List of incomes that are exempted from income tax under the new tax regime
In the budget 2020, FM Nirmala Sitharaman has introduced a new tax regime along with the old regime. The new regime comes with reduced tax rates of various income slabs as well as the removal of rebates and exemptions. Salaried individuals, who have no business income, will have to choose between the existing and new…
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Do you know entire donations to political parties can be claimed as a tax deduction?
Chapter VI A of the Income Tax Act contains various sub-sections of section 80 that allow an assessee to claim deductions from the gross total income on account of various tax-saving investments, permitted expenditures, donations, etc. Such deductions allow an assessee to considerably reduce the tax payable. Donation made to political parties or electoral trust…
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Beware! your PAN card may become inoperative if not linked to Aadhar by June 30
The recent amendments to the Income Tax Rules have made it mandatory to link Aadhaar with PAN, on or before June 30, 2021. If the PAN is not linked with Aadhaar, the PAN shall be deemed to have become inoperative / invalid in accordance with Rule 114AAA(3) of the Income-tax Rules, 1962 (‘Rules’), from July…
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How to download an instant e-PAN card from Incometax Portal?
Your Permanent Account Number or PAN is an important document required to you to file your income tax return (ITR). In case you have lost or misplaced your PAN card, there is a provision of issuing instant e-PAN card by the Income Tax Department at their new income tax portal. There is also a facility…
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RBI releases Consultative Document on Regulation of Microfinance
The Reserve Bank of India (RBI) has proposed a slew of measures to protect micro-finance borrowers from over-indebtedness and enable competitive forces to bring down the interest rates. In a consultative document released on Monday, RBI has proposed to remove the ceiling on interest rates for micro-finance lenders, among other key measures. In the Statement…
Resolution framework -2.0: Enhancement of limits offered to individuals and small businesses
RBI on June 04, 2021 permitted lending institutions to offer a limited window to individual borrowers and small businesses to implement resolution plans in respect of their credit exposures while classifying the same as Standard upon implementation of the resolution plan subject to certain conditions under the framework. RBI in its circular DOR.STR.REC.11/21.04.048/2021-22 on “Resolution…
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