DIRECT TAX PROPOSALS ♦ New Tax Slabs for Individuals and HUF (Section 115BAC) Finance Bill proposes to give an option to Individuals and HUF to compute the tax liable on income earned at the rate and as per the procedure mentioned below: Income Slab Existing Rate New Tax Rate 0-2,50,000 0% 0% 2,50,000-5,00,000 5% (Rebate […]
An easy way to compare our tax benefit under existing & new tax scheme based on your keen to investment An easy way to compare our tax benefit under existing & new tax scheme based on your keen to investment The Finance Minister placed the Finance Bill 2020 in the Lok Sabha with proposal of […]
Article explains who can be Beneficiary of Vivad Se Vishwas Scheme, Vivad Se Vishwas Scheme Mechanism, Quantum Of Amount Payable Under Vivad Se Vishwas Scheme:–A) If The Declarant Is Assessee/ Taxpayer And Appeal Was Also Filed By Assessee or B) If The Declarant Is Department And The Department Has Filed Appeal And Lost On An […]
Article explains How to appoint a director in producer company, grounds a director shall vacate the office of directorship in company, provisions of board meeting of producer company, important officers required to be appointed in producer company, Applicability of annual general meeting to Producer Company, Matters to be discussed and approved in Annual general meeting, […]
In other words, if the PAN is not linked with Aadhaar before 31st August, 2017, then the PAN shall be deactivated and subsequently returns will not be processed, which means if the same is not linked within the stipulated time then the filed return shall be treated as if the return has not been filed.
House Rent Allowance (HRA) is a common component of the salary structure. Although HRA is a part of the salary, unlike basic salary, is not entirely taxable. Subject to certain conditions, a part of HRA gets exempted under Section 10 (13A) of the Income-tax Act. The tax benefit on HRA is available only to a salaried individual who has the HRA component as part o
A very common and frequent question running in the mind of taxpayers is the tax ability of gifts. In this part, an effort has been made to discuss the various provisions relating to taxability of gift received by an individual or a Hindu Undivided Family (HUF) under Income Tax Act. 1. Monetary Gifts: If the […]
The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society.
Article discusses Union Budget 2017 provisions related to ELECTORAL BOND. It discusses if the same is a legal weapon to curb and mitigate illegitimate funding for political parties.
Government of India is thinking of change of Financial Year (April to March) to Calendar Year (January to December). Prime Minister, Mr. Narendra Modi has given a proposal in this respect in a NITI Aayog’s meeting. If this is done, it will close the chapter of Financial Year of April to March introduced by Britishers, 150-year ago.
