Income Tax : Tax on dividends, interest, royalties and FTS earned by non-residents is governed by the more beneficial rate under the Income-tax...
Income Tax : The applicable withholding tax depends on the Income-tax Act or the relevant DTAA, whichever is more beneficial. Treaty rates diff...
Income Tax : The document explains tax rates applicable to individuals, HUFs, firms, companies, co-operative societies, foreign companies, and ...
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 : Analysis of Indian income tax rates for AY 2025-26 & 2026-27. Covers the Old vs. Default 115BAC regimes, corporate tax concessions...
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 : MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT...
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...
Income Tax : Press Information Bureau Government of India Ministry of Finance 01-February-2020 14:43 IST New Personal Income Tax Regime heralds...
Income Tax : Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal relief...
Income Tax : Assessments arising from searches conducted after 01.04.2021 must strictly comply with the reassessment framework under sections 1...
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 : The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short ...
Income Tax : CIT vs. Vishnu Industrial Gases (Delhi High Court) - Where the department had not disputed that the expenditure was deductible in ...
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...
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...
The Finance Minister Nirmala Sitharaman in Union Budget, 2020 introduced new Income Tax regime. In New Income Tax regime, there is an option for individuals and HUF (Hindu Undivided Family) to pay taxes at lower rates. They have to select the Tax regime for the year in the beginning of the Financial Year (FY). Now, many are confused […]
Government has come up with new scheme of tax for Individuals in the Budget 2020, which will be applicable from the Tax return of F.Y. 2020-21. Who can opt for the scheme? The Individuals and HUFs who does not have any Business income can opt for New Scheme. Points of difference between both schemes: 1. […]
This article contains Auto Income Tax calculator for Financial Year 2020-21 & Assessment Year 2021-22 in excel format. A circular issued by the CBDT on 13.04.2020 that salaried employees has to chose between the Old and New income-tax regime at the time employers are deducting TDS. OR at the time for filing of ITR. These […]
It was 1st February 2020, when our Honorable Finance Minister Nirmala Sitharaman had presented the Budget 2020 and came up with paradigm shift in the way Individuals are being taxed i.e. NEW TAX REGIME was introduced vide Sections 115BAC and 115BAD of Income Tax Act 1961. QUESTION IS: Whether this new tax regime is only […]
The Government of India specified Corporate Tax Rates in Income Tax Act, 1961 and Finance Act through schedules thereto. Income Tax Act, 1961 cover section i.e. Section 115BA, 115BAA & 115BAB though which corporate tax rate has been specified and further tax rates also specified in finance act through first schedules thereto.
Old Tax Regime vs New Tax Regime which one is beneficial to you (should you opt) with Excel Automatic Tax Calculator – Salaried Employee The Central Board of Direct Taxes (CBDT) via a circular dated April 13, has clarified that employers will have to deduct TDS from salary for financial year 2020-21 as per the tax […]
Whether Company should continue with the Old tax regime or to pay tax under new tax regime? Since the financial year 2019-20 has already gone and currently in this lockdown situation due to Covid-19 pandemic, most of the companies are having their working from home, so I think it’s the right time to decide for […]
A New section, 115BAC has been introduced vide clause 53 of the Finance Act, 2020 with respect to tax on Individuals and HUF. The said section will apply from AY 21-22 and subsequent AY’s. The said scheme provides for concessional rate of tax as follows: Sl. No Income New Rate – 115BAC Existing Rates 1 […]
Similar to benefit of the concessional new tax regime for companies introduced in the Finance Act 2019, the Government came up with the concessional tax provisions for Individuals and HUFs by inserting a new Section 115BAC under the Income Tax Act, 1961 (‘Act’) with effect from FY 2020-21. The broad provisions are enumerated below: Eligible […]
Brief about new Personal Income Tax Regime & Key Highlights New section 115BAC is inserted in Income Tax Act by the Finance Act 2020 and it is applicable w.e.f 1st April 2020 and will be applicable on Individuals and HUFs for assessment year 2021-22 and subsequent assessment years. Under this section taxpayers i.e Individuals and […]
