Guide to .. Tax Management ,Tax Planning and Tax Saving
 

Amendments, Impact and Incidence of Tax in Budget 2020


Budget 2020 – Key Highlights

Finance Minister : This budget is woven into three major themes

  1. Aspirational India

  2. Economic development

  3. Ours shall be caring society that is humane

 

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Rates of Income Tax Amendments for Financial Year 2020-21 (AY : 2021-22)

Paragraph A of Part-III of First Schedule to the Bill provides following Rates of Income-Tax:—
 

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Rates of Surcharge on Income-Tax for the Financial Year 2020-21 (AY: 2021-22)

The amount of income-tax shall be increased by a surcharge for the purposes of the Union,—
 

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Computation of Tax for ‘Individual or HUF’ in case both Opting and without Opting New Tax Regime of Section 115BAC

Computation of Tax for Individual and HUF under New Tax Regime of Section 115BAC and also with Old Tax Regime ( Not Opting New Tax Regime)
 

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‘Calculation of Tax’ in case of ‘Salaried Person’ under new Regime of Section 115BAC

Table showing ‘Calculation of Tax’ in case of ‘Salaried Person’ under new Regime of Section 115BAC and also Impact of New Scheme of Section 115BAC on 'Salaried Person'
 

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Individuals and HUFs can pay Tax as per Section 115BAC from Assessment Year 2021-22 (Financial Year 2020-21)

Currently, the Individuals and HUF are taxed as per the slab  rates and the highest slab rate is 30% which applies when income exceeds ` 10,00,000. The Finance Bill, 2020, has provided  an option to Individuals and HUF for payment of taxes at the  following reduced rates:

 

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Taxation of Resident Co-operative Societies from Financial Year 2020-21 (Assessment Year 2021-22)

Taxation Law Amendment Act inserted new  sections to provide domestic companies with an option to be  taxed at the concessional tax rates. To bring parity between the  co-operative societies and domestic companies, a new section  115BAD has been proposed to be inserted in Income-tax Act to  provide an option to the co-operative societies to get taxed at  the rate of 22% plus 10% surcharge and 4% cess.
 

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Implications of this New Tax Regime of Section 115BAC in case of ‘Individuals’ or ‘HUFs’ not eligible for any Deduction from the Assessment Year 2021-22

We have  analysed the following situation to understand the implications  of this New Tax Regime of Section 115BAC:
 

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Implications of this New Tax Regime of Section 115BAC in case of ‘Individuals’ or ‘HUFs’ if eligible for Deduction under Section 80C from the Assessment Year 2021-22

We have  analysed the following situation to understand the implications  of this New Tax Regime of Section 115BAC:
 

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Implications of this New Tax Regime of Section 115BAC in case of ‘Individuals’ or ‘HUFs’ if eligible for Deduction under Section 80C and 80D from Assessment Year 2021-22

We have  analysed the following situation to understand the implications  of this New Tax Regime of Section 115BAC:
 

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Implications of this New Tax Regime of Section 115BAC in case of ‘Individuals’ or ‘HUFs’ if eligible for Deduction under Section 80C, 80D and Standard Deduction U/s 16 from the Assessment Year 2021-22

We have  analysed the following situation to understand the implications  of this New Tax Regime of Section 115BAC:
 

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Implications of this New Tax Regime of Section 115BAC in case of ‘Individuals’ or ‘HUFs’ if eligible for Deduction U/s 80C , 80D , Standard Deduction U/s 16 and Deduction for Interest on Housing Loan U/s 24(b) from the Assessment Year 2021-22

We have  analysed the following situation to understand the implications  of this New Tax Regime of Section 115BAC:
 

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Tax Treatment of Employer’s Contribution to the account of an Employee from Assessment Year 2021-22 (Financial Year 2020-21)

Presently, there is no combined upper limit for the purpose of  deduction on the amount of contribution made by the employer. 
 

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Whether ‘Individuals or HUFs’ should opt for New Tax Regime of Section 115BAC from Assessment Year 2021-22

The Finance minister in her budget speech highlighted that  tax burden on a person earning Rs. 15 lakhs shall be reduced by  Rs. 78,000. However, this situation will rarely arise as a tax saving  of Rs. 78,000 arises only when the assessee has not been availing any exemption or deduction in the current regime. We have  analysed the following situation to understand the implications  of this New Tax Regime of Section 115BAC:
 

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Modification of Concessional Tax Rate Scheme for a Domestic Company under Section 115BAA and 115BAB from Assessment Year 2021-22

Taxation Law (Amendment) Act inserted two new sections (section  115BAA and section 115BAB) to provide domestic companies with  an option to be taxed at concessional tax rates.
 

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Amendments of ‘Residential Status’ for Assessment Year 2021-22

Residential Status of an Assessee has been amended in Finance Bill 2020 and applicable from Assessment Year 2021-22
 

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Threshold Limit for Tax Audit increased to Rs. 5 crore  [Applicable from Assessment Year 2021-22]

The applicability of tax audit provisions from Assessment Year  2021-22 can be understood with the help of following table:
 

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Due Date for Filing of Tax Audit Report Delinked from Due Date for Filing of Return of Income from Assessment Year 2021-22

The due date for filing of return of income in case of tax audit is also proposed to be increased from September 30 to October 31 of the Assessment Year. Thus, tax audit  reports shall be required to be furnished on or before September  30 of the Assessment Year.

Therefore, the Finance Bill proposes  amendment in following sections:

 

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Tax Amendments in Finance Bill 2020

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TDS, TCS, Advance Tax & Refunds
TDS, TCS, Advance Tax & Refunds

Guide & Taxation with Amendments made by the Finance Act. 2018 and the Rules as amended till Date.


TDS
TCS
Advance Tax & Refund
 
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