Now your health insurance premium of over Rs.20000 is under income tax lens: Check other changes
The ‘Transparent Taxation’ platform, launched by Prime Minister Narendra Modi on Thursday, proposes multiple reforms to improve tax compliance, faceless assessment and ease of filing returns while widening the income tax base and checking tax evasion. The Government has also introduced new sections to IT act and is making reporting of certain transactions mandatory to…
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How to open and operate Capital Gain account/CGAS in banks?
In our previous article ‘What is capital gain and how capital gain tax has arrived?”, we have discussed the definition of capital gain, Tax applicable on Short-Term and Long-Term Capital Gains, Exemption of tax available on capital gains, the time limit for reinvestment, how indexation cost of the capital asset has arrived, etc. Through this…
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These things you need to know that you are eligible for tax benefits outside section 80C
Updated: As per amended finance act 2020 Although investments made under Section 80C does offer a major tax-saving deduction, there are other sections that you can explore to reduce tax liability. Here are some important tips about how you can save tax if you opt for an existing (old) tax regime. Click here for Income…
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Do you know the incomes that are exempted from income tax even in the new tax regime?
For FY 2020-21, Salaried individuals, who have no business income, will have to choose between the existing and new tax regimes every financial year, as per their convenience. The new income tax rates are lower compare to old tax rate. However, anyone opting for the new tax regime will have to forego most of the…
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TDS on salary under new or old tax regime: Government clarifies
The apex income tax policy-making body, the Central Board of Direct Taxes, has come out with a detailed clarification on the deduction of TDS under the new tax regime. CBDT in its circular dated April 13, 2020 clarified that the employers will be allowed to deduct taxes on salaries paid to employees from the beginning…
Method of Tax Collection at source is now modified by the Income Tax department
(According to the new rules employer need not deduct tax at source if salary income including the value of perquisites is not taxable after giving effect to the exemptions, deductions, and relief as applicable). Section 192 of the Income Tax Act, of 1961 deals with tax deducted at source (TDS) on salary. According to this…
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