Income Tax : Explains how the new tax regime under Section 115BAC impacts higher-income salaried taxpayers, analysing the 25% slab, loss of ded...
Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Income Tax : Comparison of Old vs. Default Tax Regimes (Sec 115BAC) for salaried income. Covers tax slabs, Standard Deduction, and Surcharge ra...
Income Tax : Know the differences between Sections 80TTA and 80TTB of the Income-tax Act. Learn eligibility, deduction limits of Rs.10,000 and ...
Income Tax : The Finance Act, 2025, introduces new tax slabs and a higher rebate threshold for salaried individuals. This summary explains how ...
Income Tax : An overview of the Government's tax exemption framework, removal of deductions, and proposed revisions to reduce tax liability for...
Income Tax : Rejection of ITRs specifically claiming option u/s 115BAC by filing of Form 10-IE Possibility of major bug in new IT Portal specif...
Income Tax : New Income Tax Regime, Section – 115BAC, Income-tax Act, 1961 Tax on income of individuals and Hindu undivided family under ...
Income Tax : On 26th June, the Central Board of Direct Taxes (CBDT) has made certain changes in Income Tax Rules vide Notification No. 38/20...
Income Tax : The Tribunal examined denial of rebate due to technical computation issues. It held that deduction must be granted as income was b...
Income Tax : The Tribunal held that a one-day delay in filing Form 10IE for an earlier year cannot defeat the assessee’s right to be taxed un...
Income Tax : The Tribunal held that Section 87A rebate applies to STCG and LTCG taxed under Sections 111A and 112 when income is within ₹7 la...
Income Tax : The Tribunal observed that Form 10-IE was available on record before return processing and should have been considered. The assess...
Income Tax : ITAT ruled that a resident individual, opting for new tax regime with income below ₹7 lakhs, is eligible for full S 87A rebate, ...
Income Tax : CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees r...
Income Tax : Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC CBDT issued Notification No. 38/2020-Income ...
Income Tax : An employee, having income other than the income under head profit and gains of business or profession and intending to opt for th...
Every time the Finance Minister makes the changes in the Income Tax at the time of presentation of annual budget proposals. This year a historical change is announced by the Finance Minister along with the various provisions that keep changing in the Budget, 2020. A new section (Section 115BAC) is added in the Income Tax […]
The Finance Minister has proposed reduced tax rates in respect of an individual and HUF who opts to not to claim any exemption or deduction by introducing a new Section 115BAC. As per the proposal, the tax rate applicable, shall be as under, if an individual and HUF exercises an option to not to claim […]
In attempts to cope up increasing demand to reduce tax rates as well as current Government’s commitment to lower tax burden on not so-rich tax payers, various provisions are introduced during the recent years, to name a few – Sections 115BA, 115BAA, 115BAB, 115BAC and 115BAD. These sections intend to lower tax burden on taxpayers […]
The Finance Minister has proposed reduced tax rates in respect of an individual and HUF who opts to not to claim any exemption or deduction by introducing a new Section 115BAC. The budget 2020 has given taxpayers the option to choose between the existing income tax regime (which allows availing existing income tax exemptions and […]
So the Union Budget 2020 has led to so many expectations (positive of course) for all the tax assessees in terms of one of the basic amendment- the main one for which we all were waiting for since every-time I guess… Changes in Income Tax Slab rates So here comes the New slab for Individuals […]
India is the second-most populous country; seventh-largest country by area and the most colossal democracy in the world. To run such a cosmic nation, the government requires a lot of resources. Such resources are collected in form of taxes, the primary aim of which is to fund the governance of the nation. The money so […]
Income Tax is a subject, discussion on which most people tend to avoid, because of its complexity, and ever-evolving nature. To add to it, various provisions keep changing every year on presentation of Budget by Finance Minister on 01st of February. Further, it is that time of the year when declarations have to be given […]
Union Budget 2020 introduced an alternative taxation regime for individuals, allowing an option for lower tax rates u/s 115BAC, provided they don’t avail of certain exemptions/deductions otherwise available under the Income tax Act. Some of such exemptions/deductions are house rent allowance, interest on home loans, and investments made under Section 80C, 80D, 80CCD, etc. As the option is to be exercised at the time of filing of return, the deductor being employer was in confusion to deduct tax under which taxation regime. CBDT has issued a circular on 13.04.2020 to clear the confusion.
The Government of India specified Corporate Tax Rates in Income Tax Act, 1961 and Finance Act through schedules thereto. Income Tax Act, 1961 cover section i.e. Section 115BA, 115BAA & 115BAB though which corporate tax rate has been specified and further tax rates also specified in finance act through first schedules thereto.
New Income Tax Regime To bring a revolutionary change in Direct Tax Rates or to bring down the burden of taxes on small taxpayers, Hon’ble Finance Minister has proposed a new tax regime by insertion of Sec. 115BAC in which New Slabs are introduced with some restriction. Sec. 115BAC is proposed in Finance Budget, 2020 […]
