We receive income through different ways, it can be your Salary, Dividend income from mutual funds or stocks, commission, rent, interest on your Bank Fixed Deposits / Securities etc., The providers of these incomes (like your company / bank) can deduct a certain percentage of income as TDS (Tax Deducted at source) based on certain […]
Income Tax Slab Rates for FY 2021-22 / AY 2022-23 | Budget 2021 Key Highlights
The Indian Finance Minister has tabled today, the Union General Budget 2021-22 in the Parliament. Kindly note that there has been no changes made to personal Income tax structure. Below are the latest Income Tax Slab Rates for FY 2021-22 or AY 2022-23. (FY is Financial Year and AY is Assessment Year) Latest Income Tax Slab Rates for FY 2021-22 […]
Rebate under Section 87A AY 2021-22 | Is Sec 87A Tax Rebate Available under New Tax Regime?
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 […]
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, […]