With the Old & New Regime option given to employees for computing the income tax, it has become a tricky proposition even for the employers. It is important for both employers and the employees to understand the dynamics that would help in judiciously deciding on the regime and at the same time meet the compliance…
In a nutshell and quite obvious, one should opt for the regime where the tax liability is lower. Determination of tax liability Following factors are involved to determine the tax liability: Total Income Eligible Exemptions & Deductions Tax calculation slabs Rebate in tax amount, if any Difference in the regimes to arrive at the tax…
As it seems evident, gradually the ‘Old Regime’ for computing income tax is being phased out, from FY:23-24, each tax payer has been placed in the ‘New Regime’ for taxation. However, currently, one may opt out and move to the ‘Old Regime’. In the taxation slabs under the regimes, the new regime is definitely more…
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime. Effective AY21-22 (FY 20-21), every individual and HUF…
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime. Effective AY21-22 (FY 20-21), every individual and HUF…
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime. Effective AY21-22 (FY 20-21), every individual and HUF…
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime. Effective AY21-22 (FY 20-21), every individual and HUF…
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime. Effective AY21-22 (FY 20-21), every individual and HUF…
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime. Effective AY21-22 (FY 20-21), every individual and HUF…
The government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime. Effective AY21-22 (FY 20-21), every individual and HUF…