Following the tradition for last 8 years, here are my ten major points from budget for 2019-2020, presented today.
1. No income tax for income up to Rs. 5 lakhs. Once income exceeds, the effective tax slabs and rates will be as follows;
There is an existing provision for deduction of TDS (deduction of tax at source) under section 194-I in the Income Tax Act, 1961 for individuals/HUFs, wherever tax audit is applicable.
INTRODUCTION OF SECTION 194-IB
Now, the Government has widened the scope by introducing a new..
Income Tax Return filing season for certain class of assessees including individuals not falling under tax audit provisions has just been over and by now the Income Tax Department (the Department) has already started processing of these returns. In fact, return filing and processing thereof are an o..
One of the biggest worries of income taxpayers is getting a notice from the Income Tax Department. The Department issues notices under various provisions of the Income Tax Act. The purpose of the same is to ensure greater tax compliance.
In recent times, the Department has access to a wide range ..
INCOME TAX IN INDIA
Government of India needs money for its expenses and development activities which is collected in the form of taxes and Income Tax is the biggest source of revenue for government of India.
As per the latest data released by the Indian Income Tax Department, out of 8.6 lakh ..
What is Income Tax?
It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961.
What is the Financial Year for Income Tax Purposes?
The Financial Year under the Income-tax Law is the period s..
DEMAND U/S 143(1)
At times, income taxpayers get an intimation of demand from the Department u/s 143(1)/143(1A).
Most of such cases are generated due to the discrepancy in income tax return and the documents on the basis of which such return is prepared including TDS certificates, Form 16/For..
1. As per the provisions of section 44AB/44ADof the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1 Cr./ 2 Cr. (as the case may be) or carrying a profession whose receipts exceeds Rs. 50 Lakhs in the financial year 2017-2018, must get his accounts audited befo..
MEANING OF PROFESSIONALS
Professionals for the tax purposes in India include Architects, Chartered Accountants, Company Secretaries, Cost Accountants, Doctors, Engineers, Lawyers, Technical Consultants, Interior Decorators, Film Directors, Cameramen, Artists, Singers, Authors, IT Professionals et..
Government has not proposed any
changes in tax slabs for the salaried class this year. So the effective tax
rates will be same as last year, as follows;
Effective Income Tax slab for individuals
Rate/s of Income Tax
Income up to Rs. 2.5 Lacs