Budget 2019: Impact on Your Pocket

Budget Impact

Budget 2019: Impact on your pocket

  • Salaried class gets exemption from paying tax till annual income of Rs 7 lakh.
    Tax exemption has been increased to Rs 5 Lakh, and standard deduction has been increased to Rs 50,000.
    If you invest Rs 1,50,000 under section 80C, you don’t need to pay tax till RS 7 lakh
  • Other than salaried class gets exemption till annual income of Rs 6,50,000.
    Standard deduction of Rs 50,000 is available only to salaried class
  • Income Tax returns will be processed in just 24 hours and refunds will be approved instantly. So, you don’t need to wait for long to await your refund
  • TDS won’t be deducted on your interest on FDs or post office saving schemes if your annual interest is less than Rs 40,000. So, you won’t have to wait till TDS refund is issued for interest amount less than Rs 40,000. You get relief of Rs 3000 per annum.
  • Your TDS on rent won’t be deducted if it is less than Rs 2,40,000 per month. So, if your income is less than exemption limit, and you relied only on rental income, you have a relief of Rs 6000 per annum.
  • If you have a capital gain and you invested in two residential properties, you will still get exemption in capital gain till the extent of amount invested. This allows you to invest in additional residential property as against just one property earlier.
  • Tax free gratuity limit has been increased from Rs 10 lakh to Rs 30 lakh. You get a benefit of Rs 20 lakh on gratuity amount.

Continue reading “Budget 2019: Impact on Your Pocket”

Non Residents

Deductions and Exemptions for Non Residents

“Har Kisi Ko Mukkamal Jahan Nahi Milta”, par thoda tax exemption toh mil hi jaata hai. 😉
If you are weak in Hindi, then let me tell you this quote means that you cannot get entire universe, but yeah, you still get something.
Non Residents are allowed most of the deductions and exemptions, at par with resident Indians. However, there are certain deductions, which are not allowed to the Non Residents. Continue reading “Deductions and Exemptions for Non Residents”

Non Residents

NRI Taxation: Tax Provisions for Non Residents

World is a global village now. Do you need to be limited to territorial borders to make money? Absolutely not! Non residents or not, doesn’t matter. Go, travel, and earn wherever you feel best. But, just take care of tax implications thereon. You neglect it, and you can be engulfed with penalties and interests. Continue reading “NRI Taxation: Tax Provisions for Non Residents”

tax evasion via Bitcoin

Tax evasion via Bitcoin: How Bitcoin helps in tax evasion?

Disclaimer: This write up is only for the purpose of knowledge and doesn’t encourage tax evasion via Bitcoin.

“Bitcoins ko taxable karne ka intezaar toh kai mulkon ki govt kar rahi hai, magar ise tax karna mushkil hi nahin,…ahem ahem….” Continue reading “Tax evasion via Bitcoin: How Bitcoin helps in tax evasion?”

changes in gst

Changes in GST that will impact your business : Complete Guide

Changes in GST that will impact your business

In a major overhaul under the GST, there are changes in GST that will impact your business. It’s important for you to remain updated with them so that you don’t do lose out anything or do any wrong for your business as well as customers. Continue reading “Changes in GST that will impact your business : Complete Guide”

GST Offences

GST Offences: Penalty Amount for Different Types of Offence

As a business person, you must be aware of the consequences, if you don’t comply with laws. Penalties for different GST Offences have been listed down in section 122 of the GST Act. The amount of penalty varies according to the type and severity of offence. Let’s take a look at different offences and penalties for committing those offences. Continue reading “GST Offences: Penalty Amount for Different Types of Offence”