From Budget 2020, common man wants income tax cut and incentives to spend: Survey
A recent survey by Local Circles, a community social media platform, found that most people want the government to not just provide a tax cut but also announce measures that will provide an incentive to spend.
Can these deductions make you tax free?
Different sections under the Income-Tax Act correspond to different savings or expenses, some of whic...
I am an American and I lived in India for more than 182 days. Can I avail section 80C benefit?
Eligible instruments for the purpose of Sectio...
Budget 2020 should cut tax outgo by changing sec 80c, family pension laws
Deduction under section 80C is a deduction from gross total income which can be claimed for investment in specified avenues, expenditures up till a specified limit. The existing maximum deduction available under this section is Rs 1.5 lakh, set in 2014.
The Budget Wish List: What does the common man want from the Budget 2020?
A series of prebudget polls by Local Circles show that respondents want the govt to raise the basic tax exemption limit and LTA benefits. Surprisingly, four in 10 people do not approve of subsidies to replace old cars.
FSII recommends making India global seed production hub & pushes for 200% deduction of R&D expenditure in the seed industry
The income tax deduction for the in-house R&D has been reducing over the last few years, it said. Through an amendment as per Finance Act 2016, the weighted deduction was reduced to 150% effective from April 1, 2017 through March 31, 2020 and it indicated a further reduction to 100% from April 1, 2020.
Budget 2020 should cut income tax slabs, offer tax breaks to boost investment: EY
The Indian economy is growing at around 5 per cent in FY 2019-20, which is the lowest in the past 11 years.
Tax-saving guide for FY 2019-20
In our hurry to complete the tax-saving exercise before the end of the financial year, we end up making expensive mistakes. Here is a handy guide to set you on the right path.
TDS to be deducted on annuity payable to Overseas Citizens of India, NRI NPS subscribers
Based on a clarification received from IRDAI, it is hereby clarified that annuity payable by ASPs NRIs and OCIs will be taxed at source, at rates applicable as per the DTAA of the country where the annuitant resided.
Tax optimiser: Avuluri can save Rs 43,000 tax via NPS, health insurance
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly.
Tax optimiser: Why Pai can save tax only marginally via NPS
You can optimise tax by rejigging your income and investments. In this taxpayer's case, there is scope for further tax reduction if he makes use of all the deductions available.
Income tax changes of 2019: The impact they made on your personal finances
The changes help salaried people save more tax, while the uber rich took a big hit on the taxation front.
Can I claim deduction on my contribution to NPS as well that put in by the employer
The contribution from your employer will be exempt up to 10% of basic salary + dearness allowance for deduction under Section 80CCD(2). There is no upper limit (in terms of amount) on this tax deduction and it is available only to employees.
CBDT notifies TDS certificate to be issued by individuals deducting tax on payments to contractors
According to the CBDT notification, an individual is required to deposit the tax deducted within 30 days from the end of the month in which the deduction was made. The tax must be deposited along with a challan-cum-statement in Form 26QD.
ITR filing: All you need to know about treatment of income from self-occupied property
A house property is ‘self-occupied’ when the owner or family members use it for residential purpose. It could be termed ‘self-occupied’ even where the house was not occupied throughout the year due to owner’s employment at another place.
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