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Income Tax

Who Cannot Switch Between Old And New Tax Regime?
Finance Minister Nirmala Sitharaman at the Union Budget 2020 introduced a new tax regime that allows individuals to avail lower tax rates if they were to opt-out of tax exemptions and deductions for the given financial year. Taxpayers will also be ...
Who Cannot Opt To Switch Between Old And New Tax Regime

3 Changes In Income Tax Rules That Will Impact NRIs
There are a significant number of Indians who work or have businesses outside their country of origin. NRIs (non-resident Indians) are required to pay taxes on income earned or received in India, if it exceeds annual limits set by the Income ...
No Timeframe Set By Govt To Remove All Income Tax Exemptions: FM
On Sunday, Finance Minister Nirmala Sitharaman said that the introduction of an alternative tax regime in the Union Budget is to take the country towards "a simplified, exemption-free and reduced rate of tax regime," a PTI report said. However, there was ...
No Timeframe Set By Govt To Remove All Income Tax Exemptions Fm
13 Incomes That Are Tax-Exempt Under The New Tax Regime
In the new tax regime, taxpayer will have to do without 70 tax deductions and exemptions including deductions provided under Section 80 C up to the extent of Rs. 1.5 lakh for various investments in specified financial avenues and some of ...
Incomes That Are Tax Exempt Under The New Tax Regime
ITR Filing Date Extended For This Taxpayer Category
Through amendments in Section 139 of the Income Tax Act, the Finance Bill 2020 has extended the last date for filing income tax return for companies as well as taxpayers required to get their accounts audited. Section 139 provides for various ...
Itr Filing Date Extended For This Taxpayer Category
3 Investment Ideas To Consider Under The New Tax Regime
In her Union Budget presentation, finance minister Nirmala Sitharaman introduced a new and optional tax regime that will allow individuals to choose bigger tax rate cuts if they let go of certain deductions and exemptions. The upcoming financial year 2020-21 is ...
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