Income Tax Rates

Understanding Marginal Relief in Indian Income Tax

Income Tax - Learn about the concept of Marginal Relief in Indian income tax, how it applies to individuals and companies, and its impact on tax liability....

Income Tax Slabs for FY 2023-24 (AY 2024-25) in the New Tax Regime

Income Tax - Learn about latest income tax slabs for FY 2023-24 (AY 2024-25) in new tax regime, including notable changes and how they affect taxpayers...

Income Tax Rates For FY 2022-23 & 2023-24 i.e. AY 2023-24 & 2024-25

Income Tax - Understanding income tax rates is essential for financial planning, be it for an individual, a Hindu Undivided Family (HUF), a partnership firm, or a company. This article aims to provide a comprehensive guide on the income tax rates applicable for the Assessment Years 2023-24 and 2024-25. It covers tax rates for various categories, such ...

Various Threshold Limits under Income Tax Act

Income Tax - In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...

New Tax Regime (NTR) from Financial Year 2023-24

Income Tax - New Tax Regime (NTR) from Financial Year (FY) 2023-24 (Amendments w.e.f. Assessment Year (AY) 2024-25) One can save tax in the new tax regime also, if been aware and well knowing the allowable rebates, exemptions and deductions as per the I. T. Act, 1961. Government of India, from FY 2023-24, had made the NTR as […]...

Budget 2023- Major Changes in Income Tax Rate Slabs, Rebate & Exemption Limit

Income Tax - MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT PAY INCOME TAX IN NEW TAX REGIME TAX EXEMPTION LIMIT INCREASED TO RS. 3 LAKH CHANGE IN TAX STRUCTURE: NUMBER OF SLABS REDUCED TO FIVE SALARIED CLASS AND PENSIONERS TO GAIN ON EXTENSION […]...

Rationalisation of Income Tax Slabs

Income Tax - India has progressive direct taxation system wherein an individual or Hindu undivided family (HUF) or an association of person or body of individuals is required to pay tax at a higher rate with an increase in income levels....

Income tax Rates for assessment year 2021-22

Income Tax - Rates of income-tax in respect of income liable to tax for the assessment year 2021-22 i.e. Financial Year 2020-21 In respect of income of all categories of assessee liable to tax for the assessment year 2021-22, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic [&h...

FICCI Recommends Revision of IT Slabs For Individual Taxpayers

Income Tax - FICCI Recommends Cut in Corporate Tax Rate, Revision of It Slabs For Individual Taxpayers in Budget 2019-20 NEW DELHI, 13 January 2019: FICCI in its Pre-Budget recommendations for 2019-20 has suggested reduction in the corporate tax rate across the board to 25% (irrespective of turnover) to spur economic growth and increase overall tax co...

Abolish Income Tax, raise banks’ rates to 9%: Dr Subramanian Swamy

Income Tax - Domestic savings and not foreign investment can take Indian economy on a 10 per cent growth path, for which Income Tax must be abolished and interest rates on Fixed Deposits be raised to nine per cent along with the reduction in the banks' Prime Lending Rates (PLR), senior BJP leader and Member of Parliament (MP)...

Higher Tax Rate u/s. 115BBE is applicable since 01.04.2016: ITAT Indore

Chandan Garments Private Ltd. Vs PCIT (ITAT Indore) - Higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and the said amendment received assent of the President of India on 15.12.2016 and therefore the amendment shall apply prospectively w.e.f. 15.12.2016 and not retrospectively...

If Income of Any Member is Higher than Basic Exemption Limit then Income of AOP Chargeable at MMR

Air Force Navy Farm Owners Welfare Association Vs ITO (ITAT Delhi) - The issue under consideration is whether AOP is liable to tax at MMR if income of its members during relevant year exceeded basic exemption limit?...

Forms for exercise of Lower Income Tax rate option for Companies released

Notification No. 10/2020-Income Tax [G.S.R. 110(E)] - (12/02/2020) - CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deals New tax rate for domestic companies and Section 115BAB deals with Corporate tax rate for new manufacturing companies for Financial Year 2019-20 onwards. Now CBDT has re...

Govt withdraws enhanced surcharge on tax payable on transfer of certain assets

Release ID: 1582824 - (24/08/2019) - In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in section 111A and section 112A of the Income-tax Ac...

Recent Posts in "Income Tax Rates"

Understanding Marginal Relief in Indian Income Tax

Learn about the concept of Marginal Relief in Indian income tax, how it applies to individuals and companies, and its impact on tax liability....

Posted Under: Income Tax |

Income Tax Slabs for FY 2023-24 (AY 2024-25) in the New Tax Regime

Learn about latest income tax slabs for FY 2023-24 (AY 2024-25) in new tax regime, including notable changes and how they affect taxpayers...

Posted Under: Income Tax |

Income Tax Rates For FY 2022-23 & 2023-24 i.e. AY 2023-24 & 2024-25

Understanding income tax rates is essential for financial planning, be it for an individual, a Hindu Undivided Family (HUF), a partnership firm, or a company. This article aims to provide a comprehensive guide on the income tax rates applicable for the Assessment Years 2023-24 and 2024-25. It covers tax rates for various categories, such ...

Posted Under: Income Tax | ,

Various Threshold Limits under Income Tax Act

In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...

Posted Under: Income Tax |

New Tax Regime (NTR) from Financial Year 2023-24

New Tax Regime (NTR) from Financial Year (FY) 2023-24 (Amendments w.e.f. Assessment Year (AY) 2024-25) One can save tax in the new tax regime also, if been aware and well knowing the allowable rebates, exemptions and deductions as per the I. T. Act, 1961. Government of India, from FY 2023-24, had made the NTR as […]...

Posted Under: Income Tax |

TDS Rate Chart for FY 2023-24 / AY 2024-25 – Updated

Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Easy-to-understand guide....

Posted Under: Income Tax | ,

Income Tax Rates for Financial Year 2023-24 / AY 2024-25

Find the income tax rates for the financial year 2023-24 (assessment year 2024-25) applicable to individuals, HUFs, domestic and foreign companies, along with special tax rates and surcharge information....

Posted Under: Income Tax | ,

Countrywise Withholding Tax Rates: IT Act vs. Tax Treaties/DTAA

Countrywise withholding tax rates as per the Income Tax Act compared to tax treaties/DTAA. Understand differences & implications for dividends, interest, royalties and technical services....

Posted Under: Income Tax |

Countrywise Withholding tax rates / Chart as per DTAA

Withholding tax rates for dividends, interest, royalties and Fee for Technical Services in different countries. Understand how taxes vary for different recipient companies....

Posted Under: Income Tax |

Marginal Relief: How it Benefits Small Taxpayers in New Income Tax Regime

Learn about marginal relief in the new income tax regime and how it benefits small taxpayers. Explore examples and understand how even a small increase in income above ₹ 7 lakh can result in higher tax liability....

Posted Under: Income Tax |

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