New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New tax regime to be optional for the taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant relief to the individual taxpayers and to simplify the Income-Tax law, the Union Budget proposes to … Read more
Deduction of income-tax at source for the financial year 2019-2020 MINISTRY OF DEFENCE Office of the JS & CAO Deduction of income-tax at source for the financial year 2019-2020 1. As per the Govt. orders, the recovery of tax, as due, from the Pay and Allowances of the employees is required to be ensured … Read more
CBDT : Premature Retirement Under Fr 56(J) – Income Tax No. A-32011/02/2014 -Ad.VI(A) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 10 June 2019 ORDER No. A 155/2019 WHEREAS the President is of the opinion that it is in the public interest to do … Read more
Income Tax Rates Assessment Year 2018-19,2019-20 Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above … Read more
One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C. Mr. X, a Central Govt. Officers in Delhi, is receiving Basic Pay Rs.40,000, DA at prescribed rates, transport allowances @ Rs.3600+DA thereon, and HRA (existing- from 1st July 2017 @24% of basic pay (though living in his own … Read more