Employers will soon start rolling out investment declaration forms, asking employees to indicate their choice of tax regime. The government had introduced a revised tax system in this year’s Budget, wherein taxpayers would be given the option to shift to a new tax regime with lower tax rates, but without the usual tax exemptions and deductions. The Central Board of Direct Taxes issued a circular on April 13, 2020, directing all employers to obtain a declaration from employees if they wish to opt for the new tax regime. Here is what employees should keep in mind.
If you wish to opt for the new tax regime, you will have to inform your employer through the declaration form. The employer will start deducting tax at source (TDS) accordingly for each month.
The Central Government vide Notification No. 20/2020- Customs dated 9th April 2020 has exempted the following goods from whole of the duty of customs leviable thereon under the First Schedule to the said Customs Tariff Act and the whole of health cess leviable thereon under section 141 the said of Finance Act, 2020:
S.No
Chapter or Heading or sub–heading or tariff item
Description of goods
1
9018 or 9019
Artificial respiration or other therapeutic respiration apparatus (Ventilators)
2
63 or any chapter
Face masks and surgical Masks
3
62 or any chapter
Personal protection equipment (PPE)
4
30, 38 or any chapter
Covid-19 testing kits
5
Any Chapter
Inputs for manufacture of items at S. Nos. 1 to 4 above,subject to the condition that the importer follows the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.
This notification shall remain in force upto and inclusive of the 30th September, 2020.
