personal income tax

Newly Introduced Section of TDS- 194M- An Analysis

Income Tax - As per the existing provisions of Section 194C and Section 194J, an individual or HUF, who are not liable to tax audit under Section 44AB(a)/44AB(b), shall not be required to deduct tax under these provisions. Thus, no tax is required to be deducted by an individual or HUF from payment made to contractor or professional […]...

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Budget 2019: Transfer Pricing, Personal Taxation & Tax Rate Changes

Income Tax - Article covers the following union Budget 2019 Changes related to Transfer Pricing, Taxation of Individuals and Changes in Income Tax Rates which includes changes in Section 92D: Clarification to keep, maintain and furnishing of information and documents by Constituent Entity, Section 92CE: Clarification regarding provisions of Secondary ...

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Do you think tax before Investing? Personal Investments & Income Tax

Income Tax - The more conventional personal investment alternatives are shares/securities, real estate properties and funds. Personal Investments Decisions are primarily guided by important factors such as rate of return, risk appetite of the investor & time frame of the investments. In addition, one more crucial parameter influencing the personal inv...

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Big Relief to Middle Class from Union Budget 2019 & computation

Income Tax - As per current provision of section 87A of Income Tax Act 1961, a resident individual whose net income does not exceed Rs.3,50,000 can avail rebate of tax. It is deducted from income tax before calculating Health and Education cess. The amount of rebate is 100% of income tax or Rs.2500 whichever is less....

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Comparison Of Tax Structure For Individual For F.Y. 2018-19 & F.Y. 2019-20

Income Tax - COMPARISON OF TAX STRUCTURE FOR INDIVIDUAL FOR F.Y. 2018-19 & F.Y.2019-20 The Interim Budget was announced on 1st Feb, 2019 in Lok Sabha. The comparison of tax structure for individual is as follows: No change in Tax Slab I. In the case of every individual other than individual referred in point (II) and (III): Particulars […]...

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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 Minister said that persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc. Additional deductions [&hell...

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Tax Rate 5% for individual income between Rs 2.5 to Rs 5 lakh

Income Tax - FM reduced rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs. This would reduce tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability....

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FM Relaxes Income Tax Requirements for small businesses

Income Tax - Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore; Threshold for maintenance of books for individuals and HUF more than doubled. Individual Insurance agents earning below taxable limit to be exempted from 5% TDS off commission after filing self-declaration...

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Direct tax collections crosses Rs one trillion in Q1

Income Tax - Belying fears of moderation in economic activities, the direct tax collection ( personal income tax and corporate tax) grew by 23 per cent to Rs 101,600 crore in the first quarter of current financial year . The collection was Rs 82,300 crore in the same period last fiscal and Rs 77,500 crore in April-June 2009, showing consistent increa...

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17.85 Percent Increase in Direct Tax Collections During April-November Crosses 50 percent of be Target of Rs.4,30,000

Income Tax - During the period April-November 2010, net direct tax collections stood at Rs.2,16,628 crore, up from Rs.1,83,822 crore during the same period last fiscal, registering a growth of 17.85 percent and crossing 50 percent of the BE target of Rs.4,30,000 crore for fiscal 2010-11....

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CBDT Press Release on Tax collections during first quarter

Press Release No.402/92/2006-MC - (06/07/2010) - Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore as against Rs.35,709 crore), ...

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Recent Posts in "personal income tax"

Newly Introduced Section of TDS- 194M- An Analysis

As per the existing provisions of Section 194C and Section 194J, an individual or HUF, who are not liable to tax audit under Section 44AB(a)/44AB(b), shall not be required to deduct tax under these provisions. Thus, no tax is required to be deducted by an individual or HUF from payment made to contractor or professional […]...

Read More
Posted Under: Income Tax |

Budget 2019: Transfer Pricing, Personal Taxation & Tax Rate Changes

Article covers the following union Budget 2019 Changes related to Transfer Pricing, Taxation of Individuals and Changes in Income Tax Rates which includes changes in Section 92D: Clarification to keep, maintain and furnishing of information and documents by Constituent Entity, Section 92CE: Clarification regarding provisions of Secondary ...

Read More
Posted Under: Income Tax |

Do you think tax before Investing? Personal Investments & Income Tax

The more conventional personal investment alternatives are shares/securities, real estate properties and funds. Personal Investments Decisions are primarily guided by important factors such as rate of return, risk appetite of the investor & time frame of the investments. In addition, one more crucial parameter influencing the personal inv...

Read More
Posted Under: Income Tax |

Big Relief to Middle Class from Union Budget 2019 & computation

As per current provision of section 87A of Income Tax Act 1961, a resident individual whose net income does not exceed Rs.3,50,000 can avail rebate of tax. It is deducted from income tax before calculating Health and Education cess. The amount of rebate is 100% of income tax or Rs.2500 whichever is less....

Read More
Posted Under: Income Tax |

Comparison Of Tax Structure For Individual For F.Y. 2018-19 & F.Y. 2019-20

COMPARISON OF TAX STRUCTURE FOR INDIVIDUAL FOR F.Y. 2018-19 & F.Y.2019-20 The Interim Budget was announced on 1st Feb, 2019 in Lok Sabha. The comparison of tax structure for individual is as follows: No change in Tax Slab I. In the case of every individual other than individual referred in point (II) and (III): Particulars […]...

Read More
Posted Under: Income Tax |

No Tax Benefit to those having Taxable Income Exceeding 5 Lakh

Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Minister said that persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc. Additional deductions [&hell...

Read More
Posted Under: Income Tax |

TAX Implications of Investing in Property

The latest buzz these days is investing in the Property Market/ Real Estate. Bhai Paisa hai to Property me laga, is very common to hear even from someone who knows nothing about the churn of events in the market nor about investments. But still every Tom, Dick & Harry will come and advise you about investment in real estate....

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Posted Under: Income Tax |

Fee for delay in filing of Income Tax return w.e.f A.Y 2018-19

Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)...

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Posted Under: Income Tax |

Section 80TTB: Rs. 50000 deduction on interest income to senior citizen

New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be allowed in these cases....

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Posted Under: Income Tax | ,

Rate the Budget on Your Own (Income Tax)

This article would contain major amendments proposed vide union Budget 2018 along with the impact of the same on Taxpayer/citizen as well as revenue to the govt /remarks & one more column would be for rating of the amendment. You would have to invest 20 minutes in order to gain yourself an understanding of the budget proposal related to ...

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Posted Under: Income Tax |

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