New Tax Collected at Source (TCS) rules are applicable on Foreign Remittance from 1st October 2020. What are these new TCS rules on foreign remittance from 1st Oct 2020? Let us see in details. From 1st October 2020, the tax will be collected at source from individuals...
When you move out of India to study, employment, or for any other purpose, understanding your residential status is very much important. Hence, let us understand who is NRI as per FEMA and Income Tax Act? Who decides your Residential Status in India? There are two...
Due to the introduction of new tax regime in the Budget 2020, many are not confused which are the Income Tax Deductions are available for them. Let us see the complete list of Income Tax Deductions FY 2020-21 under both old or new tax regime. Tax Planning is an...
Soon your Insurance premium, school fees and hotel payments are under IT Scanner. To widen the scope of taxpayers, the Government proposed to include certain additional transactions under the IT Scanner. This is I think the best move to bring in the transparency in...
CBDT notified the Cost of Inflation Index FY 2020-21 AY 2021-22 for Capital Gain on 12th June 2020. You may be aware that the base year was changed from the earlier FY 1981-82 to FY 2001-02. Change in the Base year for Capital Gain Indexation In Budget 2017, the...
Yesterday Finance Minister Nirmala Sitharaman announced many measures to fight the economy due to COVID 19 under the Atmanirbhar Bharat. Let us see what are the five major benefits for individuals. There are many economical measures were announced. However, in this...
Effective from 1st April 2020 under Sec.194K - TDS on Mutual Fund Income will be deducted. What is the applicable TDS rate for this section and which income is eligible for TDS? Types of Income in Mutual Funds When you invest in Mutual Funds, then there are two types...
Earlier there was a confusion on whether the FY 2019-20 for investment extended up to 30th June 2020 or not? However, finally Ministry of Finance cleared the doubt yesterday. Note:-Good news!! FY 2019-20 deposit in PPF and SSY extended up to 30th June 2020 FY 2019-20...
What is the reduced latest TDS Rate Chart for FY 2020-21 (AY 2021-22)? What are the new TDS Rates after 14th May 2020 due to Government's reduction in TDS Rates due to Corona Virus? What do you mean by TDS? What is the applicable TDS Rates for NRIs for FY 2020-21 (AY...
Post Budget 2020, what are the NPS Tax Benefits 2020 under Sec.80CCD(1), 80CCD(2) and 80CCD(1B) and especially if you opted the new tax regime? Let us understand the changes in detail. All of you know that during the Budget 2020, the Government introduced the new tax...
Recently I wrote an article with respect to Mutual Fund Taxation for FY 2020-21. However, due to the recent Budget 2020, the clarity emerged with respect to Taxation on Side Pocketed or Segregated Mutual Funds. You can refer my earlier post related to Mutual Fund...
Do you know under the New Tax Regime, which are the exemptions or deductions not allowed? Let us discuss the New Tax Regime - List of exemptions and deductions disallowed in detail. During the Budget 2020, Finance Minister introduced the new tax regime. However, an...