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…
Read article
What happens to your tax liability when you opt for new tax regime?
In the budget 2020-21, a new Section 115 BAC being introduced to income tax act whereby an individual and HUF can opt to pay tax as per new tax rates in case he/she is ready to forgo all exemptions and deductions. Individuals opting to pay tax under the new lower personal income tax regime will…
Read article
Union Budget 2020: FM rejigs income tax slabs, some relief for real estate, rural and agriculture sectors
In the Union budget 2020-21, Finance Minister Nirmala Sitharaman rejigs in personal tax rates, sops to lift real estate, an extension of LTCG threshold and removal of dividend distribution tax and improvement in spending on infrastructure and reduction in GST with respect of automobile. Individual tax slabs rejigged Those earning up to Rs 5 lakhs…
Read article
New income tax rules from Sept.2019 that may impact your TDS outgo
Here are a few changes made in income tax rules that came into effect from September 1, 2019 Section 194 N of IT act provides that aggregate cash withdrawal beyond Rs.1 crore thresholds in a year from banks, post offices or cooperative societies will attract TDS at the rate of 2 percent. This new rule…
Read article
Now PAN will be generated automatically using your Aadhar number
With effect from September 1, 2019, Income Tax department would “suo motu” allot a fresh PAN to a person who files I-T Returns (ITR) with only Aadhaar number. The Central Board of Direct Tax (CBDT) notified on August 30, 2019, that a person who furnishes Aadhaar, as he/she does not have PAN, “shall be deemed”…
Only start-ups with turnover up to Rs.25 crore are eligible for tax holiday
The Central Board of Direct Taxes (CBDT) has clarified that small start-ups with turnover up to Rs.25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’). The central board further clarified that it does not recognise the ₹100crore turnover definition of a small…
Read article