. 1. Applicability of Section 115BAB This section is applicable w.e.f. 1st April 2019 [FY 2019-20 (A.Y. 2020-21)]. Benefit of lower tax rate is available to domestic companies who satisfying the specified conditions mentioned in point 2. This section states that domestic companies have the option to pay tax at a lower rate of 15%. 2. Conditions … Continue reading “Section 115BAB – For domestic manufacturing company which is a New Company”

. 1. Applicability of Section 115BAA This section is applicable w.e.f. 1st  April 2019 [FY 2019-20 (A.Y. 2020-21)]. Benefit of lower tax rate is available to all domestic companies after they comply certain conditions. Domestic Companies are given an option. Option once exercised cannot be revoked (That is no coming back by choice). But if you … Continue reading “Section 115BAA – Lower Tax Rate introduced for Domestic Companies”

.fvdvgfgvdf 1. Tax Rate for Companies: Tax rates for domestic companies Particulars Tax rates Total turnover or gross receipts during the previous year 2017-18 does not exceed Rs. 400 Crore 25% Other domestic companies 30%   Tax rates for foreign companies The tax rate for foreign company is 40%. In case foreign company received any … Continue reading “Income Tax Rates for other than Individual for F.Y. 2020-21 (A.Y. 2021-22)”

The person opting for the new scheme shall not be entitled to the following exemptions/ deductions: 1. Leave travel Allowance 2. House rent allowance 3. Some of the allowance as contained in section 10(14) like Helper allowance, transfer allowance, conveyance allowance, research allowance, etc.; 4. Allowances to MPs/MLAs 5. Allowance for the income of minor … Continue reading “List of Exemptions/Deductions available/not available as per New Tax Regime”

. The Government of India in the Budget 2020 has introduced a new system of computation of taxes. The new system is simple in calculation as it provides application of tax rates straight on the Gross Income earned by the individual through various slab rates. It has been seen in the past that many people … Continue reading “Income Tax Slab Rates for Individual for F.Y. 2020-21 (A.Y. 2021-22)”

Section* Nature of Payment* Threshold Limit* TDS Rates for Indian Residents* 192 Salaries Income tax slab Slab rates 192A Payment of accumulated balance due to an employee (EPF Premature Withdrawal) Rs. 50,000 10% 193 Interest on Securities Rs. 10,000 10% 194 Dividends (Other than listed company) Rs. 5,000 10% 194A Interest other than “Interest on … Continue reading “TDS Rate chart for F.Y. 2020-21 (A.Y. 2021-22)”

Currently, there are more than 4.5 Lacs cases of Direct tax related disputes are pending at various appellant authorities which results in locking of tax arrears and consumption of time, energy and resources on the part of both Government and Taxpayers. In order to resolve these pending disputed cases, The Hon’ble Finance Minister on 1st February … Continue reading “Direct Tax Vivad se Vishwas Scheme 2020”

The Government of India through the Finance and Corporate Ministry has announced several measures to provide the relief to the Individuals and the companies. The individuals and the various businesses are required to comply with numerous statutory requirements time to time like filing of GSTR 3B monthly, Annual returns, compliance of laws for composite dealers, … Continue reading “Indirect Tax (GST and Custom) – Various due dates extended due to COVID 19”

The Government of India through the Finance and Corporate Ministry has announced several measures to provide the relief to the companies. In the light of this global pandemic COVID-19, the ministry has extended the date of compliance for various requirements falling within the period of March 20, 2020 to June 29, 2020. The extended date … Continue reading “Corporate Affairs – Various due dates extended for companies due to COVID 19”

The Government of India through the Finance and Corporate Ministry has announced several measures to provide the relief to the Individuals and the companies. The individuals and the various businesses are required to comply with numerous statutory requirements time to time like filing of tax returns, making some investments within a stipulated time, etc. In … Continue reading “Income Tax – Various Due Dates Extended Due to COVID-19”