Income Tax : The Finance Bill, 2026 continues the same tax slabs and rates as the previous year. Individuals, companies and other entities see ...
Income Tax : Detailed comparison of dividend, interest, royalty, and FTS withholding tax rates between India's Income-tax Act and over 60 Doubl...
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 : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...
Income Tax : The Finance Bill 2025 revises tax slabs, reducing the burden on middle-class taxpayers. The changes aim to boost savings and consu...
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 : 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...
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.
Find out the income tax rates for assessment years 2019-20 and 2020-21. Learn about the different tax brackets and rebates under Section 87A.
Comparative Study of Old and New Regime of Income Tax Slabs- In Budget-2020 proposals, new section 115BAC is proposed to be inserted w.e.f. AY 2021-22. Some of the salient features of which are as under. 1. It is optional. 2. It is for Individual and HUF only. 3. It is subject to other special rates […]
Income Tax Calculator AY 2021-22 (for Comparison under Present/Existing Tax Regime and Proposed New Tax Regime)- Union Budget 2020-21 In Finance Budget 2020, Government has come up with new income tax slab rate for Individual and HUF. This new tax structure is optional as assessee can choose between old or new tax structure whichever is […]
Article analyses Proposed Changes in income tax rates for Individuals & HUF (Section 115BAC) proposed by Budget 2020-21 which will be applicable from Financial Year 2020-21
NEW TAX REGIME [SECTION 115BAC] – In Finance Bill, 2020 a new section 115BAC has been inserted to provide concessional slab rate of tax for individuals and HUFs. Further, this section is optional and option has to be exercised on or before the due date of filing return. However, to avail the benefit of concessional […]
Proposed New Tax Regime for Resident Co-operative societies by Budget 2020 A Co-Operative Societies can pay tax @ 22% (effective tax rate is 25.17%) under section 115BAD only if it fulfils the following conditions: a) The total income of the company has been computed without claiming specified deduction, exemption or incentives; b) The option to […]
