As per the Finance Bill 2019, the threshold limit of tax rebate u/s 87A was revised to Rs 12,500 for FY 2019-20. This tax rebate has been made applicable if an individual’s (Resident Individuals including Senior Citizens) taxable income is less than or equal to Rs 5 Lakhs. The Finance Bill 2020 (FY 2020-21) has […]
Tax Planning
Treatment of Standard Deduction Rs 50000 under the New Tax Regime (FY 2020-21 / AY 2021-22)
The Standard Deduction of Rs 40,000 was first made available in Budget 2018 (FY 2018-19 / AY 2019-20). It replaced the transport allowance Rs. 19,200 and medical reimbursement of Rs. 15,000 per annum. The Finance Bill 2019-20 had increased this deduction to Rs 50,000 for all salaried employees & pensioners. To claim this standard deduction, […]
Health Insurance Sec 80D Tax Deduction FY 2020-21 / AY 2021-22 | Can I claim 80D Tax Benefit under the New Tax Regime?
Health Insurance (or) Mediclaim insurance is a must-have for all. Considering the rate at which medical costs are rising, it is very important to have sufficient medical insurance coverage. The medical inflation in India is increasing at a significant rate, almost 12% to 15% year on year. Therefore, it is critical to have an adequate […]
Am I supposed to pay Tax on Forex transactions? | TCS on Foreign Remittances
Am I supposed to pay tax on my Forex transaction? What is the maximum permissible limit of the amount in Foreign Remittances? Am I required to report all my transactions to RBI?…. All these are the common questions that come to every individual who is involved in a foreign exchange transaction. To answer these questions, […]
Gold Investments Tax Treatment in India | Taxation rules on Gains from Selling Gold
We (Indians) love the yellow metal (gold). India’s love affair with gold has been since ages. From times immemorial, gold has been seen as a safe investment, especially when there is an economic crisis. Gold has been preferred by governments also, as a collateral against any crisis. Gold prices in India recently hit a record high. The prices of […]
AY 2020-21 Income Tax Return Filing Tips | Which ITR Form should you file?
The Central Board of Direct Taxes has recently notified the new ITR Forms for AY 20-21 Income Tax Return Filing (for FY 2019-20). Normally, the last date to file ITR is 31st July. But, due to the outbreak of the novel coronavirus, the due date for AY 2020-21 income tax return filing has been extended to 30th November, 2020. Below infographic gives […]