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Saturday, 1 August 2020


The CBDT ( Central Board of Direct Taxes)  as of late gave a roundabout furnishing explanation regarding option under section 115BAC of the Income-tax Act, 1961

Thursday, 30 July 2020


Anticipating your income tax or figuring your income tax liabilities is by all accounts an exceptionally overwhelming undertaking for huge numbers of us. On the off chance that you had confidence in this legend, without a doubt the Fund Budget 2020 would refute you.

Wednesday, 29 July 2020

PROVISIONS RELATING TO DIRECT TAXES

 
The provisions of Finance Bill, 2020(hereafter referred to as "the Bill"), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act'), Prohibition of Benami Property Transactions Act, 1988 (hereafter referred to as “PBPTAct”), and Finance Act, 2013, to continue to provide momentum to the buoyancy in direct taxes through tax-incentives, reducing tax rates for co-operative society, individual and Hindu undivided family (HUF), deepening and widening of the tax base, removing difficulties faced by taxpayers, curbing tax abuse and enhancing the effectiveness, transparency and accountability of the tax administration.

With a view to achieving the above, the various proposals for amendments are organised under the following heads:—
(A) Rates of income-tax;
(B) Tax incentives;
(C) Removing difficulties faced by taxpayers;
(D) Measures to provide tax certainty;
(E) Widening and deepening of tax base;
(F) Revenue mobilisation measures;
(G) Improving the effectiveness of tax administration;
(H) Preventing tax abuse; and
(I) Rationalisation of provisions of the Act.

Click here to download Full Budget 2020 as well as Finance Bill for the Financial Year 2020.


Feature of this Excel Utility:-

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Update Version)

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

7) Individual Salary Sheet




Tuesday, 28 July 2020


This article is tied in with asserting deduction on interest under Section 8oTTA. On the whole, what is 80TTA?

Section 80TTA gives a deduction of Rs 10,000 on interest income. This deduction is accessible to an Individual and HUF.

Monday, 27 July 2020

Before we begin to understand whether the deduction for NPS under the new tax framework is accessible or not it is basic to understand the sorts of deduction accessible for contribution to a NPS Fund.

Sunday, 7 June 2020


After Budget 2020, what are the NPS tax benefits under Sec-CCD (1), 60 CCD (2) and 60 CCD (1B) and especially if you have chosen a new tax discipline? Let's understand the changes in detail. You all know that the government introduced a new tax system during the 2020 budget.

Thursday, 4 June 2020


Under the straightforward system, it's impossible to say some concessions and exemption.
In the Budget 2020 has introduced a simple personal tax system to reduce the tendency of income tax income of individuals. This new regime provides an option for individuals to pay taxes at a reduced rate subject to certain discounts and rebates.