tax rate changes

TDS on Salaries – Employer liability for FY 2020-21 and Pros & Cons of New Tax Regime for Individuals

Income Tax - Finance Bill, 2020 introduced one of biggest change ever in the Direct Tax History by providing different options of calculation of Income-tax for an Individual or HUF.  The Bill got the President assent on March 27, 2020 and passed without any amendment regarding the rates and procedures to be applied in respect of the Personal [&hellip...

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Section 115BAA New tax rate for domestic companies & Section 115BAB Corporate tax rate for new manufacturing companies

Income Tax - Section 115BAA – New tax rate for domestic companies The Government of India has introduced the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019. Several amendments are made to the Income Tax Act,1961 through this ordinance. Changes such as corporate tax rate cut for domestic companies and as well as for manufacturing c...

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TDS rate chart and due dates for the financial year 2020-21

Income Tax - Tax deducted at source or TDS is a tax deducted by a person or company before making a payment over certain threshold limits to any other person. It is to be deducted at the rates prescribed by the tax department and remit the amount into the account of the Central Government. A deductor is a […]...

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Amendment to Finance Bill 2020 vide Finance Act, 2020

Income Tax - Amidst the COVID-19 outbreak and lockdown in various states, the Finance Bill 2020 ( Bill) introduced vide Union Budget 2020-21 was passed by both Houses of Parliament, with certain amendments. On 27 March 2020, the Bill has received President’s assent. Read-President Assents Finance Act, 2020 Key amendments by Finance Act , 2020 in Com...

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Section 115BAC Concessional tax regime also applicable to PROFESSIONAL

Income Tax - Section 115BAC – Concessional tax regime for individual and HUF- applicable also for PROFESSIONAL The Finance Bill, 2020 has proposed concessional tax regime for individual and HUF by inserting Section 115BAC to the Income-tax Act, 1961. This provision provides an option for payment of taxes at the reduced rates. However, the benefi...

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New Optional Personal Income Tax Rate Slabs- Budget 2020

Income Tax - Press Information Bureau Government of India Ministry of Finance 01-February-2020 14:43 IST New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New tax regime to be optional for the taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant ...

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Corporate tax rates slashed to 22% and 15% for domestic companies

Income Tax - Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. This was announced by the Union Minister for ...

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CBIC issues 28 Notification Related to GST Rates on Goods & Services

Income Tax - CBIC issues 28 Notification Related to GST Rates on Goods & Services on 26th July 2018 which are effective from 27th July 2018. Notifications include Notification No. 2/2018-Compensation Cess (Rate), Notification No. 13 to 21/2018-Central Tax (Rate), Notification No. 14 to 22/2018-Integrated Tax (Rate) and Notification No. 13 to 21/20...

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Quick Review on 28th GST Council meeting updates

Income Tax - Quick note on 28th GST Council meeting, which has reviewed around 46 proposed amendments in GST Act 2017 and recommended the following amendments ;...

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GST Rate Changes as recommended in 23rd Meeting of GST Council

Income Tax - As per these recommendations, the list of 28% GST rated goods is recommended to be pruned substantially, from 224 tariff headings [about 18.5% of total tariff headings at 4-digit] to only 50 tariff headings including 4 headings which have been partially reduced to 18% [about 4% of total tariff headings at 4-digit]....

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Set off of BF loss & MAT credit adjustments under new tax regime

Circular No. 29/2019-Income Tax - (04/10/2019) - Circular 29/2019 – Clarifications on set off of brought forward loss due to additional depreciation & MAT credit if companies opt for new tax rate of 22% u/s 115BAA Domestic company which wants to opt for tax @22% for the FY 2019-20 is not eligible to claim: 1. Set off of any brought forwa...

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Concessional CGST rate on specified handicraft items WEF 27.07.2018

Notification No. 21/2018-Central Tax (Rate) [G.S.R. 695(E)] - (26/07/2018) - CBIC notifies concessional CGST rate on specified handicraft items vide Notification No. 21/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018 to give effect to recommendations of 28th GST Council meeting which was held on 21.07.2018....

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CBIC allows Refund of GST credit to fabric manufacturers

Notification No. 20/2018-Central Tax (Rate) [G.S.R. 694(E)] - (26/07/2018) - CBIC allows Refund of accumulated credit on account of inverted duty structure to fabric manufacturers vide Notification No. 20/2018-Central Tax (Rate), Dated: 26th July, 2018. ...

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Changes in List of goods exempt from CGST wef 27.07.2018

Notification No. 19/2018-Central Tax (Rate) [G.S.R. 693(E)] - (26/07/2018) - CBIC amends list of goods exempt from GST vide Notification No. 19/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018 to give effect to recommendations of 28th GST Council meeting which was held on 21.07.2018....

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Revised CGST rates on various Goods WEF 27th July, 2018

Notification No. 18/2018-Central Tax (Rate) [G.S.R. 692(E)] - (26/07/2018) - CBIC notifies reduced GST Rates on Several Goods vide Notification No. 18/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018....

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Recent Posts in "tax rate changes"

TDS on Salaries – Employer liability for FY 2020-21 and Pros & Cons of New Tax Regime for Individuals

Finance Bill, 2020 introduced one of biggest change ever in the Direct Tax History by providing different options of calculation of Income-tax for an Individual or HUF.  The Bill got the President assent on March 27, 2020 and passed without any amendment regarding the rates and procedures to be applied in respect of the Personal [&hellip...

Read More
Posted Under: Income Tax |

Section 115BAA New tax rate for domestic companies & Section 115BAB Corporate tax rate for new manufacturing companies

Section 115BAA – New tax rate for domestic companies The Government of India has introduced the Taxation (Amendment) Ordinance 2019 on the 20th of September 2019. Several amendments are made to the Income Tax Act,1961 through this ordinance. Changes such as corporate tax rate cut for domestic companies and as well as for manufacturing c...

Read More
Posted Under: Income Tax |

TDS rate chart and due dates for the financial year 2020-21

Tax deducted at source or TDS is a tax deducted by a person or company before making a payment over certain threshold limits to any other person. It is to be deducted at the rates prescribed by the tax department and remit the amount into the account of the Central Government. A deductor is a […]...

Read More
Posted Under: Income Tax |

Amendment to Finance Bill 2020 vide Finance Act, 2020

Amidst the COVID-19 outbreak and lockdown in various states, the Finance Bill 2020 ( Bill) introduced vide Union Budget 2020-21 was passed by both Houses of Parliament, with certain amendments. On 27 March 2020, the Bill has received President’s assent. Read-President Assents Finance Act, 2020 Key amendments by Finance Act , 2020 in Com...

Read More
Posted Under: Income Tax |

Section 115BAC Concessional tax regime also applicable to PROFESSIONAL

Section 115BAC – Concessional tax regime for individual and HUF- applicable also for PROFESSIONAL The Finance Bill, 2020 has proposed concessional tax regime for individual and HUF by inserting Section 115BAC to the Income-tax Act, 1961. This provision provides an option for payment of taxes at the reduced rates. However, the benefi...

Read More
Posted Under: Income Tax |

New Income Tax Regime – Structural Shift in Taxation of Income

Budget 2020 was considered to be unique in many ways. It was the first budget of the decade 2020. Moreover it was the most anticipated budget in recent times as Indian economy was grappling from a slowdown in the growth rate for a couple of quarters. People were expecting significant rate cuts in personal income […]...

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Posted Under: Income Tax |

Compare tax benefit under existing & new tax scheme easily

An easy way to compare our tax benefit under existing & new tax scheme based on your keen to investment An easy way to compare our tax benefit under existing & new tax scheme based on your keen to investment The Finance Minister placed the Finance Bill 2020 in the Lok Sabha with proposal of […]...

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Posted Under: Income Tax |

Questions arising out of new income tax rates

Honourable finance minister while presenting the budget has provided an option to Individuals and HUFs to pay tax according to new rates. The optional rates as per Section 115BAC and their comparison with existing rates are as following. New Rates Existing Rates Sr. No. Total Income Rate Sr. No. Total Income Rate 1 Up to […]...

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Posted Under: Income Tax |

Section 115BAC- New Income Tax Rates for Individual and HUF

Finance Bill 2020 has introduced new section, Section 115BAC where employee can pay tax on their total income at the rate specified in the Table from the assessment year 1st April, 2021. Table Sr. No. Total Income Rate (1) (2) (3) 1. Upto Rs.2.50 lacs Nil 2. From 2.50 lacs to 5 lacs 5% 3. […]...

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Posted Under: Income Tax |

TCS Rate Chart for AY 2020-21 and AY 2021-22

Article contains updated TCS Rate Chart for For Assessment year 2020-21 (Financial year 2019-20) and Assessment year 2021-22 (Financial year 2020-21) updated with Changes Proposed by Union BUdget 2020-21. It further explains newly inserted TCS Provisions of Section 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittan...

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Posted Under: Income Tax | ,

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