CBDT has recently announced the launch of new Instant PAN allotment provision. This latest facility has been made available on the Income Tax e-filing portal. Instant PAN allotment will now be done in near to real-time at free-of cost. Individuals (other than minors) with a valid Aadhaar number (with updated Mobile number) can avail this […]
Archives for February 2020
NRI Residential Status & Taxation (new) rules FY 2020-21 | Budget 2020
The residential status of taxpayers plays a key role in determining the scope of taxable income (Indian Income / Foreign Income) for a financial year in India and there by the tax payable. The residential status of an individual is based on the duration for which he/she is present in India. There are 3 types […]
New Income Tax Slab Rates Vs Old Tax Regime | Which one is better?
Budget 2020 has sparked a new debate on which income tax slab rates are beneficial for tax assessees (New Tax Regime Vs old one). A new income tax regime has been proposed in Budget 2020. A taxpayer can opt for it by forgoing 70 income tax exemptions. Offering an optional lower rate of income tax […]
Mutual Funds Taxation Rules FY 2020-21 (AY 2021-22) | Capital Gains Tax Rates Chart
Capital asset typically refers to anything that you own for personal or investment purposes. It includes all kinds of property; movable or immovable, tangible or intangible, fixed or circulating. Capital assets are further classified as Financial Assets and Non-Financial Assets. Financial assets are intangible and represent the monetary value of a physical item. Stocks (Shares) […]
Income Tax Slab Rates for FY 2020-21 / AY 2021-22 | Budget 2020 Key Highlights
The Indian Finance Minister has tabled today, the Union General Budget 2020-21 in the Parliament. Below are the latest Income Tax Slab Rates for FY 2020-21 or AY 2021-22. (FY is Financial Year and AY is Assessment Year) Latest Income Tax Slab Rates FY 2020-21 Effective from FY 2020-21, the individual tax assessee will have an option to go for […]