TAX MATTERS Archive

Rates of Income Tax – FY 2019-20 (AY 2020-21)

Tax, rates of tax, Rates of Income Tax, surcharge, education cess, rebate, 87A, income slab, resident, individual, huf, BOI, AOI, artificial person taxed, income tax, income, AY, FY, 2019-20,2020-21, assessment, financial, year
Rules of Income Tax Act are subjected to periodical revisions. Accordingly, the rates of income tax also undergo periodical changes. Different tax rates have been stipulated for various categories of taxpayers and for different sources of income.
16 Jun 19 Author CategoryPersonal Income Tax No Comment Read More

Income Tax for Partnership, Society and Domestic Company – FY 2018-19 (AY 2019-20) 

Tax, rates of tax, AY, FY, 2018-19,2019-20, assessment, financial, year, taxable, rates of Income Tax, surcharge, health and educational cess, tax, Partnership firm, LLP, cooperative society, domestic company income tax, income,
Rates of Income tax applicable for Partnership Firm (including LLP), co-operative society and domestic company applicable to the Financial Year 2018-19 (Assessment Year 2019-20) are furnished below.  1.    Rates of Income Tax FY 2018-19 (AY 2019-20)–  Partnership
31 Oct 18 Author CategoryCorporate Taxes No Comment Read More

Rates of Personal Income Tax – FY 2018-19 (AY 2019-20)

Tax, rates of tax, AY, FY, 2018-19,2019-20, assessment, financial, year Rates of Income Tax, surcharge, education cess, rebate, 87A, income slab, resident, individual, huf, BOI, AOI, artificial person taxed, income tax, income,
Rules of Income Tax Act are subjected to periodical revisions. Accordingly, the rates of income tax also undergo periodical changes. Different tax rates have been stipulated for various categories of taxpayers and for different sources of income.
30 Oct 18 Author CategoryPersonal Income Tax No Comment Read More

National Pension System (NPS)- Scheme Features

NPS, National Pension System, PFRDA, Tier I, Tier II, PoP, corpus, annuity, pension, Point of Presence, PRAN, Permanent Retirement Account Number, NSDL-CRA, CRA, Central Recordkeeping Agency, section 80CCD, superannuation, exit
National Pension System (NPS) is a pension cum investment scheme promoted by the Government of India to ensure retirement income to its citizens. NPS was launched on January 1, 2004 with the main objective of providing old
26 Oct 18 Author CategoryInsurance, Schemes, Tax Savers One Comment Read More

Long Term Capital Gain (LTCG) Tax proposal on Shares and Units of Mutual Fund

LTCG, Long Term Capital Gains Tax, grandfathering clause, Budget, amendment, DTA, STT, double tax avoidance agreements, NAV, mutual fund, share, FY 2018-19, AY 2019-10, Securities Transaction Tax
Long-term capital gains (LTCG) refer to the gains made on any class of asset held for more than a specified period of time. In India, in case of equity shares and units of equity oriented mutual funds,
11 Feb 18 Author CategoryMutual Fund, Personal Income Tax No Comment Read More

Short Term Capital Gains Tax (STCG)

Short term capital gain, STCG, Tax
Short term capital gain is the gain (profit) arising from transfer of a capital asset that the assessee was holding for period less than 36 months.  However, in select cases, the upper ceiling of period is  12
10 Feb 18 Author CategoryPersonal Income Tax No Comment Read More

Long Term Capital Gains Tax (LTCG)

LTCG, Long Term Capital Gain, Long Term Capital Asset, Tax, indexation, cost inflation index, CII
Long term capital gain is the gain (profit) arising from transfer of a capital asset that the assessee was holding for more than 36 months immediately prior to its date of transfer. However, in select cases, the
9 Feb 18 Author CategoryPersonal Income Tax No Comment Read More

Tax Free Incomes  ( FY 2017-18, AY 2018-19)

Tax free income, Gift tax, LTCG, income tax, gift, dividend, Long Term capital Gain, gift tax, PF, GPF, Dividend
Tax free income is the Income that is not subjected to taxation. The individual or corporate deriving the income may be a tax assesse and tax payee.  However, there are certain legitimate incomes received by the tax
7 Feb 18 Author CategoryPersonal Income Tax No Comment Read More

Budget 2018-19: Direct and Indirect Tax Proposals

Direct tax, indirect tax, budget 2018-19, proposal, customs duty, excise duty, cess, service tax, revenue
Direct and Indirect Tax Proposals contained in the budget 2018-19 presented by Finance Minister Mr. Arun Jaitley  indicate that the central government is not willing to pursue  populism even in a pre-election budget.  Direct and Indirect Tax
3 Feb 18 Author CategoryCorporate Taxes, Personal Income Tax No Comment Read More

GST council announces changes and date extensions for  GST return filing

GST, GST council, return filing, 23rd, Guwahati, changes in forms, penalty, deadline, filing, below Rs. 1.5 Cr, above Rs. 1.5 Cr, companies, simplify, ease, Goods and Services Tax Council, GSTR-1, GSTR-2, and GSTR-3
GST rate cut was the major announcement made by the Goods and Services Tax Council in its 23rd meeting in Guwahati.  Apart from that a number of measures were also announced to ease compliance norms with regard
13 Nov 17 Author CategoryBanking News, Corporate Taxes No Comment Read More