Income tax

TDS, TCS Reduced By 25% – Table Of Existing & New Reduced Rates (2020-2021)

To provide more funds at the disposal of taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, rates of TDS have been reduced by 25% for following non-salaried specified payments. Here is the table of existing & new reduced rates : TDS Rate Chart For FY 2020-21 Pre & Post 14th May …

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Higher TDS may be deducted if you fail to select tax regime on time – Income Tax Alert For Salaried!

To facilitate the employer to deduct tax at source (TDS) from salary, employees need to declare their tax-saving investments in the beginning of every financial year, i.e. in April. But this year, the nationwide lockdown, that has been imposed in the third week of March 2020 to contain the spread of highly contagious Novel Coronavirus …

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Centre Grants Relaxations To NRIs On ‘Residential Status’ Under Income Tax Act For FY 2019-20

Taking note of the COVID-19 lockdown, the Central Government has granted relaxations to the criteria for determining ‘residential status’ under Section 6 of the Income Tax Act,1961, for the Financial Year 2019-20. As per Section 6 of Income Tax Act (before 2020 amendment), stay for 182 days or more in India during a financial year …

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House Rent Allowance (HRA) Exemption Rules & its Tax Benefits

HRA is covered under Section 10(13A) of Income Tax Act 1961. Salaried Employees who live in a Rented house can claim HRA to lower their taxes – partially or wholly. The decision of how much HRA needs to be paid is made by employer. Part of Salary is apportioned to HRA. 1. CONDITIONS FOR CLAIMING HRA EXEMPTION? Salaried Individual only can claim …

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New Section 80JJAA Deduction for Salaries paid to New Employees

Section 80JJAA is a facility for claiming a deduction for the recruitment of new or additional employees. The section has been made available in the Income Tax Act to encourage employers to recruit fresh employees on a periodic basis. This deduction of the Income Tax Act can be claimed by all assessees for creating employment generation opportunities. …

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Income Tax Slabs: Is it mandatory to file ITR for those whose annual income is below Rs 5 lakh

The Finance Minister Nirmala Sitharaman while presenting the Union Budget 2020 gave an earning individual two options while filing their income tax return (ITR). Either you forfight all tax exemption benefits and get zero income tax slab on your annual income up to rs 5 lakh or remain in the old income tax slab and …

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