […]
