personal income tax

Rebate allowable under Section 87A of Income Tax Act

Income Tax - It is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000....

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Common Misconceptions of Salaried Income Tax Payer

Income Tax - Common Misconceptions or Doubts with Salaried Persons About Income Tax While conversing with many of my friends who are having job but do not belong to CA/taxation background I often come across few of the common misconceptions or doubts they have regarding filing of their income tax returns, I am sharing the same below in […]...

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Key Features of Budget 2020 Income Tax for employees

Income Tax - Budget 2020 for Employees – Budget 2020 proposed a new alternative income tax slab/rates for individual/HUF assesses from Financial Year 2020-21 onwards. – Freedom is given to the assessee to choose between old and new rates. New Tax rates proposed in Budget 2020 for Individuals and HUF are: Income Bracket In Rs Proposed Tax R...

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Tax Planning Tips for Pensioners & senior citizens for AY 2021-22

Income Tax - Tax Planning Tips for Pensioners and senior citizens for Assessment Year 2021-2022 If you want to get pension from April 2020, you have to give an anticipatory statement in Treasury or bank in March 2020. Therefore, as a pensioner you need a basic idea about the new finance bill of Feb 2020. Through this article, […]...

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Budget 2020 – Where Common Man Stands

Income Tax - 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 ...

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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 to its shareholders at the rate of 15% plus applicable surcharge and cess in addition to the tax payable by the company on its profits, the Minister said....

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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 Exemption Limit of Income of Minor, Increase Section 44ADA Thrash-hold limit, Increase Section 80C and Section 80TTA limit etc. Text of the Pre Budget Memorandum is as follows:- Dated: January 18, 2020 To Hon...

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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 for the Financial Year 2020-21, Increase Cash transaction in a day to atleast Rs. 20,000 and to increase section 80C deduction limit to Rs. 2,00,000....

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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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No TDS by Mutual Funds on income in the nature of capital gains

NA - (04/02/2020) - 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 pr...

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CBDT to Compile data of taxpayer in whose case appeals are pending

D.O.No.279/Misc./M-10/2020 -ITJ - (04/02/2020) - 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....

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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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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"

Rebate allowable under Section 87A of Income Tax Act

It is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000....

Read More
Posted Under: Income Tax | ,

Common Misconceptions of Salaried Income Tax Payer

Common Misconceptions or Doubts with Salaried Persons About Income Tax While conversing with many of my friends who are having job but do not belong to CA/taxation background I often come across few of the common misconceptions or doubts they have regarding filing of their income tax returns, I am sharing the same below in […]...

Read More
Posted Under: Income Tax |

Key Features of Budget 2020 Income Tax for employees

Budget 2020 for Employees – Budget 2020 proposed a new alternative income tax slab/rates for individual/HUF assesses from Financial Year 2020-21 onwards. – Freedom is given to the assessee to choose between old and new rates. New Tax rates proposed in Budget 2020 for Individuals and HUF are: Income Bracket In Rs Proposed Tax R...

Read More
Posted Under: Income Tax |

Tax Planning Tips for Pensioners & senior citizens for AY 2021-22

Tax Planning Tips for Pensioners and senior citizens for Assessment Year 2021-2022 If you want to get pension from April 2020, you have to give an anticipatory statement in Treasury or bank in March 2020. Therefore, as a pensioner you need a basic idea about the new finance bill of Feb 2020. Through this article, […]...

Read More
Posted Under: Income Tax |

Budget 2020 – Where Common Man Stands

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 ...

Read More
Posted Under: Income Tax |

Budget 2020 Expectations of major relief in Personal Taxation Belied

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:...

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Posted Under: Income Tax |

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

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 salar...

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Posted Under: Income Tax |

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

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 […]...

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Posted Under: Income Tax |

Exempting non-resident from filing tax return in certain conditions

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...

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Posted Under: Income Tax |

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

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 […]...

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Posted Under: Income Tax |

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