Webinar of HCAS explains nuances of taxation
Chennai, June 29: Hindustan College of Arts and Science (HCAS) in Chennai was the center of attraction recently when its webinar attracted huge attention. The webinar focused on highlighting various nuances related to taxation.
The webinar highlighted the differences between the taxes in the old regime and the new regime. There has been a change in the taxation soon after the new government took charge at the center.
Chartered accountants Abhishek Murali and Divya Abhishek explained in detail about the differences in the taxation.
Divya said taxable income comprises salaries, house profit earning, and business income from all sources.
And, parts of an individual salary like special allowance, traveling allowance, daily allowance are also taxable.
Tax is levied on children’s education loan, interest from the savings bank, and also interest earned on fixed deposits, she said.
Mr. Abhishek spoke on capital gains and Section 54 C. He said individual capital gains. The capital gains earned by individuals should be reinvested within six months from the date of their acquirement.
Speaking about income tax deductions, he said they are done generally based on salary. As per the slab, if a person’s income is up to Rs 2.5 lakhs, there is no tax. A five percent tax is applicable for income range that falls between Rs 2.5 to Rs 5 lakhs.
Similarly, earnings that come in the range of Rs 5 to 7 lakhs, a tax of 20 percent was levied in the old regime and the same stood at 10 percent in the new regime.
The earnings that fell in the range of Rs 7.5 lakh to Rs 10 lakh, a 20 percent tax was levied in the old regime and the new regime and new regime the income tax stands at 15 percent.
For an income that comes in the range of Rs 12 to 15 lakh, income tax of 30 percent was levied in the old regime and new regime the same stands at 20 percent. For an income over 15 lakhs and tax levied stands at 30 percent.
Dr. S. Thirumagan, Principal of HCAS also spoke. Dr. A Ganesh Kumar, faculty in the Microbiology Department of HCAS and Dr. K. Malar Vizhi, dean of School of Business Studies at HCAS were among those present.