Finance Minister Nirmala Sitharaman today announced a big reduction in income tax rate for corporates. The government has slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from…
Corporate Tax Rates Slashed To 22%
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TDS on Cash Withdrawal above ₹1 Crore
The revenue department on 30August19 said the 2 % tax deduction at source (TDS) on cash withdrawals of over Rs 1 crore will come into effect from September 1. The Central Board of Direct Taxes (CBDT) further said that if…
Tax on Gold and Real Estate
The two physical asset classes of real estate and gold have for long been considered safe havens by Indian investors, and are usually a very large chunk of portfolios. While financial products are gaining ground with investors, real estate and…
Income Tax Slab 2019
The Budget 2019 has been passed by the Parliament. Given below are the latest income tax (I-T) slabs applicable for financial year 2018-19 (assessment year 2019-20). These will be applicable for FY 2019-20 as well. The basic exemption limit for…
Tips for a Smooth ITR Filing
The due date for filing of personal income-tax returns for financial year 2018-19 has been extended from July 31, 2019 to August 31, 2019. All individuals whose total income exceed Rs 2.5 lakh (Rs 3 lakh for senior citizens) are…
Post Office Deposits Income Tax Benefits
A post office offers various deposit schemes to investors. These are also known as small savings schemes. The USP of these schemes is their sovereign guarantee, i.e., it is backed by the government. Some of these schemes also offer tax-saving…
How to Correct Mistakes in ITR?
While filing our income tax return (ITR) we take the utmost care not to make any mistakes. However, at times it may happen that we make a mistake while filing our ITR at the last minute. These could include mentioning…
ITR Filing Date Extended
The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019. The extension is a much needed relief as there were multiple problems being faced by…
Report Other Income in Tax Returns
When you file your income tax return (ITR), Form 16 issued by your employer may not be the only document you need. The income from selling capital assets, house property and interest on deposits needs to be disclosed in your…
Pre-Filled ITR Form
The introduction of pre-filled returns is yet another milestone in this direction. In order to make the tax compliance process more convenient, pre-filled income tax returns (ITR) will be provided to individual taxpayers by the Income Tax Department. The ITR…