Comparison of new income tax regime with old tax regime
Based on an example, it is evident that maximum benefit in terms of tax savings that can be availed under the new regime (in case no investments are made) is Rs 75,000. The highest tax rate, i.e. 42.7%, will continue to be a major challenge for HNIs.
How to save tax without fresh investments in FY 2019-20
A taxpayer may be having liquidity issues and as such, not be in a position to make f...
New tax regime allows deduction of interest on home loan on rental property
In the new tax regime, there is good news for individuals who hav...
New income tax slabs: Will you gain by switching to new regime?
The budget has proposed an alternate income tax structure. Find out whether you will benefit or not.
Will proposed new income tax slabs rates benefit senior citizens? Here’s the answer
The proposed new tax structure does not offer higher tax exemption limit for senior citizens.
90% taxpayers claimed less than Rs 2 lakh deductions in FY19: Govt
Income Tax Act offers deductions under section 80C - provident funds, life insurance premium, home loan principal repayment etc., health insurance premium under section 80D, additional Rs 50,000 dedution in NPS under section 80CCD (1B) etc.
Individuals earning salary of over Rs 13 lakh a year to save under new tax regime
As per data, as many as 5.3 crore taxpayers out of 5.78 crore claimed deductions of less than Rs 2 lakh (standard deduction, provident fund, home loan interest, contribution to national pension scheme, life insurance, medical insurance etc.) while filing income tax returns. This means that about 90 per cent of taxpayers actually claim deduction of less than Rs 2 lakh.
Can you choose between existing income tax regime and new optional regime every year?
Budget 2020 has given taxpayers an option to continue with existing tax regime or opt for the new proposed tax regime by forgoing exemptions. The question arises whether a taxpayer can pick and choose between the two tax regimes every financial year.
Income tax break that individuals can still claim in new personal income tax regime
Most of the commonly available deductions such as section 80C, 80D, standard deduction etc. have been proposed to be removed but here is one tax benefit that can still be claimed by you under the new tax regime.
Deductions, exemptions not available in proposed new tax regime
All deductions under chapter VIA will not be claimable by those opting for the new tax regime, as per Budget 2020.
'Vivad se Vishwas' scheme offers fair deal to settle past direct tax disputes: CBDT chief
If a taxpayer is not able to pay within the March 31 deadline, he gets a further time till June 30, but in that case he would have to pay 10% more on the tax. In case it is just the interest and the penalty which is in dispute, the taxpayer will have to pay 25% of the disputed amount till March 31, and subsequently it will be 30%.
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.
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.
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.
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.
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