Income Tax Articles

ESOP tax Budget 2020
February 3, 2020
Budget 2020: ESOPs taxation get a breathing space

Start-ups need to qualify under Section 80-IAC of the Income Tax Act to avail of the taxation relaxation for its ESOP holders

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PPF taxation
February 2, 2020
Budget 2020: Rs 7.5 lakh a year limit set for tax-free employer’s contribution to NPS, provident fund and superannuation fund

Earlier, this portion of salary did not suffer taxation at any point of time since Exempt-Exempt-Exempt (EEE) regime is followed for these three funds

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February 1, 2020
Budget 2020: Govt clarifies NRIs taxation is only anti-abuse provision, doesn’t impact bonafide NRI workers

However, an Indian citizen who is not tax resident of any country will be deemed to be resident in India

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Tax exemption 2020 budget
February 1, 2020
Budget 2020: Exemptions you can still claim even if you opt for new income tax regime

Section 80C and 80D cannot be claimed to get the lower tax advantage. However, there are still a few exemptions you can claim even if you opt for new income tax slabs. Here are they

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February 1, 2020
Budget 2020: The new optional income tax rates are low, but you can’t claim exemptions

Those earning up to Rs 5 lakh a year will not pay any tax either in the old regime or in the new regime; the tax rate also remains same at 30% for those earning over Rs 15 lakh a year

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Dividend taxation
February 1, 2020
Budget 2020: Dividend distribution tax scrapped, but shifts the burden to the recipients; high income earners to bear the brunt

Those paying 20%+ taxes will end up paying more taxes as earlier they used to pay no tax on dividend income of up to Rs 10 lakh, and companies used to pay 15% DDT only

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aadhaar PAN linking
January 25, 2020
Your employer can deduct TDS at 20% on taxable income if you don’t furnish PAN or Aadhaar

Health and Education cess at 4% is not to be deducted in case the tax is deducted at 20%

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income tax return april 2019
January 9, 2020
Joint owners of single house property can now file return of income in ITR-1 or ITR-4 forms

This is relief in eligibility conditions for filing of ITR Form-1 (Sahaj), Form-4 (Sugam) for the assessment year 2020-21

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Income tax e-assessment
September 27, 2019
New income tax e-assessment system to kick off from next month; person with no PAN or e-filing account not eligible

A directive from the Central Board of Direct Taxes (CBDT) lays out the exceptions for the new system

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