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Nil Tax Up To Rs. 12 Lakhs Income (FY 2025-26); Tax Computation With Illustrations & FAQs

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...

February 11, 2025 20772 Views 4 comments Print

Budget 2025: No Income Tax Upto ₹12 Lakhs Explained

Income Tax : Budget 2025 introduces no income tax on earnings up to ₹12 lakhs under the new regime, offering significant relief. Learn about ...

February 2, 2025 363462 Views 46 comments Print

Countrywise Withholding Tax Rates: IT Act vs. Tax Treaties/DTAA

Income Tax : Countrywise withholding tax rates as per the Income Tax Act compared to tax treaties/DTAA. Understand differences & implications f...

September 3, 2024 39667 Views 1 comment Print

Countrywise Withholding tax rates / Chart as per DTAA

Income Tax : Withholding tax rates for dividends, interest, royalties and Fee for Technical Services in different countries. Understand how tax...

September 3, 2024 421487 Views 28 comments Print

Tax Regimes: Old vs. New Regimes in FY 2023-24

Income Tax : Delve into the comparison between the old and new tax systems for FY 2023-24 in India. Explore advantages, factors to consider, an...

April 2, 2024 7044 Views 0 comment Print


Latest News


No Income Tax on Annual Income Upto Rs. 12 Lakh Under New Tax Regime

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...

February 1, 2025 14427 Views 2 comments Print

Budget 2023- Major Changes in Income Tax Rate Slabs, Rebate & Exemption Limit

Income Tax : MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT...

February 1, 2023 17427 Views 2 comments Print

Income tax Rates for assessment year 2021-22

Income Tax : Rates of income-tax in respect of income liable to tax for the assessment year 2021-22 i.e. Financial Year 2020-21 In respect of i...

February 2, 2021 21642 Views 1 comment Print

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...

February 1, 2020 11352 Views 1 comment Print

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 relief...

September 20, 2019 51315 Views 1 comment Print


Latest Judiciary


Higher Tax Rate u/s. 115BBE is applicable since 01.04.2016: ITAT Indore

Income Tax : Higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and ...

February 8, 2023 12012 Views 0 comment Print

Short term capital losses subject to STT can be set off against Short term capital gains not subject to STT

Income Tax : The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short ...

December 18, 2009 7145 Views 0 comment Print

If there is no revenue loss then department should not question the year of allowability of expenses

Income Tax : CIT vs. Vishnu Industrial Gases (Delhi High Court) - Where the department had not disputed that the expenditure was deductible in ...

August 20, 2008 8165 Views 0 comment Print


Latest Notifications


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

Income Tax : Circular 29/2019 – Clarifications on set off of brought forward loss due to additional depreciation & MAT credit if comp...

October 4, 2019 6222 Views 0 comment Print

Concessional CGST rate on specified handicraft items WEF 27.07.2018

Goods and Services Tax : CBIC notifies concessional CGST rate on specified handicraft items vide Notification No. 21/2018-Central Tax (Rate), Dated: 26th J...

July 26, 2018 36630 Views 3 comments Print

CBIC allows Refund of GST credit to fabric manufacturers

Goods and Services Tax : CBIC allows Refund of accumulated credit on account of inverted duty structure to fabric manufacturers vide Notification No. 20/20...

July 26, 2018 34638 Views 1 comment Print

Changes in List of goods exempt from CGST wef 27.07.2018

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...

July 26, 2018 14763 Views 0 comment Print

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

Goods and Services Tax : CBIC notifies reduced GST Rates on Several Goods vide Notification No. 18/2018-Central Tax (Rate), Dated: 26th July, 2018 with ef...

July 26, 2018 21336 Views 2 comments Print


Budget 2020- Demystifying hidden elements behind Budget Speech

February 2, 2020 7248 Views 0 comment Print

Hello everyone, hope you all are doing well. This blog focuses on exploring the unknown elements of the Union Budget 2020-21 and analyses impact of proposed changes in Tax on Indian economy. Nirmala Sitharaman (Finance Minister (FM)) played very safely in his debut budget last time and kept distance from crucial issues to serve justice […]

New scheme of Income Tax Rates for Individuals & HUF: FAQs

February 1, 2020 14973 Views 2 comments Print

FAQs on new scheme of Income Tax rates introduced in Union Budget 2020-21 / Finance Bill 2020. Q1. When will the new scheme of Income Tax rates be applicable? Ans. The new Scheme will be applicable from Asst Year 2021-22 (i.e. Financial Year 2020-21). Q2. What is the new Scheme of Income Tax rates? Ans. […]

New Tax Rate: Domestic companies can claim deduction u/s 80JJAA / 80M

February 1, 2020 7293 Views 0 comment Print

Modification of concessional tax schemes for domestic companies under section 115BAA and 115BAB Domestic companies who has opt for concessional rate u/s 115BAA and 115BAB can take deduction under section 80JJAA or 80M Taxation Law Amendment Act, 2019 (TLAA) inserted section 115BAA and section 115BAB in the Act to provide domestic companies an option to […]

New optional Income Tax Slab Rate for Individual / HUF for FY 2020-21

February 1, 2020 3141 Views 0 comment Print

Now, Individual and HUF has option to choose their own tax slab rate! In line with options provided to domestic companies under the Taxation Law Amendment Act, 2019 (TLAA) and proposed to be provided to resident co-operative societies under this Bill, it is also proposed to provide similar option to individual and HUF by insertion […]

New Income tax rate for resident co-operative societies FY 2020-21

February 1, 2020 8958 Views 0 comment Print

Concessional tax rate option available and AMT is not applicable for resident co-operative societies FM based on the representation from various stakeholders provided option for concessional tax rate of 22% to resident Co-operative Societies on similar line as given for domestic companies in Taxation Laws Ordinance 2019. I wish she could have listened to representations […]

Rates for deduction of TDS during financial year 2020-21

February 1, 2020 9474 Views 0 comment Print

I. Rates for deduction of income-tax at source during the financial year (FY) 2020-21 from certain incomes other than Salaries. The rates for deduction of income-tax at source during the FY 2020-21 from certain incomes other than “Salaries” have been specified in Part II of the First Schedule to the Bill. The rates for all […]

New Optional Personal Income Tax Rate Slabs- Budget 2020

February 1, 2020 11352 Views 1 comment Print

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 relief to the individual […]

Section 115BAA- Concessional Tax Rate for Domestic Company

January 22, 2020 33213 Views 4 comments Print

Learn about the new section 115BAA and the concessional tax rate it provides for domestic companies. Find out how to avail this option and the applicable tax rate.

Tax Rate announced in Budget- Applicable to which year

January 19, 2020 11082 Views 2 comments Print

Why Rates of Income tax to be announced in February 2020 budget will be  applicable for Income Earned in Financial Year (F.Y.) 2020-21 and not for F.Y. 2019-20?

Time for Corporates to self-evaluate -Taxation Laws (Amendment) Act, 2019 –Part I

January 1, 2020 2187 Views 0 comment Print

In this Article we would be discussing about the Applicability of the new provisions as introduced by The Taxation Laws (Amendment) Act, 2019; the different Structure of Companies and the options available to them. A. Tax rates of company is broadly divided in two categories i.e. turnover based and conditional based from AY 2020-2021:

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