NEW INCOME TAX SLABS
How to calculate income tax for FY 2020-21
For FY 2020-21, an individual taxpayer will have an option to choose between the new and old tax regime. In order to know which tax regime is beneficial for an individual, it is important to know how much will be the tax liability in both the regimes.
For TDS from salary, you will have to choose your tax regime now, says CBDT circular
This was clarified by the Central Board of Direct Taxes ...
How to calculate income tax online
Use this income tax calculator to calculate whether you will benefit by opting for the new tax regime or ...
CBDT notifies revised Form 26AS, to now include real estate, share transaction details
Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN). The revamped Form 26AS will now come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.
Belated I-T returns for FY 18-19 deadline extended to June 30, 2020
In a good news for individuals, the government has decied to extend the deadline for belated income tax return (ITR) from March 31, 2020 to ...
How to know which income tax slab you fall in?
As your income level increases, income at different levels will be taxed at different rates which are called the slab rates. To know how much is your tax liability in an FY, it is important to know which income tax slab you fall in.
New income tax slabs: Will you gain by switching to new regime?
Budget 2020 had proposed an alternate income tax structure, which has come into effect fro April 1, 2020. Find out whether you will benefit or not.
Sabka Vishwaas scheme deadline extended till June 30
The government has extended most tax compliance deadlines for individuals to June 30, 2020. The main deadlines extended include: Linking Aad...
Got a pay cut? You may still be taxed on your original CTC
If a pay-cut is not reflected in the components of your salary, you may still be taxed on your original CTC.
Claim over Rs 2.5 lakh tax deduction? Don’t opt for new income tax regime
If you wish to opt for the new tax regime, you will have to inform your employer through the declaration form. The employer will start deducting tax at source (TDS) accordingly for each month. Find out which tax option suits you.
Income tax benefits on EPF contributions: New vs existing tax regime
In the new tax regime, the tax benefit available on employee's own contribution to EPF account is impacted.
TDS, TCS cut: More funds for taxpayers
The finance minister also announced that the due date of all income tax (I-T) returns for assessment year 2020-21 will be extended to November 30, 2020. Tax experts said the move to reduce TDS and TCS will help increase liquidity in the system.
Six income tax slabs in, 70 exemptions out: Impact on taxpayers
Salaried taxpayers who opt for the new regime will have to forgo the standard deduction as well as exemptions under chapter VI-A, including HRA, investments under 80C, medical insurance premium, even LTA.
New criteria for NRI status and how income will be taxed in India effective from FY2020-21
At the stage of the passing of the Bill, the amendments originally proposed in the criteria determining 'residential status' in India of a person in the Finance Bill 2020 were relaxed. This change will directly impact the non-resident Indian.
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