Income Tax : Explore the choice between the old and new income tax regimes in India following the 2020-21 budget. Finance Minister Nirmala Sith...
Income Tax : The Finance Act, 2020 came up with a number of amendments and introductions. One of such being the introduction of a new tax regi...
Income Tax : NEW TAX REGIME Finance Bill 2020, gives an opportunity to Individuals, HUF, Business owners, and/or Professionals for concessional...
Income Tax : Confused about the new vs old tax regime? Understand the key differences and make an informed decision about which one to choose f...
Income Tax : With promises to simplify the Income Tax Act, the Finance Ministry has, from the AY 2021-22, brought a ‘New Taxation Regime&...
Income Tax : From the time where tax payer will forget how much refund is yet to receive and when they will receive to now, there is a remarkab...
Income Tax : he Hon’ble Finance Minister while presenting the Union budget for financial year (FY) 2015-16 stated that the deductions and inc...
Goods and Services Tax : The Planning Commission today said that the proposed Goods and Services Tax (GST) is likely to miss the deadline of April 1, but i...
Goods and Services Tax : The Government should implement the GST regime with defined sharing arrangement between the State and the Centre, thereby protecti...
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 ...
From the time where tax payer will forget how much refund is yet to receive and when they will receive to now, there is a remarkable change, the Indian tax scenario has undergone a significant transformation, witnessing an extraordinary surge in the pace at which tax refunds are processed and allotted. According to the data […]
Explore the choice between the old and new income tax regimes in India following the 2020-21 budget. Finance Minister Nirmala Sitharaman introduced a simplified new tax rate, reducing saving incentives. Individuals and HUFs now face the decision of opting for the old or new regime. Compare tax slabs, deductions, and their implications. Dive into case scenarios to understand the impact on taxpayers at different income levels. Stay informed about the complexities and benefits associated with each tax regime.
The Finance Act, 2020 came up with a number of amendments and introductions. One of such being the introduction of a new tax regime, which in essence is the biggest development and point of confusion for taxpayers. The Finance Minister announced a new set of tax slab rates for individuals, HUF and co-operative societies. For the […]
Old vs New tax regime: There is no single answer to this. Prima facia, it can be seen that taxpayers who do not have many deductions to claim can opt for the new regime, and those who have substantial deductions to claim resulting in lower tax can continue with the old regime. Looking at the […]
NEW TAX REGIME Finance Bill 2020, gives an opportunity to Individuals, HUF, Business owners, and/or Professionals for concessional rates of taxes for Financial Year 2020-21. However, this concession will be applicable with certain terms and conditions. Let’s first see the Concessional Tax Rates as follows – Annual Income in Financial Year 2020-21 New Income Tax […]
Confused about the new vs old tax regime? Understand the key differences and make an informed decision about which one to choose for your taxes.
With promises to simplify the Income Tax Act, the Finance Ministry has, from the AY 2021-22, brought a ‘New Taxation Regime’ – something which has only complicated the law. There is widespread confusion as to ‘which tax regime is better?’ and the only answer that’s truly correct is ‘it depends!!’ On one hand, the new […]
This is my 1st article and I covered very interesting topic ‘Old Vs New Tax regime‘ because after becoming Chartered accountant my relatives and friends ask which tax regime they should choose. Here we covered the following points – 1. Applicability 2. Tax Rate Structure 3. Exemptions & Deductions 4. Other Points 1. Applicability :- […]
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 of choice of previous […]
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 interest on […]
