Taxation & Company
Taxation & Company
The income tax you pay depends on your annual income. Budget 2020 introduced new reduced tax rates that shall come into effect from the year 2020-21. The tax slab rates according to the new system are categorized in the following way. The income tax you pay depends on your annual income. Budget 2020 introduced new reduced tax rates that shall come into effect from the year 2020-21. The tax slab rates according to the new system are categorized in the following way:
According to the Income Tax Act 1961, you can claim deductions under the following sections:
- Section 80C to 80: Under Section 80C, 80CCC & 80CCD of the Income Tax Act 1961, you can reduce your taxable income by 1,50,000.
- Section 80CCD: Section 80CCD of the Income Tax Act, 1961 focuses on income tax deductions that individual income tax assesses are eligible to avail on contributions made towards the New Pension Scheme (NPS) and Atal Pension Yojana (APY).
- Section 80D: Under section 80D, you can claim an income tax deduction for medical expenses and health insurance premiums.
- Section 80DD: Tax deduction under Section 80DD of the Income Tax Act can be claimed by individuals who are residents of India and HUFs for the medical treatment of a dependant with disability(ies) or differently-abled.
- Section 80DDB: Tax deductions under section 80DDB of Income Tax Act 1961 can be claimed for medical expenses incurred for medical treatment of specific illnesses.
- Section 80TTA: Section 80TTA provides a deduction of Rs 10,000 on interest income. This deduction is available to an Individual and HUF.
- Section 80U: Under Section 80U, physically disabled persons can claim deductions up to Rs.1,00,000.
COMPANY LAW :
- Section 10A – Commencement of business
- Section 12 – Registered office of the Company
- Section 26 – Matters to be stated in the prospectus
- Section 29 – Public offer of securities to be in dematerialized form
- Section 35 – Civil Liability for the misstatements in the prospectus
- Section 77 – Registration of Change
- Section 90 – Register of significant beneficial owner in the company
- Section 135 – Corporate social responsibility
- Section 164 – Disqualifications from the appointment of director
65 B Certificate
Economic development of any country is largely conditioned by the growth of capital formation. It is said that capital formation is the kingpin of economic development. But LDCs usually suffer from the shortage of capital.
Consequently, disposable income will rise and, hence, demand for goods and services will rise. Increased demand will stimulate investment leading to a rise in income and employment through the multiplier mechanism.
