tax regime

FAQs on Old v/s New Income Tax Regime

Income Tax - The Union Budget 2020 has simplified taxation for taxpayers by proposing a brand new, “simplified” tax regime. The new tax regime lowers the tax rates for individual taxpayers. However, there’s a condition: they need to forego tax deductions and exemptions to avail the enticing lower rates. Several queries arises  during making...

Read More

Comparison Of New Income Tax Regime With Old Regime

Income Tax - COMPARISON OF NEW INCOME TAX REGIME WITH OLD REGIME The Budget 2020 introduced new income tax regime for individual taxpayers. However, the option for such concessional tax regime requires the taxpayer to forgo certain specific deductions. The taxpayer has to forgo standard deduction of Rs 50000, deduction under 80C of Rs 1.5lakh and inte...

Read More

Eligibility of deductions while opting for Concessional Tax Regime

Income Tax - Eligibility of deductions under Chapter VI-A while opting for Concessional Tax Regime Background The Taxation Laws (Amendment) Act 2019 (‘TLAA’) introduced new section 115BAA for Concessional Tax Regime (‘CTR’), which provides for reduced tax rates with effect from FY 2019-20. Tax rates under the CTR for the existing domestic Comp...

Read More

How to choose between old and new tax regime for F.Y 2020-21

Income Tax - The union budget 2020 has introduced new income tax slabs for individual and HUF taxpayers and it came into effect from April 1, 2020. This gives the option to either continue with the existing tax regime or opt for the new tax regime sans 70 tax exemptions and deductions. Salaried employees, having no business income, […]...

Read More

How To Choose Tax Regime | Old Vs New | Individual & HUF

Income Tax - 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 [&...

Read More

Exemption Free Income Tax Regime

Income Tax - he Hon’ble Finance Minister while presenting the Union budget for financial year (FY) 2015-16 stated that the deductions and incentives given to corporate taxpayers under the Income-tax Act, 1961 (the Act) will be phased out over four years while simultaneously reducing the tax rates. It was also stated that this will lead to making our...

Read More

Goods and Services Tax (GST) may not meet April 1 deadline: Plan panel

Income Tax - The Planning Commission today said that the proposed Goods and Services Tax (GST) is likely to miss the deadline of April 1, but it could be introduced in the next fiscal only. "Well, we were hoping that it (GST) will come from April 1, but it does not appear that it will be so," Planning Commission Member B K Chaturvedi told PTI....

Read More

Taxation of carbon credits under the proposed Goods and Services Tax regime?

Income Tax - The Government should implement the GST regime with defined sharing arrangement between the State and the Centre, thereby protecting the interest of the State in generating revenue. How will carbon credits be taxed under the proposed Goods and Services Tax regime?...

Read More

Fraudsters siphoned off About Rs 4 crore from Income Tax Department as I-T refunds

Income Tax - About Rs 4 crore has been siphoned off the I-T system by some unidentified fraudsters with the help of bogus PAN cards, e-returns and e-refund orders. The I-T refunds claimed on the basis of these bogus documents have been deposited in some bank accounts opened in the name of persons who have never paid any income tax....

Read More

CBDT will make assessments more transparent

Income Tax - Individuals as well as corporates may have fewer occasions to meet the taxmen in future. The Central Board of Direct Taxes (CBDT) is thinking of putting in place a system in which taxpayers do not meet the assessing officer or any tax official for routine assessments. In the system being envisaged by the country’s tax regime, the tax pa...

Read More
Sorry No Post Found
Sorry No Post Found

Recent Posts in "tax regime"

FAQs on Old v/s New Income Tax Regime

The Union Budget 2020 has simplified taxation for taxpayers by proposing a brand new, “simplified” tax regime. The new tax regime lowers the tax rates for individual taxpayers. However, there’s a condition: they need to forego tax deductions and exemptions to avail the enticing lower rates. Several queries arises  during making...

Read More
Posted Under: Income Tax |

Comparison Of New Income Tax Regime With Old Regime

COMPARISON OF NEW INCOME TAX REGIME WITH OLD REGIME The Budget 2020 introduced new income tax regime for individual taxpayers. However, the option for such concessional tax regime requires the taxpayer to forgo certain specific deductions. The taxpayer has to forgo standard deduction of Rs 50000, deduction under 80C of Rs 1.5lakh and inte...

Read More
Posted Under: Income Tax |

Eligibility of deductions while opting for Concessional Tax Regime

Eligibility of deductions under Chapter VI-A while opting for Concessional Tax Regime Background The Taxation Laws (Amendment) Act 2019 (‘TLAA’) introduced new section 115BAA for Concessional Tax Regime (‘CTR’), which provides for reduced tax rates with effect from FY 2019-20. Tax rates under the CTR for the existing domestic Comp...

Read More
Posted Under: Income Tax |

How to choose between old and new tax regime for F.Y 2020-21

The union budget 2020 has introduced new income tax slabs for individual and HUF taxpayers and it came into effect from April 1, 2020. This gives the option to either continue with the existing tax regime or opt for the new tax regime sans 70 tax exemptions and deductions. Salaried employees, having no business income, […]...

Read More
Posted Under: Income Tax |

How To Choose Tax Regime | Old Vs New | Individual & HUF

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 [&...

Read More
Posted Under: Income Tax |

Section 80CCD Deduction in current and New Tax Regime

Deduction u/s 80CCD in Current and New Tax Regime and Maximum Exemption Limit for Employer’s Contribution A new regime of Income Tax for individuals and HUFs was announced in Budget 2020 which is applicable from A.Y. 2021-22 (relevant to F.Y. 2020-21). The concessional slab rates were introduced by insertion of new section 115BAC. Howev...

Read More
Posted Under: Income Tax |

How to choose between new & old Income tax regime for FY 2020-21

The Union budget 2020 has introduced new income tax slabs for Individual taxpayers with reduced rates (and increased twists). We will discuss about the following in this article: 1. What’s there in the new tax regime? 2. What are the conditions to avail it and who can opt it? 3. Is it better to opt […]...

Read More
Posted Under: Income Tax |

TDS on Salaries – Employer liability for FY 2020-21 and Pros & Cons of New Tax Regime for Individuals

TDS on Salaries – Employer liability for FY 2020-21 (Updated with Circular issued on 13-04-2020) and Pros & Cons of the New Tax Regime for Individuals Finance Bill, 2020 introduced one of biggest change ever in the Direct Tax History by providing different options of calculation of Income-tax for an Individual or HUF. The Bill [&hel...

Read More
Posted Under: Income Tax |

Exemption Free Income Tax Regime

he Hon’ble Finance Minister while presenting the Union budget for financial year (FY) 2015-16 stated that the deductions and incentives given to corporate taxpayers under the Income-tax Act, 1961 (the Act) will be phased out over four years while simultaneously reducing the tax rates. It was also stated that this will lead to making our...

Read More
Posted Under: Income Tax |

9 Ideas To Reform Income Tax Act

9 Ideas To Reform Income Tax Act ( Or It May Be Incorporated In DTC ) 1. Solution To Give Relief To Middle Class & Lower Class From Income Tax Without Decreasing Revenue This Should Be Income Tax Slabs. Remove 87a Rebate. Its High Time That Government Should Rethink Income Tax Basic Exemption Limit 1. […]...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (5,003)
Company Law (6,668)
Custom Duty (8,035)
DGFT (4,377)
Excise Duty (4,399)
Fema / RBI (4,410)
Finance (4,662)
Income Tax (34,825)
SEBI (3,725)
Service Tax (3,605)

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30