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Category: Union Budget

NBFC Sector and Budget 2020

NBFC Sector and Budget 2020

The NBFC sector which has been ailing for quite some time, was expecting some booster shots in the budget 2020. However the Finance Minister preferred to stick to a more conservative regime to address the liquidity constrains of NBFCs and HFCs. The steps announced may not be radical but will set stage for putting the sector back on track, with follow up measure in the coming months. It is but imperative to revive the NBFC sector as it plays an…

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Comparative analysis on budget 2020 for Salaried Individual

Comparative analysis on budget 2020 for Salaried Individual

Comparative analysis on budget 2020 for Salaried Individual Under New Tax Regime Case I-Salaried individual those who are not claiming any exemptions or deductions Amount (Rs.) Gross salary 7,50,000 10,00,000 12,50,000 15,00,000 20,00,000 Tax Rs.2,50,001-5,00,000 5% 12,500 12,500 12,500 12,500 12,500 Rs.5,00,001-7,50,000 10% 25,000 25,000 25,000 25,000 25,000 Rs.7,50,001-10,00,000 15% Rs.10,00,001-12,50,0000 20% Rs.12,50,001-15,00,000 25% Rs.15,00,001-20,00,000 30% Tax Payable 37,500 75,000 1,25,000 1,87,500 3,37,500 Health Education Cess 4% 1,500 3,000 5,000 7,500 13,500 Total Tax Payable 39,000 78,000 1,30,000 1,95,000 3,37,500…

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TDS on Payment of certain sums by e-commerce operator to e-commerce participant

TDS on Payment of certain sums by e-commerce operator to e-commerce participant

As proposed in the budget 2020, in The Income-tax Act, the new section 194-O shall be inserted, namely: (1) ‘Notwithstanding anything to the contrary’ contained in any of the provisions of Part B of this Chapter, where ‘sale of goods or provision of services’ of an e-commerce participant is facilitated ‘by an e-commerce operator’ through its digital or electronic facility or platform (by whatever name called), ‘such e-commerce operator shall’, • at the time of credit of amount of sale…

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What is Taxpayer Charter?

What is Taxpayer Charter?

Union Finance Minister Nirmala Sitharaman in her Budget speech announced that CBDT will adopt a Taxpayer’s Charter. She went on to explain ‘an important aspect of both ease of living & ease of doing business is fairness & efficiency of tax administration. We wish to enshrine in the statutes an ‘Taxpayer charter’ through this budget . Our government would like to reassure taxpayers that we remain committed to taking measures so that our citizens are free from harassment of any…

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An overview of Direct Tax Proposals in Union Budget 2020

An overview of Direct Tax Proposals in Union Budget 2020

Here I am presenting the simplified and summarized version of Direct Tax Proposals in Union Budget 2020 presented by Honorable Finance Minister of India on Feb 1, 2020. This article will help you to grasp the new insertions/amendments without going into the depth of each and every section. Let’s Begin. In order to simplify the taxation structure, a new scheme “Vivaad se Vishwas Scheme” has been introduced which will reduce or simplify the litigations under which an assessee will not…

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Is the ‘new tax regime’ introduced by the Hon’ble Finance Minister beneficial?

Is the ‘new tax regime’ introduced by the Hon’ble Finance Minister beneficial?

On 1st February 2020, the Hon’ble Finance Minister (‘FM’) of India Mrs. Nirmala Sitharaman unveiled the first budget of the 3rd decade of the 21st century.  At a time when the Hon’ble FM was expected to extend benefits of lower income tax rates to individuals and mark the first steps to introducing a revamped Direct Tax Code (‘DTC’), she managed to surprise everyone by introducing Section 115BAC in the Income Tax Act, 1961 providing an optional scheme to individuals to…

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Changes in Income tax act effecting an Individual Tax Payer

Changes in Income tax act effecting an Individual Tax Payer

The Finance minister in her speech said, “Currently the Income Tax Act is riddled with various exemptions and deductions which make compliance by the taxpayer and administration of the Income Tax Act by the tax authorities a burdensome process. It is almost impossible for a taxpayer to comply with the Income-tax law without taking help from professionals. Hence, the main aim of new tax reforms is to Simplify tax structure Bring ease of compliance Reduce litigation” This article is aimed…

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FAQs on new scheme of Income Tax introduced in Budget 2020

FAQs on new scheme of Income Tax introduced in Budget 2020

FAQs on new scheme of Income Tax introduced in Budget 2020 Q. When will the new scheme be applicable? A. The new Scheme will be applicable from Asst Year 2021-22 (i.e. Financial Year 2020-21). Q. What is the new Scheme? A. Under the new Scheme, Tax Rate will be reduced subject to certain conditions Q. What are Tax Slabs under new Scheme? A. The Tax Rates under new Scheme will be as follows: Total Income (Rs) Rate Upto 2,50,000 –…

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Section wise Analysis of Union Budget 2020 containing changes under GST, Customs and Central Excise Duty

Section wise Analysis of Union Budget 2020 containing changes under GST, Customs and Central Excise Duty

Key Highlights of Union Budget 2020 The Finance Minister Nirmala Sitharaman presented Union Budget 2020 in Parliament on Saturday, February 1st, 2020. She stated that the government shall work towards taking the country forward so that we can leapfrog to the next level of health, prosperity and well-being. The budget was presented in the backdrop of two cross-cutting developments: a) Proliferation of technologies, specially analytics, machine learning, robotics, bio-informatics and Artificial Intelligence; and b) The number of people in the…

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Decoding Section 115BAC (i.e. Reduced Optional Tax Regime Budget 2020)

Decoding Section 115BAC (i.e. Reduced Optional Tax Regime Budget 2020)

  Decoding Section 115BAC (i.e. Reduced Optional Tax Regime of Budget 2020) As proposed in the union budget 2020, In the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2021. 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or a Hindu undivided family, for any previous year relevant to the…

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