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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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De-criminalisation of penalties for Companies Law breaches

De-criminalisation of penalties for Companies Law breaches

Through the Companies (Amendment) Act, 2019, changes were made in the Companies Act, 2013, inter alia, to convert 16 criminal offences into civil wrongs. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today. Stating the chronology, Shri Thakur said that in continuation of the Government’s endeavour in similar directions, a Company Law Committee was constituted by the Ministry of Corporate Affairs…

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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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Deferring tax payment in respect of income on ESOPs for startups

Deferring tax payment in respect of income on ESOPs for startups

ESOPs have been a significant component of the compensation for the employees of start-ups, as it allows the founders and start-ups to employ highly talented employees at a relatively low salary amount with balance being made up via ESOPs. Currently ESOPs are taxed as perquisites under section 17(2) of the Act read with Rule 3(8)(iii) of the Rules. The taxation of ESOPs is split into two components: i. Tax on perquisite as income from salary at the time of exercise….

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Direct Tax proposals in the Finance Bill 2020

Direct Tax proposals in the Finance Bill 2020

FINANCE BILL, 2020 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of Finance Bill, 2020 (hereafter referred to as “the Bill”), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as ‘the Act’), Prohibition of Benami Property Transactions Act, 1988 (hereafter referred to as “PBPT Act”), and Finance Act, 2013, to continue to provide momentum to the buoyancy in direct taxes through tax-incentives, reducing tax rates for co-operative society, individual and Hindu undivided family (HUF),…

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Synopsis: Union Budget 2020-2021

Synopsis: Union Budget 2020-2021

GENERAL: Finance Minister says: This Budget Theme: Aspiration, Development, Compassion National security is the top priority of the government A new and simplified GST return system coming this April 2020 Central govt’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014 Government to incentivize farmers to go solar ‘TB Haarega, Desh Jeetega’ mission to be launched Swachch Bharat Abhiyan to get ₹12,300 crore Data is the new oil. A policy to be announced to enable…

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Key Highlights of Union Budget 2020

Key Highlights of Union Budget 2020

Presenting the first Union Budget of the third decade of 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long-term measures. The Key Highlights of Union Budget 2020-21 are as follows: Three prominent themes of the Budget •    Aspirational India – better standards of living with access to health, education and better jobs for all sections of the society •    Economic Development…

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New income tax slab rates announced in Budget 2020

New income tax slab rates announced in Budget 2020

New Income Tax Rate if no deduction and exemption is availed for FY 2020-21, AY 2021-22 5-7.5 Lakh – 10% 7.5 – 10 Lakh – 15% 10 – 12.5 Lakh – 20% 12.5 – 15 Lakh – 25% Those earning up to Rs 5 lakh in a year will pay no tax. Tax rate of 30% on income above Rs 15 lakh will be continued     Source link