Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Earning ₹15 lakh? Know how new tax slabs work and why ₹12 lakh exemption doesn’t apply. Learn about rebates, slab-wise taxat...
Income Tax : Budget 2025 introduces no income tax on earnings up to ₹12 lakhs under the new regime, offering significant relief. Learn about ...
Income Tax : Countrywise withholding tax rates as per the Income Tax Act compared to tax treaties/DTAA. Understand differences & implications f...
Income Tax : Understand the tax filing process in India and analyze the tax regime for FY 2023-24. Explore old and new tax rates, deductions, a...
Income Tax : Union Budget 2025-26 introduces tax relief with no income tax up to Rs. 12 lakh, benefiting middle-class taxpayers and boosting co...
Income Tax : Union Budget 2025 expectations include tax relief, GST reforms, R&D support, and measures for MSMEs. Common demands focus on easin...
Income Tax : Get clarity on the applicability of the new tax regime versus the old tax regime. Understand the differences and choose the regime...
Income Tax : MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT...
Corporate Law : After criticism on Tax Rate Reduction for Corporates Income Tax India has given following clarification on Twitter. It is to be no...
Income Tax : Higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and ...
Income Tax : CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax r...
Income Tax : Circular 29/2019 – Clarifications on set off of brought forward loss due to additional depreciation & MAT credit if comp...
Goods and Services Tax : CBIC notifies concessional CGST rate on specified handicraft items vide Notification No. 21/2018-Central Tax (Rate), Dated: 26th J...
Goods and Services Tax : CBIC allows Refund of accumulated credit on account of inverted duty structure to fabric manufacturers vide Notification No. 20/20...
Goods and Services Tax : CBIC amends list of goods exempt from GST vide Notification No. 19/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect fr...
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 companies […]
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 […]
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 Comparison to […]
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 benefit of reduced tax […]
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 […]
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 […]
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 […]
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. […]
FORMS TO BE FILED BY COMPANIES TO AVAIL LOWER RATE OF INCOME TAX The Central Board of Direct Taxes (CBDT) has notified Forms 10-IC and 10-ID vide Notification No. 10/2020 dated 12-02-2020 for existing companies that want to avail lower Income tax rate and new manufacturing firms incorporated after October 1, 2019, respectively. The effective […]
It is an issue that whether these concessional tax rates will be available in cases where the Income Tax return is filed belatedly under Section 139(4) or for the first time u/s. 148, 142(1) etc. In this article an attempt has been made to discuss the above issue along with in depth analysis on various other aspects of these new sections.
