Showing posts with label Budget 2020. Show all posts
Showing posts with label Budget 2020. Show all posts
Tuesday 1 September 2020
The new income tax
discipline came into effect on April 1, 2020. It gives an individual the option
to continue with existing tax duties (with tax rebates and exemptions) or to
opt for the 70 new tax rebates and tax exemptions. For the convenience of salaried
persons who have no business income, they have to choose between the existing
and new tax system every financial year.
Monday 31 August 2020
As per the Budget 2020 has introduced a New Income Tax
Section 115 BAC for the Financial Year 2020-21, also the CBDT declare A
Notification about this New Section that how to calculate your Income Tax under
this Section. You can choose your option that you can get the Old Tax Regime or
New Tax Regime. It also appears that if you choose the New Tax Regime, you can
not availed any Income Tax benefits except the NPS benefits by the employer to
the employees and no additional Tax Slab for the Senior Citizen in this New Tax
Slab. But if you choose the Old Tax Regime you can get all benefits of all Income Tax Sections and you also availed
the Old Income Tax Slab Rate as per the F.Y.2019-20. Then it is questioned how to
choose the Tax Benefits, read the article How to Choose your Option New or Old Tax Regime.
Thursday 4 June 2020
Under the straightforward system, it's impossible to say some concessions and exemption.
In the Budget 2020
has introduced a simple personal tax system to reduce the tendency of
income tax income of individuals. This new regime provides an option for
individuals to pay taxes at a reduced rate subject to certain discounts
and rebates.
Monday 27 April 2020
How to do Income Tax Calculation for FY 2020-21?
Which Tax Structure to Select?
As per budget 2020, you cannot claim any tax
deduction or exemption if you plan to opt new tax structure. So, as an
individual tax payer if you opt for the new tax regime with reduce tax rate you
need to forgo all tax breaks available today. Fortunately, you have option to
continue with old tax structure. Salaried person can switch between old and new
tax structure.
Thursday 26 March 2020
Budget 2020 proposes to allow a taxpayer
to choose between the existing income tax regime (availing benefits of tax
exemptions and deductions) and a new tax regime (lower income tax rates with no
tax exemptions and deductions) every year as per their convenience.
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