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...
Income Tax : Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,4...
In Budget 2019, Honorable Finance Minister announced that ‘Those having taxable income of up to Rs 5 lakh will not have to pay any tax for FY 2019-20’. An individual who is resident in India and whose taxable income does not exceed Rs. 5,00,000 is entitled to claim rebate under section 87A. Rebate is available in […]
Union Budget is the most comprehensive report of the Government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government’s accounts for the next fiscal year called Budgeted Estimates.
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 […]
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 Adjustment, Section 92CD: Effect to Advance Pricing Agreement, […]
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 investment decisions is the Taxation aspect.
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.
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 […]
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 […]
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.
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)
