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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


New Tax Code – Favouring the Millionaires and Bullying the Others

October 16, 2009 403 Views 0 comment Print

DIRECT TAX CODE BILL, 2009 was unveiled by our Hon. Finance Minister on 12th August 2009 and has been placed in the public domain for an analytical study and critical review of all its clauses. It seeks to consolidate and amend all the Laws relating to the Direct Taxes.

New direct tax code for salaried persons

October 16, 2009 1327 Views 0 comment Print

In the previous chapter we studied the impact of proposed tax rates and concluded it is more in favour of the rich and not for middle income group. A similar view has also been expressed by group of Senior Income Tax Officials in which they have stated “under the garb of providing long term stability in the tax regime, the tax code in fact would widen the rich-poor gap and create more economic absurdities”[BS.21/09/09] In this chapter we propose to discuss the impact of the new code on the salaried persons who are the most efficient tax payers of this country.

Set-off of short-term capital losses, subject to STT, allowable against short-term capital gains not subject to STT

September 4, 2009 9522 Views 0 comment Print

The Income-tax Appellate Tribunal (“the Tribunal”) , in the case of First State Investments (Hongkong) Ltd. A/c First State Asia Innovation and Technology Fund1 (“the assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject to Securities Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of STT, during the financial year.

Implications of the draft code

August 29, 2009 472 Views 0 comment Print

The long awaited Direct Tax Code Bill 2009 (‘Code’) was finally unveiled by the Finance Minister on August 12, 2009. The Code seeks to bring all direct taxes under one code and pave way for a single unified tax reporting system. The Finance Minister has indicated that the Code has been drafted on a clean […]

Direct tax code introduced stringent norms for non resident

August 21, 2009 481 Views 0 comment Print

It is indeed heartening to note that the tax rates applicable to non-resident corporates are sought to be brought at par with the domestic companies, to be taxed at the rate of 25 per cent. However, correspondingly, the concept of the branch profit tax is proposed to be introduced (which appears to be somewhat akin […]

Major changes proposed in Direct Tax Code related to Capital Gain tax

August 19, 2009 412 Views 0 comment Print

The new draft Direct Taxes Code proposes to tax capital gains as regular income at normal tax rates, thereby removing the benefits of lower rates for long-term capital gains on sale of shares.

Foreign companies can also claim benefit of lower Rate of Tax on Capital Gain from securities transaction

August 12, 2009 418 Views 0 comment Print

Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerned, according to an order by the Authority for Advance Rulings (AAR). Giving its ruling in a case related to UK-based Fujitsu Services, AAR said the company should also be given an option of paying tax at […]

Rates for computation of advance tax, deduction of income-tax at source from Salaries, and charging of income-tax in certain cases during the financial year 2008-09

March 31, 2009 1328 Views 0 comment Print

The rates for deducting income-tax at source from Salaries and computing advance tax during the financial year 2008-09 have been specified in Part III of the First Schedule to the Act. These rates are also applicable for charging income-tax during the financial year 2008-09 on current incomes in cases where accelerated assessments have to be […]

Rates for deduction of income-tax at source from certain incomes during the financial year 2008-2009.

March 31, 2009 1442 Views 0 comment Print

In every case in which tax is to be deducted at the rates in force under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income tax Act, the rates for deduction of income-tax at source during the financial year 2008-09 have been specified in Part II of the First […]

FAQ on reduction of Service Tax Rate

March 15, 2009 1172 Views 0 comment Print

Notification No 8/2009 – ST dated 24.02.2009 has been issued to exempt the service tax that is in excess of 10%. On the other hand this is reduction of service tax rate from the existing rate of 12% to 10%. What is the effective date for the new rate? Ans. The new rate is effective from 24.02.2009 on all services.

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