RBI Governor Shaktikanta Das Addresses Media On Emergency Rate Cut

Reserve Bank of India Governor, Shaktikanta Das addressing a press conference announced that the Monetary Policy Committee (MPC) met ahead of time and voted for an emergency rate cut of 75 basis point, effectively taking the repo rate to 4.4% from the earlier 5.15%.

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How to know in which income tax slab you fall?

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 FY 2019-20, it is very important to know which income tax slab you fall in. While doing your tax planning for FY2019-20, it is very important to know which tax slab your income falls in. The slab rate in which your income will fall is the rate at which your income will be taxed. As your income level increases, income at different levels will be taxed at different rates which are called the slab rates. *Income tax slabs applicable to the resident individuals below the age of 60 years for FY2019-20. Surcharge is applicable from income above Rs 50 lacs. Health and Education cess at rate of 4% will be added to the income tax payable in all cases. Rebate of Rs 12,500 is available for an individual having net taxable income of up to Rs 5 lacs under section 87A. Suppose your gross total income is Rs 15 lacs in FY...

All about the New Income Tax Slabs and Rates

For the first time ever, the Union budget 2020 presented by the Finance Minister came up with two tax slabs and rates and gave an option to the taxpayers to choose between the two from the financial year 2020-21. While retaining the existing three slab tax rates, it introduced a new six-slab tax rate. On the budget day, as news started trickling in on the tax front, the initial euphoria evaporated and gave rise to confusion and disappointment. The confusion was reinforced when I got a call from one of my colleagues recently, asking me which regime was beneficial as it was the time for the annual investment declaration in the organisation. Old or New? Taxes, deductions, exemptions and compliances are by themselves something of a rocket science for the average taxpayer. The new rules have only increase the confusion for the income tax taxpayers. So let us try to figure out which tax regime is better. The table (for taxpayers who are less than 60 years of age) compares th...

ITR filing deadline for FY 2019-20 (AY 2020-21) extended to Nov 30, 2020

On 13th May 2020, the government has announced, "Due date for all income tax return for individuals for the Financial Year (FY) 2019-20 (Assessment Year 2020-21) will be extended from July 31 2020 and 31 October 31, 2020 to November 30, 2020 and tax audit from Sept ember 30, 2020 to 31st October 2020." The government has announced that the income tax return (ITR) filing deadline for Financial Year (FY) 2019-20 (Assessment Year 2020-21) has been extended to November 30, 2020 from July 31, 2020. "Due date for all income-tax return for individual taxpayers for the Financial Year (FY) 2019-20 (Assessment Year 2020-21) will be extended from July 31 2020 and 31 October 31, 2020 to November 30, 2020 and tax audit from September 30, 2020 to 31st October 2020". This was a part of the Rs 20 lakh crore relief package due COVID-19 lockdown. Along with the extension of the ITR filing deadline, there were other direct tax-related relief measures announced. The e...

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