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new tax slabs

11 July, 2020, 08:59 PM IST



How to calculate income tax for FY 2020-21

For FY 2020-21, an individual taxpayer has an option to choose between the old and the new tax regime. In order to know which tax regime is beneficial for an individual, it is important to know how much will be the tax liability in both the regimes.

For TDS from salary, you will have to choose your tax regime now, says CBDT circular

This was clarified by the Central Board of Direct Taxes ...

Government further extends tax compliance deadlines. Check the new dates here

The extension will reduce hardship of taxpayers on one hand and will also give some more breathing time to tax officers, said experts, amid challenges faced in meeting the s...

  • Budget 2020 had proposed an alternate income tax structure, which has come into effect fro April 1, 2020. Find out whether you will benefit or not.

    There are about six income-tax slabs as per the tax laws notified post Budget 2019.

    On Friday, several state finance ministers had blocked a move to increase GST on garments and footwear as part of the proposal to correct the inverted duty structure — where the finished product has lower levies than inputs — on the grounds that this was "not the right time" when businesses are demanding a stimulus.

    Covid-19 has led to mass scale disruptions. Globetrotting employees stranded on foreign shores are inadvertently creating tax-risks for their employers merely by doing what employees do in the ‘new normal’ scenario — working remotely.

    In notifications issued on Saturday, the Board further extended the time limit, till August 31, for authorities to issue orders or notices in case of rejection of full or partial refund claims.

    The government had last year legalised unauthorised colonies in the national capital, giving house owners legal property rights. Now, the government has decided to give such owners exemption from payment of income tax.

    CBDT has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees. These include any allowance granted to meet the cost of travel on tour or on transfer, any allowance, whether, granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee.

    In the new tax regime, the tax benefit available on employee's own contribution to EPF account is impacted.

    There was no change in petrol price for the 8th straight day, and it continues to be priced at Rs 80.43 per litre. Rates vary from state to state depending on the incidence of local sales tax or VAT.

    The new levy was introduced in the Union Budget & was made effective from April 1.

    “People say there should be one or two slabs but that would be highly inequitable... Rates would have to be steep if we have one or two slabs. The income tax structure has to be progressive,” Ajay Bhushan Pandey told ET. “We studied slabs in developing countries, developed countries, neighbouring countries before these were worked out.”

    ​​As your income level increases, income at different levels will be taxed at different rates which are called the slab rates. To know how much is your tax liability in a financial year, it is important to know which income tax slab you fall in.

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