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PLANNING YOUR TAXES
FOR FY 20-21
TAX PLANNING FOR FY 2020-21
CONTAINS 5 PARTS
PART I : HIGHLIGHTS OF CHANGES IN TAX RULES FOR FY 2020-21 : READ THIS PART BELOW
PART 2 : TAX RATES / SLABS FOR FY 2020-21 CLICK HERE
PART 3 : TAX REBATES FOR FY 20-21 CLICK HERE
PART 4: INCOME TAX CALCULATOR FOR FY 2020-21 CLICK HERE
PART 5 : TAX ON RETIREMENT BENEFITS CLICK HERE
FOR LATEST INCOME TAX NEWS CLICK HERE
PART I : HIGHLIGHTS OF CHANGES IN TAX RULES FOR FY 2020-21 : READ THIS PART BELOW
PART 2 : TAX RATES / SLABS FOR FY 2020-21 CLICK HERE
PART 3 : TAX REBATES FOR FY 20-21 CLICK HERE
PART 4: INCOME TAX CALCULATOR FOR FY 2020-21 CLICK HERE
PART 5 : TAX ON RETIREMENT BENEFITS CLICK HERE
FOR LATEST INCOME TAX NEWS CLICK HERE
ALL YOU WANT TO KNOW ABOUT
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ONE NATION ONE CARD/RUPAY CONTACTLESS CARD CLICK HERE
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BUDGET PROPOSALS FOR FY 2018-19 AFFECTING PERSONAL FINANCE , CLICK HERE
BUDGET HIGHLIGHTS FOR 2020-21 ,CLICK HERE
IT FORMS for FY 2019-20 ( AY 2020-21 ) already Released
For Details CLICK HERE
LAST MINUTE TAX PLANNING FOR FY 20-21 IN 5 SIMPLE STEPS
LAST MINUTE TAX PLANNING IN 5 SIMPLE STEPS :
Dated 27.03.2021 : As the financial year is coming to an end in next 5 days , you have to act now to save maximum on your income tax liability . To help you in this task , you may take these simple steps to maximise tax savings :
1. Calculate your total income in this year from all the sources .
2. Check what tax rebates you are already eligible for . There are tax rebates available without you having done any investment during the year . For example standard deduction , health insurance payment , bank interest for senior citizens . For complete detail of all rebates available , CLICK HERE . You would also have invested in some tax saving instruments like PPF , Insurance premium etc .
3. Now with this information , check whether old tax regime with rebates is beneficial or the new simplified tax regime is beneficial to you . Calculate tax payable both ways by using Tax calculator here .
4. If new simplified tax regime is beneficial , no more action is needed
5. If old tax regime is beneficial , think of ways to avail further tax rebates available to you to maximise rebates and minimise your tax liability by checking on the tax saving instruments available to you . Buy them
To know the tax slabs in both methods , CLICK HERE
Dated 27.03.2021 : As the financial year is coming to an end in next 5 days , you have to act now to save maximum on your income tax liability . To help you in this task , you may take these simple steps to maximise tax savings :
1. Calculate your total income in this year from all the sources .
2. Check what tax rebates you are already eligible for . There are tax rebates available without you having done any investment during the year . For example standard deduction , health insurance payment , bank interest for senior citizens . For complete detail of all rebates available , CLICK HERE . You would also have invested in some tax saving instruments like PPF , Insurance premium etc .
3. Now with this information , check whether old tax regime with rebates is beneficial or the new simplified tax regime is beneficial to you . Calculate tax payable both ways by using Tax calculator here .
4. If new simplified tax regime is beneficial , no more action is needed
5. If old tax regime is beneficial , think of ways to avail further tax rebates available to you to maximise rebates and minimise your tax liability by checking on the tax saving instruments available to you . Buy them
To know the tax slabs in both methods , CLICK HERE
UNION BUDGET 2020-21 AND SENIOR CITIZENS
In our new blog article , we have explored what the new IT regime means to senior citizens and what extent senior citizens / retirees / pensioners are gaining / losing from the new regime .As the new regime is optional , one can take studied decisions before opting either of the new or old scheme .
In our new blog article , we have explored what the new IT regime means to senior citizens and what extent senior citizens / retirees / pensioners are gaining / losing from the new regime .As the new regime is optional , one can take studied decisions before opting either of the new or old scheme .
Have you submitted Form 15G / 15 H if you are eligible ?
Go to Section " All about TDS and Form 15G / 15 H and find out whether you are eligible to submit the forms to avoid Tax Deduction at source. If you are eligible Download the forms and submit to your bank immediately.As year end is approaching , Banks will deduct tax on their interest payment before the year end if you have not submitted the forms . Act earliest to avoid TDS .
KEEP YOUR FINANCIAL RECORDS PROPERLY
Keep the records of all your financial transactions . Money borrowed from friends , Jewelry inherited / purchased ,Gifts received , wedding expenditures cash remitted to your account etc can be questioned by IT officers and can be taxed up to 83 % of the value if IT Officer is not satisfied about your explanation . As per amended section 115BBE , an assessing officer can invoke 60 % tax , 15 % surcharge , 3 % cess with an added penalty of 10 % . To avoid such hefty payment of tax , keep records of your transactions to enable yourself to explain sources of funds .
Go to Section " All about TDS and Form 15G / 15 H and find out whether you are eligible to submit the forms to avoid Tax Deduction at source. If you are eligible Download the forms and submit to your bank immediately.As year end is approaching , Banks will deduct tax on their interest payment before the year end if you have not submitted the forms . Act earliest to avoid TDS .
KEEP YOUR FINANCIAL RECORDS PROPERLY
Keep the records of all your financial transactions . Money borrowed from friends , Jewelry inherited / purchased ,Gifts received , wedding expenditures cash remitted to your account etc can be questioned by IT officers and can be taxed up to 83 % of the value if IT Officer is not satisfied about your explanation . As per amended section 115BBE , an assessing officer can invoke 60 % tax , 15 % surcharge , 3 % cess with an added penalty of 10 % . To avoid such hefty payment of tax , keep records of your transactions to enable yourself to explain sources of funds .
FOR LATEST INCOME TAX NEWS CLICK HERE
HIGHLIGHTS OF CHANGES IN INCOME TAX RULES FROM FY 2019-20 TO FY 20-21
TCS ON FOREIGN EXCHANGE REMITTANCE / OVERSEAS TOUR PACKAGE

Dated 01 .010.2020 : The following provisions will be applied for the transactions done today onward towards Foreign tour or Foreign Remittance :
If you buy foreign tour package , the seller of the package will collect additional amount of 5 % along with the tour package cost as an Advance Income Tax ( TCS - Tax Collected at Source ) ) from you . If you remit more than Rs 7 lakhs under Liberalised Remittance Scheme of the Reserve Bank of India ( the scheme under which many parents remit funds to their children studying abroad ) , the Authorized Dealer through whom you remit will collect additional amount of 5 % for the amount in excess of Rs 7 lakhs along with the exchange cost as Income Tax . Further if you do not furnish PAN / Aadhaar number during the transaction , the percentage of such income tax collection will increase to 10 % instead of 5 % . But if you remit out of education loan taken for studies abroad , the authorised dealer will collect only 0.5 % in excess of seven lakh rupees remitted by you in a financial year .
The TCS collected by you is only advance income tax collected and you can adjust the collected amount at the time of submitting your IT Returns for the year FY 2020-21 . If you are not liable for any tax , you may claim refund while submitting IT returns . If one does not file IT Return , the amount collected under TCS will lie with the government .
The above rules are made following amendment made to Sec 206C of Income tax Act .
If you buy foreign tour package , the seller of the package will collect additional amount of 5 % along with the tour package cost as an Advance Income Tax ( TCS - Tax Collected at Source ) ) from you . If you remit more than Rs 7 lakhs under Liberalised Remittance Scheme of the Reserve Bank of India ( the scheme under which many parents remit funds to their children studying abroad ) , the Authorized Dealer through whom you remit will collect additional amount of 5 % for the amount in excess of Rs 7 lakhs along with the exchange cost as Income Tax . Further if you do not furnish PAN / Aadhaar number during the transaction , the percentage of such income tax collection will increase to 10 % instead of 5 % . But if you remit out of education loan taken for studies abroad , the authorised dealer will collect only 0.5 % in excess of seven lakh rupees remitted by you in a financial year .
The TCS collected by you is only advance income tax collected and you can adjust the collected amount at the time of submitting your IT Returns for the year FY 2020-21 . If you are not liable for any tax , you may claim refund while submitting IT returns . If one does not file IT Return , the amount collected under TCS will lie with the government .
The above rules are made following amendment made to Sec 206C of Income tax Act .
1. Simplified optional Individual tax regime is introduced with lower income tax rates for the persons who are ready to forgo many tax rebates .
a. REBATES TO BE FORGONE :
1. Standard Deduction of Rs 50,000 allowed for salaried persons / pensioners .
2. Cumulative deduction of Rs 1.5 lakhs allowed under Section 80C, 80CCC, and Section 80 CCD for savings/investments, premium for annuity / pension fund
3. Deductions allowed for Rs 50,000 / 1,50,000 under Section 80 EE / 80 EEA for the Interest on Housing loans with certain conditions
4. Deduction allowed under 80 E for interest on education loan taken for pursuing Higher Education .
5. Deductions allowed for Rs 2.00 lakhs under Section 24 for the Interest on Housing loans
6. Deductions allowed for Rs 1,50,000 under Section 80 EEB for the Interest on loans taken for purchase of electric vehicles .
7. Interest on savings bank accounts allowed up to Rs 10,000 under Section 80TTA and for senior citizens only if they have not claimed under section 80TTB
8. Interest received by a senior citizen on deposits with banks / co-operative societies / post office up to Rs 50,000 under section 80 TTB .
9. Deduction allowed for Health insurance Policies under 80 D up to Rs. 50,000/- for senior citizens and up to Rs. 25,000/- for others .
b. REBATES THAT CAN BE USED IN NEW TAX REGIME ALSO
1. CONVEYANCE ALLOWANCE , LFC , TRANSFER
Dated 29.06.2020 : Income Tax department has amended rules now and permitted conveyance allowance , travel allowance , LFC / LTC and transfer allowance etc to be to be under exemption category of newly 115BAC as per Gazette notification dated 26.06.2020 . Accordingly following allowances are also exempted under the new tax regime :
a) any allowance granted to meet the cost of travel on tour or on transfer;
(b) any allowance, whether, granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty;
(c) any allowance granted to meet the expenditure incurred on conveyance in performance of duties of an office or employment of profit
To view Gazette Notification , CLICK HERE
C. TAX STRUCTURE UNDER NEW SIMPLIFIED TAX REGIME
a . No tax up to Rs 2,50,000
b. Income tax at 5 % from Rs 2,51,000 to Rs 5 .00 Lakhs
c. Income tax at 10 % from Rs 5,00,001 to Rs 7.5 Lakhs
d. Income tax at 15 % from Rs 7,50,001 to RS 10 .00 Lakhs
e. Income tax at 20 % from Rs 10,00,001 to Rs 12 .50 Lakhs
f. Income tax at 25 % from Rs 12,50,001 to Rs 15 .00 Lakhs
g. Income tax at 30 % above Rs 15 .00 Lakhs
2. EMPLOYEE / PENSIONER CAN OPT TCS / TDS EITHER FOR NEW REGIME OR OLD REGIME
An employee, having income other than the income under the head "profit and gains of business or profession" and intending to opt for the concessional rate under section 115 BAC of the Act, may intimate his employer, of such intention for each previous year and upon such intimation, the employer has to compute his total income, and make TDS thereon in accordance with the provisions of section 115 BAC of the Act.
2. If such intimation is not made by the employee, the employer shall make
TDS without considering the provision of section 115 BAC of the Act.
3. intimation so made by the employee will be only for the purposes of TDS during the previous year and cannot be modified during that year.
4. However, the intimation would not amount to exercising option in terms of sub-section (S) of section 115 BAC of the Act . Thus, option at the time of filing of return of income could be different from the intimation made by such employee to the employer for that previous year.
5. However if you have income under the head "profit and gains of business or profession" also, the option for taxation under section 115 BAC of the Act once exercised for a previous year at the time of filing of return of income under cannot be changed for subsequent previous years except in certain circumstances.
To read Ministry of Finance circular dated 13.04.2020 in this regard , CLICK HERE
3. TDS / TCS RATES SLASHED BY 25 % :
Dated 15.05.2020 : Finance Minister Ms Nirmala Sitharaman had announced on 13th May of proposal to reduce the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates.
Now Ministry of finance has come out with the list of New TDS / TCS rates for various transactions which are valid from 14th May, 2020 to 31st March, 2021 .
Now TDS on interest & dividends , will be 7.5 % ( existing 10 %) , To go through the new complete list of rates , , CLICK HERE
4. For those who opt to be in old tax regime , there is no change in Tax rates . It will continue as per slabs of FY 2019-20 .
5. Dividend Distribution Tax removed , but dividends to be added to individual incomes
4. FORM 26AS REVISED , TO CONTAIN PERSONAL FINANCIAL TRANSACTIONS
Dated 20.07.2020 : The earlier Form 26AS used to give information regarding tax deducted at source ( TDS ) and tax collected at source relating ( TCS ) to a PAN, besides certain additional information including details of other taxes paid, refunds and TDS defaults. But now, it will have SFTs ( Statement of Financial Transactions ) to help the taxpayers recall all their major financial transactions so that they have a ready reckoner to enable them while filing the ITR. Information received by the Income Tax Department from the filers of specified SFTs is now being shown in Part E of Form 26AS
But the Income Tax Department is receiving information like cash deposit/withdrawal from saving bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buy back of shares, cash payment for goods and services, etc. under Section 285BA of Income-tax Act, 1961 from banks, mutual funds, institutions issuing bonds and registrars or sub-registrars etc., with regard to individuals having high-value financial transactions since the Financial Year 2015- 2016 onwards . The information so collected is not being shown in the form 26AS so far .
Now, all such information under different SFTs will be shown in the new Form 26AS. IT Department hopes that the additional information would help the honest taxpayers with updated financial transactions while filing their returns, whereas it will desist those taxpayers who inadvertently conceal financial transactions in their returns. The new Form 26AS would also have information of transactions which used to be received up to Financial Year 2015-16 in the Annual Information Returns (AIR).
To read Press release of it Department dated 18.07.2020 , CLICK HERE
5. Income tax department has proposed to expand the list of financial transactions to include the following items ( List includes existing transaction list also ) under SFT :
1. Payment of education fee / Donation above Rs 1.00 lakh
2. Electricity consumption above Rs 1.00 lakh per annum
3. Domestic business class air travel / foreign travel
4. Payment of hotel bills above Rs 20,000
5. Purchase of Jewelry , painting , marble or white goods avove Rs 1.00 lakh
6. Deposits / credit above Rs 50 lakhs in current accounts
7. Deposits / credit above Rs 25 lakhs in non- current accounts
8. Payment of Property Tax above Rs 20,000
9. Payment of Life Insurance premium above Rs 50,000
10 . Payment of Health Insurance premium above Rs 20,000
11. Share / Mutual Fund transactions , Demat Aaccounts , hiring of lockers
We will update the information as and when IT Department implements the proposal .
6. LINKING OF AADHAAR TO PAN : Time limit for linking of Aadhaar to PAN is also extended up to 31 .03.2021 .
THE ARTICLES FOR PREVIOUS YEARS FOR FY 2019-20 , CLICK HERE
FOR FY 2018-19 CLICK HERE FOR FY 2017-18 CLICK HERE
FOR FY 2016-17 , CLICK HERE FOR FY 2015-16 , CLICK HERE
FOR FY 2014-15 , CLICK HERE
If you have earned from stock market or from sale of properties to know tax liability Read the NEW ARTICLE ON
CAPITAL GAIN AND TAX
CLICK HERE TO READ
CAPITAL GAIN AND TAX
CLICK HERE TO READ
ALL ABOUT TDS AND FORMS 15G AND 15H
When Banks will deduct TDS for interest paid ?
The bank will deduct tax at source once the amount of interest to be credited in respect of all the fixed deposits taken together exceeds Rs. 40,000 in a financial year.
The bank will deduct tax at source once the amount of interest to be credited in respect of all the fixed deposits taken together exceeds Rs. 40,000 in a financial year.
WHAT IS A 15G FORM AND FORM 15H ?
FORM 15G is the declaration that a Bank Deposit holder can submit to the banker if he/ she want exemption from Tax Deduction at Source ( TDS ) on the interest paid on the deposits .
A resident senior citizen who is above sixty years of age or completes sixty years during the financial year can submit form No. 15H , in lieu of FORM 15G .
A resident senior citizen who is above sixty years of age or completes sixty years during the financial year can submit form No. 15H , in lieu of FORM 15G .
WHO ARE ELIGIBLE TO SUBMIT FORM 15G / FORM 15H ?
Who is eligible to submit Form 15G
A resident person or HUF , whose tax on the estimated income for the year is nil and the amount of interest income from all the sources does not exceed the minimum exemption limit ( presently Rs 2,50,000/- ), can submit the Form.15G . Please note that both conditions are to be fulfilled to become eligible to submit the form 15G.
Who can submit form No. 15H?
A resident senior citizen who is above sixty years of age or completes sixty years during the financial year can submit form No. 15H provided his estimated tax liability is nil for the financial year though the total amount of interest from all sources may exceed Rs. 2.50 lacs, the minimum amount liable for tax.
Caution : Any wrong or false / wrong declaration attracts penalty under section 277 . A person can be prosecuted and can be liable for 3 months to 7 years of imprisonment for such false declarations . Hence please check your eligibility before submitting the forms .
DOWNLOAD FORM15H DOWNLOAD FORM 15G
Employers will issue Form 16 ,( Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source from income chargeable under the head “Salaries” )
for all the tax deducted at source while disbursing salaries . The certificate can be used for computing actual income and tax deducted at source . Format of Form 16 can be downloaded here DOWNLOAD FORM 16
PROOF TO BE SUBMITTED FOR AVOIDING TDS ON SALARY / PENSION
14.01.2019 : On Jan1, 2019 , Central Board of direct Taxes ( CBDT ) has issued an exhaustive circular regarding Tax Deducted at source ( TDS ) on salaries explaining various aspects and nitty-gritties of TDS with example cases . The circular also asks pension paying offices / banks to treat Pension paid by them as equivalent to salaries and deduct TDS for the financial year 2018-19 as being deducted for the salaries .
The salaried persons / pensioners who have utilized any rebates available to them under various sections like 80C , 80D etc have to submit a form 12 BB to their employers / ex-employers to enable them take note of the rebates availed by them while calculating TDS and remitting to the government . The employers / pension payers are expected to collect proof of evidence while allowing the rebates ,
In view of the above circular , many employers / bankers are allowing their employees / pensioners to upload the tax rebate claim details on-line also . However in such cases also , proof of evidence for claiming rebate is to be given by the employees / pensioners .
Each of the person claiming rebate has to produce concerned receipt / statement . Some of such proofs normally required for claiming under 80C / 80D etc are as follows :
1. Life Insurance Premium receipt
2. Health insurance premium receipt ( In case of group insurance , show the relevant debit in your account )
3. PPF Passbook entries / receipt
4. Interest paid certificate on Housing loans
5. Interest paid certificate on education loan taken
6. Tuition fee receipts from schools / colleges
7. National Savings Certificates Purchased during the current year
8. Housing loan statement .
9 . Investment Statement in eligible Mutual funds
10. Sukanya Samruddhi yojana Receipt / statement
Please verify each of the claim you make is eligible for rebate and enter in the appropriate column showing section under which it is eligible .You may fill form 12BB and submit to the relevant authority along with copies of proof so that they will recognise the rebates you have availed . Obtain an acknowledgement from them on submission of 12BB To print Form 12BB , CLICK HERE
To read the CBDT CIRCULAR , click on the link below :
Circular No 01/2019 dated 01.01.2019 .
The salaried persons / pensioners who have utilized any rebates available to them under various sections like 80C , 80D etc have to submit a form 12 BB to their employers / ex-employers to enable them take note of the rebates availed by them while calculating TDS and remitting to the government . The employers / pension payers are expected to collect proof of evidence while allowing the rebates ,
In view of the above circular , many employers / bankers are allowing their employees / pensioners to upload the tax rebate claim details on-line also . However in such cases also , proof of evidence for claiming rebate is to be given by the employees / pensioners .
Each of the person claiming rebate has to produce concerned receipt / statement . Some of such proofs normally required for claiming under 80C / 80D etc are as follows :
1. Life Insurance Premium receipt
2. Health insurance premium receipt ( In case of group insurance , show the relevant debit in your account )
3. PPF Passbook entries / receipt
4. Interest paid certificate on Housing loans
5. Interest paid certificate on education loan taken
6. Tuition fee receipts from schools / colleges
7. National Savings Certificates Purchased during the current year
8. Housing loan statement .
9 . Investment Statement in eligible Mutual funds
10. Sukanya Samruddhi yojana Receipt / statement
Please verify each of the claim you make is eligible for rebate and enter in the appropriate column showing section under which it is eligible .You may fill form 12BB and submit to the relevant authority along with copies of proof so that they will recognise the rebates you have availed . Obtain an acknowledgement from them on submission of 12BB To print Form 12BB , CLICK HERE
To read the CBDT CIRCULAR , click on the link below :
Circular No 01/2019 dated 01.01.2019 .
You have gone through PART 1 OF The Article which contains 5 PARTS . Remaining parts are
PART 2 : TAX RATES / SLABS FOR FY 2020-21 CLICK HERE
PART 3 : TAX REBATES FOR FY 2020-21 AND POPULAR TAX SAVING SCHEMES CLICK HERE
PART 4 : INCOME TAX CALCULATOR FOR FY 2020-21 CLICK HERE
PART 5 : TAX ON RETIREMENT BENEFITS CLICK HERE
PART 2 : TAX RATES / SLABS FOR FY 2020-21 CLICK HERE
PART 3 : TAX REBATES FOR FY 2020-21 AND POPULAR TAX SAVING SCHEMES CLICK HERE
PART 4 : INCOME TAX CALCULATOR FOR FY 2020-21 CLICK HERE
PART 5 : TAX ON RETIREMENT BENEFITS CLICK HERE
FOR NEWS ON DEMONETIZATION AND NEW CURRENCY FEATURES CLICK HERE
FOR BANKING TIPS , CLICK HERE FOR INCOME TAX NEWS , CLICK HERE FOR SAFE BANKING TIPS , CLICK HERE
FOR INCOME TAX RETURN FORMS AND INFORMATION , CLICK HERE
FOR BANKING TIPS , CLICK HERE FOR INCOME TAX NEWS , CLICK HERE FOR SAFE BANKING TIPS , CLICK HERE
FOR INCOME TAX RETURN FORMS AND INFORMATION , CLICK HERE
FOR DETAILS ON AAYKAR SETHU , NEW MOBILE APPLICATION FROM INCOME TAX DEPT , CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
FOR AUTHENTIC INFORMATION AND TIPS ON INCOME TAX MATTERS
Income tax dept of Govt of India has a very useful portal which churns out valuable guidance for tax payers . One can go through and understand the basics .
Link to the portal is http://india.gov.in/spotlight/filing-income-tax-returns#itr2
Further there are practical tips for computing tax which can be read and used . For example , the link how to compute other income. One can make use of the portal in understanding law, making payment and also to file returns .
Link to the portal is http://india.gov.in/spotlight/filing-income-tax-returns#itr2
Further there are practical tips for computing tax which can be read and used . For example , the link how to compute other income. One can make use of the portal in understanding law, making payment and also to file returns .
FOR INFORMATION ON BITCOINS , NEW AGE DIGITAL CURRENCY , CLICK HERE