Union Budget 2020 offers individuals the
choice of paying tax under the new regime of lower income tax rates by forgoing
the tax exemptions/deductions or continue to pay tax under the existing income
tax laws by claiming the applicable exemptions and deductions. Essentially, the
more exemptions an individual claims, the less likely he/she is to benefit from
the new optional tax regime however which regime is beneficial will vary on a
case to case basis. Calculations show that salaried individual.
Friday, 10 April 2020
Amount paid by the employer in the head of the arrears of salary, have you ever thought of tax
relief under section 89(1) on salary arrears: No,
Most of us don’t
know what is relief under section 89.
Most of the
employee says it “relief 89“.
This article is all
about “How to calculate income tax on arrear
salary”.
Wednesday, 8 April 2020
Monday, 6 April 2020
The Union Cabinet has approved an ordinance slashing the pension and allowances of members of the Parliament by 30 percent for a year.
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.
Subscribe to:
Posts (Atom)
