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
Saturday, 1 August 2020
Thursday, 30 July 2020
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.
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