New regime, new way: budget shines light on computing tax on agri income
10 months, 3 weeks ago

New regime, new way: budget shines light on computing tax on agri income

Live Mint  

If you’re an individual taxpayer or Hindu Undivided Family with agricultural income, the interim budget has clarified the treatment of agricultural income while computing taxes under the new tax regime. “The budget 2024 proposes to explicitly include the computation mechanism used when an individual taxpayer or HUF has agricultural income for the purpose of the optional tax regime as well," said Vishwas Panjiar, partner, Nangia Andersen LLP. In the second step, they should calculate tax on the sum of basic exemption limit and agricultural income as per applicable income tax rates. While agricultural income may be exempt from tax, its inclusion ensures a holistic evaluation of an individual’s economic standing for regulatory and policy considerations."

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What Is HUF In Income Tax? Know Benefits, Exemptions And Rules
7 months, 1 week ago

What Is HUF In Income Tax? Know Benefits, Exemptions And Rules

News 18  

The countdown for paying income tax and filing returns has begun. Moreover, you will not get tax exemption on that Rs 5 lakh income as you have already availed the entire tax exemption on the Rs 10 lakh income. If a HUF is considered an individual, then he will also get a basic tax exemption of Rs 2.5 lakh. Tax …

10 Income Tax Rules That Are Changing From April 1, 2023
1 year, 8 months ago

10 Income Tax Rules That Are Changing From April 1, 2023

News 18  

The income tax laws have undergone numerous changes, and they will take effect this fiscal year. Some of the main changes that will take effect on April 1, 2023, include raised tax rebate limits, changes to income tax slabs, and the elimination of the LTCG tax benefit on certain debt mutual funds. Let’s examine the changes:- 1) New income tax …

Agricultural Land Cultivated Only For A Few Days: ITAT Allows Exemption
2 years, 3 months ago

Agricultural Land Cultivated Only For A Few Days: ITAT Allows Exemption

Live Law  

The Pune Bench of the Income Tax Appellate Tribunal has allowed the income tax exemption under Section 54B even when the land was cultivated only for a few days during the relevant years.The two-member bench of S.S. Vishwanethra Ravi and Inturi Rama Rao has observed that part of the land could not be used for agricultural purposes but grass was. …

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