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- Six income tax slabs in, 70 exemptions out: Impact on taxpayers
  February 2, 2020UpdatesThe Budget 2020 has made the tax structure more complicated by adding three tax slabs. The removal of tax exemptions and deductions certainly makes compliance less tedious, but avid tax planners who maximised their tax deductions will probably pay more tax under the new tax regime. The budget has tried to put more money in the hands of taxpayers by curtailing the incentives to save. Even the claim that taxpayers will save tax under the new regime raises questions. Finance Minister Nirmala Sitharaman said in her speech that a taxpayer earning Rs 15 lakh will save Rs 78,000 in tax under the new regime. “A person earning Rs 15 lakh in a year and not availing any deductions and exemptions will pay only Rs 1.95 lakh tax as compared to Rs 2.73 lakh in the old regime,” said the Finance Minister. But this is without any deductions under various sections of Chapter VI-A. If the taxpayer claims deductions for Rs 2.5 lakh (Rs 50,000 standard deduction, Rs 1.5 lakh under 80C and Rs 50,000 contribution to NPS), his tax will not change. If he also claims house rent allowance (HRA) exemption or home loan interest deduction of Rs 2 lakh, his tax in the old regime would be lower by Rs 46,800 (see graphics). Salaried taxpayers who opt for the new regime will have to forgo the standard deduction as well as the exemptions under chapter VI-A, including the HRA, investments under Section 80C, medical insurance premium and even the leave travel allowance which is tax free if claimed once in a block of two years. What’s outSome of the 70 exemptions and deductions you won’t get in new regime. Section 80C investmentsHouse rent allowanceHousing loan interestLeave travel allowanceMedical insurance premiumStandard deductionSavings bank interestEducation loan interest...
- Employees’ contribution to EPF and ESIC deposited beyond the due date prescribed under section 36(1)(va) would not be eligible for deduction even if deposited before the due date of filing the return of income tax under section 139(1): Madras High Court
  February 1, 2020EPF-CaseEmployees‘ contribution to EPF and ESIC deposited beyond the due date prescribed under section 36(1)(va) would not be eligible for deduction even if deposited before the due date of filing the return of income tax under section 139(1): Madras High Court short overview: Employees’ contribution to EPF and ESIC deposited beyond the due date prescribed under section 36(1)(va) would not be eligible for deduction even if deposited before the due date of filing the return of income tax under section 139(1). Therefore appeal of Revenue was allowed. Issue arose under consideration as to whether Tribunal was correct in law in holding that no disallowance could be made on account of assessee paying employees’ contribution to PF and ESI funds beyond the due dates prescribed under the respective Acts and as per section 36(va) read with section 2(24)(x). it is hald: High Court in the case of Gujarat State Road Transport Corporation Ltd. and M/s. Checkmate Facility & Electronics Solutions (P) Ltd. v. DCIT [R/Tax Appeal No. 1256 of 2018, dt. 15-10-20418] held that employees’ contribution to EPF and ESIC deposited beyond the due date prescribed under section 36(1)(va) would not be eligible for deduction even if deposited before the due date of filing the return of income tax under section 139(1). Therefore appeal of Revenue was allowed. Decision: Against the assessee. Referred: CIT II v. Gujarat State Road Transport Corporation (2014) 366 ITR 170 (Guj) : 2014 TaxPub(DT) 1235 (Guj-HC), CIT v. Aimil Limited, Nirmala Swami, Spearhead Digital Studio, M/s. Net 4 India Ltd., Modipon Ltd., & M/s. Ekta Agro Industries Ltd., (2010) 321 ITR 508 (Delhi) : 2010 TaxPub(DT) 1231 (Del-HC), CIT v. Madaras Radiators & Pressings Ltd. (2003) 264 ITR 620 (Mad) : 2003 TaxPub(DT) 885 (Mad-HC)....

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First time in GujaratPractical Training in: HR - Labour Law - Compliances - Payroll - IR

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Revision Classes

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Latest Blog

First time in Gujarat

Practical Training in:
HR - Labour Law - Compliances - Payroll - IR