Category: Union Budget
Union Interim Budget 2024 – Disputed old income Tax demands to be withdrawn. No change in the tax slabs or rate The interim budget will be a vote-on-account and will give the present government authority to spend certain sums of money till a new government comes into office …
Capital Gain Exemption u/s 54 and 54F for investment in residential house limited to Rs. 10 crores Section 54 and section 54F of the Income-tax, 1961 allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one …
Increase in threshold limits for presumptive taxation schemes u/s 44AD and section 44ADA Under the existing provisions of Section 44AD of the Income Tax Act 1961 a presumptive income scheme is provided for small businesses. This scheme applies to certain resident assessees (i.e.,an individual, HUF or a …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2024-25 The basic income tax exemption limit and tax slabs for individuals can be broadly categoriesd as under: (i) Optional Simplified Personal Tax Regime (New Tax Regime) under section 115BAC, and (ii) Those not …
Union Budget 2023-24. Direct Tax Highlights The Union Finance Minister Ms. Nirmala Sitharaman will present Budget 2023-24 in Parliament tomorrow on 1st February 2023 at 11 AM. The Budget Session of the Parliament has begun today. Watch live budget speech and live updation of Tax Proposals at this …
Relaxation for certain category of senior citizen of 75 years or more from filing return of income-tax (ITR) in Union Budget 2021-22 Section 194P introduced by Finance Act 2021 Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that …
