The Finance Ministry has informed that the Central Board of Secondary Education (CBSE) has been exempted from income tax on income from examination fees, sale and publication of textbooks and other works. CBSE has got income tax exemption from the previous date. This exemption has been given for the financial year 2020-21 (June 1, 2020 to March 31, 2021) and for the financial years 2021-22 and 2022-23. The exemption will continue in the current financial year and the next financial year 2024-25 as well.

The Central Board of Direct Taxes (CBDT) said in a notification that the government has notified the Delhi-based Central Board of Secondary Education under section 10(46) of the Income Tax Act and exempted it from payment of income tax on its assessed income. CBSE has been formed by the central government.

There are many types of fees involved.

Let us tell you that such income includes examination fees, fees associated with CBSE, sale of text books and publications, registration fees, sports fees and training fees. In addition, the amount received from CBSE projects/programmes, interest on income tax refund and interest earned on such income will be exempt from income tax.

What is the condition for tax exemption

According to CBDT, tax exemption is subject to the condition that CBSE will not engage in any commercial activity and the nature of the prescribed income will not change throughout the financial year.

Will get benefit in income tax return

Om Rajpurohit, joint partner (corporate and international tax) of AMRG & Associates, said that the current notification is for a limited period. This last date is from June 1, 2020 to the financial year 2024-25. In view of this, CBSE can apply to CBDT for special permission to revise the income tax returns of previous years and can claim ‘refund’ of the tax paid on the assessed income.

The post CBDT issued notification! Now big tax exemption will be available, the government has announced! first appeared on Rightsofemployees.com.

At this time, everyone’s eyes are on any news related to the budget or the demand made by different sectors to the Finance Minister. From job professionals to farmers, everyone’s eyes are on the budget. Due to the last full budget of the government before the Lok Sabha elections, the general public has a lot of expectations from it.

Less tax for low income earners In this budget, along with increasing the income tax exemption limit, the standard deduction limit is also expected to be increased. At present, there are two regimes of income tax exemption. First new tax regime and second old tax regime. Finance Minister Nirmala Sitharaman recently said during a program that the optional income tax system with seven tax slabs was brought in so that low income earners have to pay minimum tax.

No exemption in the new tax regime

Sitharaman told that in the old tax regime, you can claim income tax exemption in different ways. In this, tax payers can claim exemption in 7-10 ways. In this, tax has to be paid at the rate of 10, 20 and 30 percent. Along with the old tax regime, the government has brought a new tax regime, there is no exemption from tax in this. But the tax rate is less in this.

4 slabs in Old Tax Regime The Finance Minister said that there are 7 tax slabs in the New Old Regime, while there are 4 slabs in the Old Tax Regime. Old tax regime is better for low income group people. In this, you can save tax in 7 ways including house rent allowance, home loan interest, 80C and medical insurance. The Finance Minister also said that he had to make seven slabs so that there would be lower rates for the low income group people. Let us know the rates of old tax regime-

Old Tax Regime-

Rs 0 – Rs 2,50,000 – Zero Tax Rs
2.5 Lakh to Rs 5 Lakh – 5 Percent Tax Rs 5 Lakh
to Rs 10 Lakh – 20 Percent Tax
Rs 10 Lakh to Rs 15 Lakh or above – 30 Percent Tax

The post Good news for Taxpayers! Best way to save income tax for tax payers, Finance Minister gave this big information first appeared on Rightsofemployees.com.