Given that a large proportion of those availing deductions will not move to the new IT regime, the announcement will at best be a mild positive for taxpayers
Tax experts and analysts on Saturday said the optionality clause in the new income tax budget proposal is a big disincentive for investment in tax-saving instruments, which will dampen the markets and have ripple effects across all asset classes, including housing.
Income Tax Slabs 2020: In what is being considered as a major relief for the middle class, Finance Minister Nirmala Sitharaman on Saturday introduced new income tax slabs and rates in the Union Budget 2020 speech in Lok Sabha. However, is new income tax slabs introduced by Modi govt 'good news' for taxpayers? We try to explain.
Finance Minister Nirmala Sitharaman on Saturday delivered major relief to tax payers by slashing tax rates and restructuring the tax slabs. Sitharaman proposed to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5 to 7.5 lakhs will be required to pay tax at 10 per cent against current 20 per cent.
Beginner's Guide to Income Tax Sections and How to Save Taxes: A quick look at some of the most commonly-availed sections of the Income Tax Act which provide you tax savings.
Urging the government for keeping the trading community on the priority list, the Confederation of All India Traders (CAIT) said on Thursday that the upcoming Union Budget should introduce a special income tax slab for the traders.
People are hoping that the Budget 2020 will bring some relief for the individual tax payers as well
Having gold at home? Do you know how much you can keep without fearing Income Tax department? CBDT has clarified the prescribed quantity of gold considered allowable.
The CBDT has issued two forms-ITR-1 and ITR-4 for the AY 2020-21. There are two major changes in the ITR Forms on house property.
I-T Department has now made things easier for taxpayers. The department has the released Year 2020 calendar that mentions all important dates including Income Tax deadlines.
The common man has his eyes set on Finance Minister Nirmala Sitharaman's second Budget next month for relief in income tax, but an economic slowdown and a sharp reduction in corporate tax rates hint that she has very little flexibility to dole out a big largesse.
The date for filing income tax has been extended till January 31, 2020 in Jammu and Kashmir. The Central Board of Direct Taxes (CBDT) made the deadline extension for all kinds of income tax returns in the newly-created UTs of Jammu and Kashmir, and Ladakh.
The Central Board of Indirect Taxes and Customs have released a statement that the dates of filing Annual Returns and Reconciliation statement has been extended on Thursday.
The income tax department has cancelled the registration of six Tata Trusts, including Jamsetji Tata Trust, R.D. Tata Trust and Tata Education Trust, following their decision to surrender the same.
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax returns till November 30 in the Union Territories of Jammu and Kashmir, and Ladakh.
The Modi government may not moderate personal income tax rates for the rich, courtesy fiscal stress -- lower tax realisation amid the slowdown in the economy. This comes amid mounting pressure on the government to cut personal income tax rates to boost demand, more so after the Finance Ministry reduced the corporate tax rate by up to 10 percentage points.
“We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline,” Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
It, however, said India should address continued fiscal consolidation and secure long-term stability of the fiscal conditions.
In coordinated raids, more than 300 Income Tax sleuths swooped down on premises linked to two prominent Congress leaders in Karnataka - former deputy chief minister G Parameshwara and former MP R L Jalappa's son J Rajendra.
Finance Minister Nirmala Sitharaman will on Monday inaugurate the income tax department's national e-assessment centre (NeAC), which will avoid face-to-face interaction between taxpayers and tax officials.
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