V. G. MEHTA'S™ INCOME-TAX READY RECKONER® 2019-20

WITH The Finance (No. 2) Bill, 2019 As passed by the LOK SABHA BY CA. N. V. MEHTA

The above publication, as usual, contains information & examples for calculation of Income-tax, Surcharge, Addl. S.C., Capital gains, etc.

For the income earned during the assessment years 2019-20 & 2020-21, the Finance Act, 2018, the Finance Act., 2019 & the Finance (No. 2) Bill, 2019 as passed by the Lok Sabha has made the following changes:

IMPORTANT FEATURES:
(i) In relation to assessment year 2020-21:
  1. In the case of all categories of assessees, basic exemption limit and rate structure of I.T. rate of S.C. on I.T. is same as in preceding year, except that in the case of a, domestic company, where the total turnover or gross receipts of a domestic company, in the previous year 2017-18 does not exceed four hundred crore rupees, flat rate of I.T. is 25%, as against 30%. In case of an individual, HUF, AOP, BOI, and artificial juridical person, where the total income: (a) exceeds fifty lakh rupees but does not exceed one crore rupees, rate of S.C on I.T. is 10% as in preceding financial year; (b) exceeds one crore rupees but does not exceed two crore rupees, rate of S.C. on I.T. is 15% as in preceding financial year; (c) exceeds two crore rupees but does not exceed five crore rupees, rate of S.C. on I.T. is 25% as against 15% in preceding financial year ; and (d) exceeds five crore rupees, rate of S.C. on I.T. is 37% as against 15% in preceding financial year. In case of firm, co-operative society, local authority and domestic/foreign company, rate of S.C. on I.T. is same as in the preceding year. Rate of additional S.C. on I.T. and S.C., if any, in respect of all categories of assessees is 4% as in the preceding year.

  2. Exemption provisions amended u/s. 10(12A) & 10(15). W.e.f. 5-7-2019, u/s. 10(34A).

  3. Provisions of religious trust amended w.e.f. 1-9-2019 u/s. 12AA.

  4. Computation of income from salary amended u/s. 16(ia) vide the Finance Act, 2019.

  5. Computation of income from house property amended u/s. 23(4)/23(5) & 24 vide the Finance Act, 2019.

  6. Computation of business or professional income amended u/s. 2(19AA), 35AD, 40(a)/40(i), 40A, 43, 43B, 43CA, 44AD & 115JB.

  7. Computation of capital gains amended u/s. 47, 50C, 50CA, 54GB, 111A and by the Finance Act, 2019 u/s. 54.

  8. Computation of income from other sources amended u/s. 56(2)(viib), 56(2)(x) & w.e.f. 1-4-2017, u/s. 56(2)(viii).

  9. Provisions of deduction from gross total income amended/provided u/s. 80C, 80CCD, 80EEA, 80EEB, 80-IBA, 80JJAA & 80LA.

  10. Provisions relating to tax in certain cases amended u/s. 115A & 115UB. Provisions relating to losses u/s. 79 substituted.

  11. Provisions relating to assessment procedures u/s. 139(1) amended. Provisions of section 139A & 139AA, amended w.e.f. 1-9-2019. Provisions of section 140A & 143 amended w.e.f. 1-4-2007.

  12. Provisions amended or provided : (i) w.e.f. 1-4-2007, u/s. 234A, 2348 & 234C; (ii) w.e.f 1-4-2017, u/s. 270A; (iii) w.e.f. 5-7-2019, u/s. 9 & 115QA (iv) w.e.f. 1-9-2019, u/s. 115-0, 115R, 269SS, 269ST, 269T, 194DA, 194-IA, 194M, 194N, 195, 197, 201, 206A & 239; & (v) w.e.f. 1-11-2019, 269SU & 270D.

(ii) In relation to assessment year 2019-20:
  1. In the case of all categories of assessees, basic exemption limit and rate structure of I.T. rate of S.C. on I.T. is same as in preceding year. Rate of Addl. S.C. on I.T. and S.C. on I.T., if any, is 4%, as against 3%, in the preceding year. Where the total turnover or gross receipts of a domestic company, in the previous year 2016-17 does not exceed two hundred and fifty crore rupees, flat rate of I.T. is 25%, as against 30%.

  2. Exemption provisions amended u/s. 10(4C); 10(12A); 10(23C); 10(38); & 10(48B).

  3. Income of charitable or religious trust amended u/s. 11(1).

  4. Computation of income from salary provided/withdrawn u/s. 16(ia); & 17(2).

  5. Computation of business or professional income amended/provided u/s. 28, 43(5); 43(CA); 44AE; 115JC; & 115JF.

  6. Computation of capital gains amended/provided/withdrawn u/s. 2(42A); 47(viiab); 49(9); 50C; 54EC; 10(38); & 112A.

  7. Computation of income from other sources amended/provided u/s. 56(2)(x); & 56(2)(xi).

  8. Provisions of deduction from gross total income amended/provided u/s. 80D; 80DDB; 80JJAA; 80PA; 80TTA; & 80TTB.

  9. Provisions relating to tax in certain cases amended u/s. 115AD(1).

CONTENTS:
  1. The Finance (No. 2) Bill, 2019 as passed by Lok Sabha and the Finance Act, 2019.

  2. Notes on important provisions of income-tax, incorporating therein, the amendments made under the Finance Act, 2018, the Finance Act, 2019 & the Finance (No. 2) Bill, 2019 as passed by the Lok Sabha.

  3. Deductions, etc. from gross total income.

  4. Tables &/or examples for individuals, HUFs, associations of persons and non-residents for the assessment years 2019-20 & 2020-21.

  5. Table &/or examples for (i) Firms, (ii) Co-op. Societies, and (iii) Ltd. Cos., for the assessment years 2019-20 & 2020-21.

  6. Market quotation for gold & silver. List of bonus shares. Equity shares quotations as on 31-1-2018.

  7. Monthly salary tables for deduction of tax from “Salaries” during the financial year 1-4-2019 to 31-3-2020 with example.

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