If
you Opt-in Old Tax Regime then you can get the Tax Exemptions.
Important for tax planning. It reduces the tax burden of an assessee. Let's
take a look at important deductions in Income tax F.Y. 2020-21 and A.Y.
2021-22. Or if you Opt-in as New Tax Regime, then you can not avail the
below all Exemptions.
Monday, 11 May 2020
If you have
received arrears of salary/pension in the Financial year 2020-21 related to the previous year(s) then your tax liability will be on the higher side due to arrears
but do you know that you can bifurcate your income from arrears in
respective years on notional basis and can avail relief u/s 89(1) of Income-tax
Act,1961.
Sunday, 10 May 2020
Tax Saving Investments is a vital piece of one's
life as they offer tax reasoning under the Income Tax section 80C or 80CCC.
Attributable to the utility of these ventures, an ever-increasing number of
individuals regularly need to contribute. Be that as it may, it ought to be
considered that the ventures have low returns and various risks related to
different speculations.
Thursday, 7 May 2020
Deduction
for Medical Insurance Premium Under Section 80D. Section 80D
gives deduction to an individual or a Hindu unified family towards
medical
insurance premium and preventive health registration or commitment to
Focal
Government Health Plan (CGHS) or any plan told by the Focal Government
on the health of the assessee, his family, guardians or individuals from
the HUF.
Saturday, 2 May 2020
Many individuals procrastinate whilst
it comes to submitting their income tax returns, particularly
folks who are filing their tax returns for the first time.
All character taxpayers having a total income of more
than Rs. 2.5 lakh (Rs. three lakh for senior residents and
Rs. five lakh for brilliant senior residents) are required
to report the earnings tax returns on or earlier than the
due date. Even if it isn't always obligatory for you, filing
a "Nil Return" can help you set matters on the
record. The following are a number of the suggestions to ensure
which you are filing your tax return effectively
and in a hassle-unfastened manner.
Friday, 1 May 2020
Thursday, 30 April 2020
New section115BAC is embedded in Income Tax Act by the Finance Act 2020 and it is
pertinent w.e.f first April 2020 and will be appropriate on Individuals and
HUFs for evaluation year 2021-22 and resulting appraisal years. Under this
section taxpayers i.e Individuals and HUFs has an option to pay the tax based
on concessional piece rates subject to certain conditions. The new income tax
chunk rates according to section 115BAC are as per the following:
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