Monday, 6 April 2020
Sunday, 5 April 2020
Saturday, 4 April 2020
As we begin the new financial year, there was a demand for extension of FY 2019-20 to June 30, 2020, owing to
the COVID – 19 outbreaks.
Honourable Finance Minister (FM) Nirmala Sitaraman in her budget has introduced a new
taxation regime under personal taxation. Instead of giving relief to all the
Individual & HUF by increasing the tax slabs directly, Budget 2020 have
proposed to introduce new section 115BAC in the Income Tax Act 1961 in which
Individuals or HUF have been given an option to give up various exemptions and
get the advantage of lower tax rates. Following is the comparison of the existing
tax rates and the new tax slabs.
Wednesday, 1 April 2020
Now you can get higher gratuity without paying taxes. The Government is going to increase the limit for tax-free gratuity.
Tuesday, 31 March 2020
The Ministry of Finance issued a
clarification that the Financial Year has not been extended. The clarification
was issued to clear the confusion about the extension of the Financial Year
caused after a notification was released by the Government of India about the
amendments in the Indian Stamp Act. After the notification was released many
people misquoted it and a fake news was circulated on social media regarding the
extension of the Financial Year. However, the government later made it clear
that the notification is being misquoted and it does not talk about the
extension of the Financial Year but pertains to amendment in the Indian Stamp
Act.
Monday, 30 March 2020
The CBDT has changed the format of
Income Tax Form 16 Part B for the Financial Year 2019-20 since the 12 May 2019. This Format is more explore the
employee’s Salary Details.
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