V. G. MEHTA'S™ INCOME-TAX READY RECKONER® 2020-21

WITH The Finance Bill, 2020 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 2020-21 & 2021-22, the Finance (No. 2) Act, 2019 & the Finance Bill, 2020 as passed by the Lok Sabha has made the following changes:

IMPORTANT FEATURES:
(i) In relation to assessment year 2021-22:
  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 the preceding year. In the case of : (a) individual/ HUF opting for concessional rate of I.T. is as specified in section 115BAC; (b) resident co-op society opting for flat rate of I.T. is specified in section 115BAD. Where the total turnover/gross receipts of a domestic company, in the previous year 2018-19 does not exceed four hundred crore rupees, flat rate of I.T. is 25%, as against 30%. Domestic company opting u/s. 115BAA/115BAB, flat rate of I.T. is 22%/15% is same as in the preceding year. Rate of Addl. S.C. on I.T., if any, is 4% is same as in preceding year.

  2. Exemption provisions amended u/s. 10(23D), 10(23FC), 10(23FD), 10(23FE), 10(34), 10(35) & 10(45).

  3. Provisions of trusts amended/provided u/s. 11(7), 12A, 12AA, 12AB, 115TD & 2(13A)/115UA, w.e.f. 1-6-2020.

  4. Computation of income from salary u/s. 17(2)(vii) substituted/17(2)(viia) inserted.

  5. Computation of income from business and profession amended u/s. 35, 43CA, 115JC & 115JD.

  6. Computation of capital gains amended u/s. 50C & 55(2)(b).

  7. Computation of income from other sources amended u/s. 56(2)(v)/(vi)/(vii)/(x) & 57(i).

  8. Provisions of deduction from gross total income amended/provided u/s. 80EEA, 80G, 80GGA, 80-IAC, 80-IBA & 80M.

  9. Provisions relating to tax in certain cases amended/provided u/s. 115A, 115AC, 115ACA, 115AD, 115BAC, 15BAD & 115BBDA.

  10. Sections 6, 9/9A, 92CB/92CC/92F/94B, 115C(c), 119A, 133A, 156, 234G, 254, 271AAD, 274, 285BB & 288, amended/provided.

  11. Sections 115-O(1), 115-R(2), 191, 192, 194, 194A, 194C, 194H, 194-I, 194J, 194K, 194LBA(2), 194LC, 194LD, 194-O, 195, 196A, 196C, 196D, 197, 203AA, 204 & 206C, amended/provided.

(ii) 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 the case of a domestic company opting u/s. 115BAA 115BAB, flat rate of I.T. is 22%/15% as against 25%/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), 10(34A) & 10(48C).

  3. Provisions of religious trust amended 11(7) & 12AA.

  4. Computation of income from salary amended u/s. 16(ia).

  5. Computation of income from house property amended u/s. 23(4)/23(5) & 24.

  6. Computation of business or professional income amended u/s. 2(19AA), 33AB, 33ABA, 35AD, 35D, 40(a)/40(i), 40A, 43, 43B, 43CA, 44AB, 44AD, 115JB & 115JC.

  7. Computation of capital gains amended u/s. 2(42A), 47, 49(2AG), 49(2AH), 50B, 50C, 50CA, 54, 54GB & 111A.

  8. Computation of income from other sources amended u/s. 56(2)(viib), 56(2)(x) & u/s. 56(2)(viii).

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

  10. Provisions relating to tax in certain cases amended u/s. 115A, 115BAA, 115BAB & 115UB. Provisions relating to losses u/s. 79 & 72AA substituted.

  11. Provisions relating to assessment procedures u/s. 139, 140, 140A, 143, section 139A & 139AA, amended.

  12. Provisions amended or provided : u/s. 234A, 234B & 234C, u/s. 270A, 9, 115QA, 115-0, 115R, 269SS, 269ST, 269T, 194DA, 194-IA, 194M, 194N, 195, 197, 201, 206A, 239, 269SU & 270D.

CONTENTS:
  1. The Finance Bill, 2020 as passed by Lok Sabha, Taxation Laws (Amendment) Act, 2019 & Direct Tax Vivad se Vishwas Act, 2020.

  2. Notes on important provisions of income-tax, incorporating therein, the amendments made under the Finance (No. 2) Act, 2019 & the Finance Bill, 2020 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 2020-21 & 2021-22.

  5. Table &/or examples for (i) Firms, (ii) Co-op. Societies, and (iii) Ltd. Cos., for the assessment years 2020-21 & 2021-22.

  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 1-4-2020 to 31-3-2021 with example.

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