tax rate changes

Partnership Firm Vs Private Limited Company- Tax Comparison

Income Tax - It is best to decide the business structure before starting of a business. Every business setup must deal with a challenge to identify the most beneficial business entity registration type. There are several options but two of the most common considerations are Partnership Firm and Private limited company. Most of the Startup founders a...

Read More

Old tax regime vs. New tax regime- which one is beneficial

Income Tax - Under new tax regime tax has been significantly reduced by forgoing certain exemptions and deductions. The rates of tax, amount of tax and savings under new regime is as follows-...

Read More

Important Amendments applicable for FY 2019-20 (AY 2020-21)

Income Tax - Article discusses Important Amendments applicable for AY 2020-21 (PY 2019-20) which includes Changes in Rebate under section 87A, Increase in Standard Deduction for Salaried employees, Increase in Tax Audit Limit, Amendment in Section 54 Provisions, Amendment in provisions related to deduction under section 80EEA and section 80EEB, Decrea...

Read More

Comparison of New Vs Old Tax Regime & Decoding Which One Is For You

Income Tax - Decoding the tax system in general can be daunting. Now with two tax regime choices offered, the old and the new, the taxpayers could be in a fix to understand which one is better for them. Since there is no one fit approach for all taxpayers, this article explains the two tax regimes with a […]...

Read More

Updated reduced TDS/TCS Rate Chart for F/Y 2020-21

Income Tax - Due to Covid-19, CBDT has reduced the TDS/TCS rate by 25% through press release dated 13/05/2020. However, No official notification is being released by CBDT till now for reduction of TDS/TSC rate. On detailed analysis, I come to know that CBDT has reduced the TDS/TCS rate in most of cases but not in all cases […]...

Read More

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 ...

Read More

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 ...

Read More

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...

Read More

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 ;...

Read More

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]....

Read More
Sorry No Post Found

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...

Read More

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....

Read More

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. ...

Read More

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....

Read More

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....

Read More

Recent Posts in "tax rate changes"

Partnership Firm Vs Private Limited Company- Tax Comparison

It is best to decide the business structure before starting of a business. Every business setup must deal with a challenge to identify the most beneficial business entity registration type. There are several options but two of the most common considerations are Partnership Firm and Private limited company. Most of the Startup founders a...

Read More
Posted Under: Income Tax |

Old tax regime vs. New tax regime- which one is beneficial

Under new tax regime tax has been significantly reduced by forgoing certain exemptions and deductions. The rates of tax, amount of tax and savings under new regime is as follows-...

Read More
Posted Under: Income Tax |

Important Amendments applicable for FY 2019-20 (AY 2020-21)

Article discusses Important Amendments applicable for AY 2020-21 (PY 2019-20) which includes Changes in Rebate under section 87A, Increase in Standard Deduction for Salaried employees, Increase in Tax Audit Limit, Amendment in Section 54 Provisions, Amendment in provisions related to deduction under section 80EEA and section 80EEB, Decrea...

Read More
Posted Under: Income Tax |

Comparison of New Vs Old Tax Regime & Decoding Which One Is For You

Decoding the tax system in general can be daunting. Now with two tax regime choices offered, the old and the new, the taxpayers could be in a fix to understand which one is better for them. Since there is no one fit approach for all taxpayers, this article explains the two tax regimes with a […]...

Read More
Posted Under: Income Tax |

Updated reduced TDS/TCS Rate Chart for F/Y 2020-21

Due to Covid-19, CBDT has reduced the TDS/TCS rate by 25% through press release dated 13/05/2020. However, No official notification is being released by CBDT till now for reduction of TDS/TSC rate. On detailed analysis, I come to know that CBDT has reduced the TDS/TCS rate in most of cases but not in all cases […]...

Read More
Posted Under: Income Tax |

Income Tax Slab for Individuals for Financial Year 2019-20

Article contains Income Tax Slab Rates for Financial Year 2019-20 / Assessment Year 2020-21 for Individuals (resident or non-resident), Senior Citizens (60 years old or more but less than 80 years old) (only Residents) and Super Senior Citizens (80 years old or more) (only Residents) with Rates of Applicable Surcharge and Education Cess R...

Read More
Posted Under: Income Tax |

New Tax Regime Versus Old Tax Regime – Tax Calculator

The Central Board of Direct Taxes (CBDT) vide Circular No. 8/2020 dated April 13,2020 has clarified that an employer will have to deduct TDS for FY 2020-21, from an employee’s salary on the basis of the tax regime chosen by the employee else by default TDS would be deducted as per Old Tax Regime Rates. The Union […]...

Read More
Posted Under: Income Tax |

New Tax Rate for individual & HUFs- Who Should Opt?

NEW TAX RATE WHO SHOULD OPT? In the Finance Bill 2020, Hon’ble FM Smt.Nirmala Sitharaman introduce a new ‘OPTIONAL PERSONAL INCOME TAX RATE/REGIME’ with reduced rate of tax for individual & HUFs. This new tax rate looks very attractive but it has its own pros & corns and need application of mind to choose between [&h...

Read More
Posted Under: Income Tax |

Which Tax Regime to be Selected to save tax by individuals?

As we all now Finance Act 2020 has introduced a New Slab rate for Individuals from Current Financial Year Which has created a lot of confusion regarding which tax regime will be best for us. Let’s discuss the new tax regime and comparative analysis to resolve the confusion Applicability Salaried employees, having no business income,...

Read More
Posted Under: Income Tax |

New Income Tax Regime or Old Regime: What should a Salaried Taxpayer choose?

New Income Tax Regime or Old Regime: What should a Salaried Taxpayer choose? The Union budget presented in the Parliament in February 2020, the Finance Minister proposed a New Tax Regime as an alternative to the existing Old Tax Regime for Individual and HUFs. Since the New Tax Regime is optional by all means, a […]...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,991)
Company Law (6,658)
Custom Duty (8,023)
DGFT (4,368)
Excise Duty (4,399)
Fema / RBI (4,406)
Finance (4,652)
Income Tax (34,773)
SEBI (3,719)
Service Tax (3,604)

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031