The Union Budget for the financial year 2019-20 was presented by finance minister Smt. Nirmala Sitharaman in Parliament on Friday July 5, 2019. The major impact on budget 2019 proposal on common man is as follows. Individual tax payers with income up to Rs.5 lakh taxable income will get full tax rebate after permissible deductions…
An individual require filing income tax return, if his/her gross total income exceeds the basic exemption limit of income of Rs.2.5 lakh before permissible deductions under Sections 80C to 80U. The people with gross total income below exempted limit of Rs.2.5 lakh or Senior citizen of above 60 years and below 80 years with gross…
We often receive questions about tax liability of a person in case of any income that accrues or is paid to a minor. Whether it is the minor’s own tax liability or the income of the minor should be clubbed with his father’s income or his mother’s income or the income should be divided into…
Any individual who is a subscriber of NPS can claim income tax deduction up to 10% of his/her gross income under Sec 80 CCD (1) within the overall ceiling of Rs. 1.5 lac under Sec 80 CCE. In addition to ₹ 1.5 lakh allowed under Section 80C investment of up to ₹ 50,000 by an…
Finance Minister Mr.Arun Jaitley, proposed following scheme for agriculture sector. The government will set up regulations to make sure that470 Agricultural Produce Market Committees are created and connected to the electronic platform of the National Agricultural Market (eNAM). The government is looking at working with NITI Aayog to set up an optimal farm price realisation…
Directorate of Income taxes (systems) New Delhi vide its notification no 06/2018 dated December 6, 2018 advised TDS detectors and Banks that they should not deduct tax at source in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the…
Deferred Tax Liability (DTL) can be defined as Provision for Future Taxation or an obligation to pay taxes in the future.The DTL reported on an organization’s balance sheet represents the net difference between the taxes that are paid in the current accounting period and the tax that is assessed or is due for the current…
A Deferred Tax Asset is an asset on an organisation’s balance sheet that may be used to reduce taxable income. The DTAs are associated with accumulated losses and other such assets. Such losses should be deducted in full from CET1 capital of the Banks. The Common Equity Tier 1 (CET1) is a component of Tier…
What is capital gains account scheme? Whenever a house property is sold, the owner of the property is liable to pay income tax on capital gain (profit earned) from the transaction. The long-term capital gain on house property arises when the duration between the purchase and sale of a property is more than 24 months…
The word PAN stands for Permanent Account Number (PAN) for tax payment purposes. It is compulsory that a person who makes tax payment on his income must quote PAN under the Income Tax Act, 1961. The applicant for PAN may be Individual, HUF, Company, Firm, Association, Trust, Local authority etc. The Central Board of Direct…