tax

Union Budget 21-22

UNION BUDGET 2021-22 – Driving growth

The Union Budget 2021-22 was presented on 1st February 2021 amid a challenging macro environment. With the first decline in nominal/real GDP in four decades, the Government had to walk the tightrope, which they seem to have done. Though there is no large fiscal stimulus, the absence of any tax hikes and better fiscal math …

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Budget expectations 2021

Budget Expectations – ‘unlike anything seen in the last 100 years’

This year’s Union Budget 2021, slated to be presented on 1st February 2021, is going to be completely paperless in the wake of the corona pandemic, as the Budget papers will not be printed and only the digital copies will be circulated. India’s Finance Minister Nirmala Sitharaman has described her upcoming budget as unlike anything …

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direct tax code

Budget 2020-21- Moving towards direct tax code

Nirmala Sitharaman introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh. In addition she removed dividend distribution tax (DDT), again in line with recommendations of the panel set up for Direct Tax Code (DTC). These are probably initial steps towards implementing DTC in …

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income tax return

Disclosures in the new income tax return (ITR) forms for AY 20-21

The Central Board of Direct Taxes (CBDT) has notified two income tax return (ITR) forms for AY20-21 (FY19-20). Forms ITR-1 (Sahaj) and ITR-4 (Sugam) – the simplest of the lot – were notified recently. Usually, the Income-tax department notifies the ITR forms in the first week of April but it has been done earlier this …

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income-tax-refund

Didn’t get your income tax refund? Don’t worry

Taxpayers are entitled to claim a tax refund if, during the year, excess tax has been deducted from your income. This may happen if there are multiple incomes. But, you have to apply for a refund while filing your ITR for a particular financial year. Have you filed your income tax return (ITR) for the …

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corporate tax

Corporate tax rate cut: An early Diwali

The Finance Minister on 20th September 2019 announced a sharp reduction in corporate tax rates. Manufacturing companies not availing of tax sops can now opt for a 22% corporate tax rate, while new manufacturing companies that register and start production between 1st October 2019 and March 2023 can avail an even lower tax rate of …

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Direct Tax Code

Direct Tax Code: Proposals for Implementation

The new direct tax code (DTC) is expected to be in consonance with economic needs of the country, and will replace the 58-year old existing Income Tax Act, 1961. A panel was set up to draft the code in view of direct tax systems across various countries, international best practices and economic needs of the …

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PAN Aadhaar

Your PAN will become invalid if not linked with Aadhaar by 31st March

If you have not linked your Permanent Account Number (PAN) card with your Aadhaar card yet, then you have time till 31st March 2019. According to the Income Tax department, all those whose PAN is not linked with Aadhaar would not be able to file income tax returns (ITR) and even risk cancellation of their …

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advance tax

Pay advance tax on personal income- save interest

Income Tax Department strives to make it as easy and convenient for citizens to comply with advance tax payments. So, one has the option of paying it in 4 installments over the financial year. However, if you default, there are some consequences in the form of interest penalty. While salary is subject to tax withholding …

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