What is new Income tax Slab for AY 2020-21? -> Under existing regime the taxpayers (Individuals and HUF) were taxed @20% with taxable income in the range of Rs 5 lakh to Rs 10 lakh. There were expectations from government to slash the...
The year 2019 has been a very significant one to the taxation regime as the government has introduced various revolutionary changes in the laws and rules and regulations. The contribution of the judiciary including the Supreme Court and various High Courts and...
Narendra Modi may have shocked the nation with his 8 PM, 8 Nov 2016 announcement , but the Prime Minister’s move was not a step which was not known or never done before. India has pulled back selected denominations of its currency twice before on 12th Jan 1946 and 16th Jan 1978.
Income Tax Salb for A.Y 2020-21 and 2021-22Individuals/HUF Entity type Income Tax Slabs 1. Individuals/HUF A.Y.2020-21 A.Y.2021-22 Individual (other than Senior or super senior citizen) and...
“Question: Hey! What is your Tax History? Are you compliant and paying Income tax properly?? Tax Payers (before): I do pay taxes regularly, but I need to check with my accountant whether there are any defaults with the tax department! Tax Payers (now):...
Summary of the judgment of Hon'ble Delhi High Court on Scope of Rule 27 of the Income-tax (Appellate Tribunal) Rules, 1963.
Insolvency and Bankruptcy Code 2016 is the law relating to insolvency and bankruptcy in India. This code was enacted with a view to consolidate and amend the law relating to insolvency and to remove the problem of overlapping legal framework in various laws. It provides the single window resolution...
Before the introduction of S. 270A, Section 271(1)(c) of the Income Tax Act was in place being penalty on concealment of income and or furnishing inaccurate particulars of income. However this section always caused litigation between revenue and taxpayers due to the decision of quantum of penalty at the...
During the Budget 2020, Finance Minister proposed changes in the criteria for determining residential status for Non Residents Indians for tax purpose. On March 23, 2020, the proposal was accepted in Lok Sabha with certain amendments, granting relaxation in the criteria originally proposed. Finance Bill 2020 was...
The Finance Minister Ms. Nirmala Sitharaman, in the press release held on 13.05.2020 announced various relaxations in respect to deadlines and due dates under Income tax return filing, Tax Audit, Vivad se Vishwas scheme and RERA,2016. Have a look at the revised due dates below: Income Tax Returns Deadline For 2019-20...