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Process of Companies Registration in India

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Process of Companies Incorporation in India The following are the steps involved in process of company registration. 1 Selection of Business Structure (a) Decide on the type of company structure you want to register. In India, common business structures include Private Limited Company, Public Limited Company, Limited Liability Partnership (LLP), and One Person Company (OPC) … Read more

PAN- Aadhaar Deadline Extended | Extension of Date for linking PAN and Aadhaar

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PAN-Aadhaar

The date of linking PAN-Aadhaar has been extended by the government to Jun 30, 2023. Those who link it now will have to pay a fine of Rs 1000. The fine was levied after last year’s deadline of June 30, 2022 If you fail to link your PAN and Aadhaar after 30th June 2023, you … Read more

Tax Liabilities of Individual as per New vs Old Tax Regime

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The tax liabilities calculation from Budget 2023 has caused lots of confusion among the taxpayers regarding new tax scheme and old tax scheme.

Tax liabilities as per new tax regime
Tax liabilities as per new tax regime and Old regime

 

The government has introduced lots of tax incentives in the budget 2023, so, the tax payers in adoption of new tax regime.

The following are the main difference between old tax regime and New Tax regime

Income Slab Old Tax Regime New Tax Regime until 31st Mar 2023 New Tax Regime from 1st Apr 2023
Rs 0 – Rs 250000 Nil Nil Nil
Rs 250000 – Rs 300000 5 % 5 % Nil
Rs 300000- Rs 500000 5 % 5 % Nil
Rs 500000 – Rs 600000 20 % 10 % 5 %
Rs 600000 – Rs 750000 20 % 10 % 10 %
Rs 750000 – Rs 900000 20 % 15 % 10 %
Rs 900000 – Rs 1000000 20 % 15 % 15 %
Rs 1000000 – Rs 1200000 30 % 20 % 15 %
Rs 1200000 – Rs 1250000 30 % 20 % 20 %
Rs 1250000 – Rs 1500000 30 % 25 % 20 %
> Rs 1500000 30 % 30 % 30 %

 

Standard deduction and family pension deduction:

Salary Income: The standard deduction of Rs 50000, which was only available under the old scheme, has now been extended to the new tax scheme as well.

In addition the rebate mark of Rs 750000 as your tax free income under the new tax scheme.

Family Pension: 

Family pension can be claimed of Rs 15000 or 1/3 of pension whichever is less.

Reduced Surcharge for High Net Worth Individuals:

The income above 5 crores has been reduced from 37 % to 25 % so, this brings down the effective rate of tax 42.74 % to 39 %

Default Regime: Starting from FY 2023-24 the new tax scheme will be set as default option so, if you want to old scheme need to file a form during filing return.

Also Read: Section 194R TDS: Applicability as per Income Tax Act

Download the Utility for Determining Materiality in Excel Sheet

“THE DELHI CO-OPERATIVE SOCIETIES ACT, 2003” (DELHI ACT 3 OF 2004)

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(As passed by the Legislative Assembly of the National Capital Territory of Delhi on the 29th July, 2003) An Act to consolidate and amend the laws relating to co-operative societies, to facilitate the voluntary formation and democratic functioning of cooperatives as people’s institutions based on self help and mutual aid to enable them to promote … Read more

Foreign Contribution Regulation Act and Rules, 1976

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Foreign Contribution Regulation Act and Rules, 1976 In India, the purpose and the amount of foreign donation is under the regulation of the FCRA (Foreign Contribution Regulation Act, 1976). 44 Government of India, Ministry of Finance, Department of Economic Affairs, PMU Division. Circular No. F.No. 1/30/2003-PMU dated the 4th of January 2005 Foreign Contribution (Regulation) … Read more

EXPENSES OR PAYMENTS NOT DEDUCTIBLE IN CERTAIN CIRCUMSTANCES [SECTION 40A]

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EXPENSES OR PAYMENTS NOT DEDUCTIBLE IN CERTAIN CIRCUMSTANCES [SECTION 40A] (1)   Payments to relatives and associates Section 40A (2) provides that where the assessee incurs any expenditure in respect of which a payment has been or is to be made to a specified person [See column (2) of Table below) so much of the expenditure … Read more