Income Tax

Budget 2020: Income tax exemption limit could be raised

Budget 2020: Income tax exemption limit could be raised Prime Minister Narendra Modi will take a final call on income tax rate cuts Nirmala Sitharaman may raise the minimum exemption

Read More...

Income Tax

Not sharing PAN/Aadhaar? Employees can lose over 20% of income in AY 2020-21!

PAN/Aadhaar rules for AY 2020: As per Section 139A(5B), it is obligatory for employers (who are responsible for deducting tax at source) to quote PAN or Aadhaar number as the

Read More...

Income Tax

Salaried? How to save excess TDS with NPS, FD, SSY, Home Loan, HRA, LTA .

How to avoid TDS Deduction: Employers deduct the applicable tax in advance from salaries paid to employees. The latter can avoid salary cut, by investing in eligible tax deduction instruments.

Read More...

Income Tax

Income tax department let’s ‘deserving’ assesses to pay up 20% tax demand in parts

An EMI scheme ( installments ) for India’s ‘deserving’ taxpayers. What does the taxman do when the money market dries up and businesses struggle? It tries to figure out a

Read More...

Income Tax

Taxation on Conversion of Company Into LLP

The LLP is one the popular mode of doing the business in India. The LLP Act has provided the conversion of a private limited company to LLP. The Income tax

Read More...

Income Tax

Tax saving through Chapter VI-A deduction- Budget 2020

Tax saving through Chapter VI-A deduction- Budget 2020 Budget 2020-21: The tax break of Rs 1.5 lakh under Section 80C needs to be increased, even as the scope of Section

Read More...

Income Tax

Startups In India : Eligibility Criteria And Tax Exemptions

Eligibility for Startups in India As per the Startups India Action plan, the followings conditions must be fulfilled in order to be eligible as a Startup: Being incorporated or registered

Read More...

Income Tax

Income tax relief likely in Budget: Flat rates, fewer exemptions being considered

The Finance Ministry may allow individual taxpayers to pay a lower flat rate of tax if they forego all exemptions ; income tax relief The new structure would be similar

Read More...

Income Tax

Avenues to Save Tax in F.Y. 2019-20

7 Avenues to Save Tax in F.Y. 2019-20 which includes Deduction under Section 80C on Specified Investments or Expenses, Deduction for Contribution to the National Pension System, Deduction for payment

Read More...

Income Tax

CBDT relaxes conditions of filing of ITR I & ITR-4 for AY 2020-2021

The CBDT relaxed eligibility conditions related to filing of ITR Form-1 and ITR Form-4 for Assessment Year 2020-2021. For ensuring that the e-filing utility for filing of return for the assessment

Read More...