Amendment to the definition of Demerger – Section 2(19AA) Currently, clause (iii) of section 2(19AA) provides that all the property and liabilities of an undertaking(s) transferred by a demerged company shall be recorded at book value. It is proposed that the requirement of recording property and the liabilities at book value shall not apply where the property and the liabilities… Continue Reading »
CGST Act means Central Goods and Services Tax Act, 2017 IGST Act means Integrated Goods and Services Tax Act, 2017 UTGST Act means Union Territory Goods and Services Tax Act, 2017 Amendments carried out through the Finance (No. 2) Bill, 2019 come into effect on the date of its enactment, unless otherwise specified. Amendments carried out in the Finance Bill,… Continue Reading »
Allowance of Standard Deduction on Salary Income The standard deduction under clause (ia) to section 16 for persons having income under the head “Salary” has now been increased from INR 40,000 to INR 50,000. Relief on second self-occupied property Earlier, an individual owning more than one self-occupied property was required to offer to tax the notional rent in respect of… Continue Reading »
Personal Tax Rates The tax rates have remained the same as in the earlier year (A) For Individuals, HUFs, AOPs, BOIs [not covered in (B) & (C)below] Income Rate of Tax (%) Tax Rate (%) Cess @ 4% (%) Effective Rates (%) Upto Rs. 2,50,000 0.00% 0.00% 0.00% Rs. 2,50,001 to Rs. 5,00,000 5.00% 0.20% 5.20% Rs. 5,00,001 to Rs.… Continue Reading »
Section 80D gives tax benefits up to a limit of Rs. 60,000 on health insurance or medical insurance/mediclaim policies including the premium paid for family and parents. Now it is easy to get these benefits online. Find out how.
The introduction of Sec 194DA meant paying taxes on proceeds from life insurance policies which do not fall under Sec 10(10(d)). This article, with the help of illustration, explains how to calculate taxable returns from a life insurance policy (single premium or otherwise) in which TDS is deducted by the insurer before payout of maturity proceeds.