Income Tax : This guide explains the income-tax rates applicable to individuals, HUFs, companies, firms, co-operative societies, and other taxp...
Income Tax : Tax on dividends, interest, royalties and FTS earned by non-residents is governed by the more beneficial rate under the Income-tax...
Income Tax : The applicable withholding tax depends on the Income-tax Act or the relevant DTAA, whichever is more beneficial. Treaty rates diff...
Income Tax : Explore income-tax rates applicable over the last ten assessment years for individuals, companies, firms, LLPs, HUFs, and co-opera...
Income Tax : The document explains tax rates applicable to individuals, HUFs, firms, companies, co-operative societies, foreign companies, and ...
Income Tax : The Government outlined a phased reduction in corporate tax rates with parallel withdrawal of exemptions. The key takeaway is a sh...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT...
Income Tax : India has progressive direct taxation system wherein an individual or Hindu undivided family (HUF) or an association of person or ...
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 i...
Income Tax : Higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and ...
Income Tax : The issue under consideration is whether AOP is liable to tax at MMR if income of its members during relevant year exceeded basic ...
Income Tax : CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deal...
Income Tax : In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (...
The Union budget 2023 presented in the Parliament today on 1st February 2023, the Finance Minister proposed five major announcements for tax payers: 1. Nil tax, upto income Rs. 7 Lakhs (After Rebate U/S 87A) 2. Six Income slabs and new tax rates 3. Standard Deduction Rs. 52,500/- for salaried person with an income of […]
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 […]
Income Tax Chart 2022 (21st Edition) Here it is, duly updated and modified wherever required. You can take a printout of the same and place at a suitable place for day to day reference. All Suggestions for its improvement are always Welcome.
Article contains Automatic Income Tax Calculator in Excel Format for Financial Year 2022-23 (FY 22-23) i.e. Income Tax Assessment Year 2023-24. Income Tax Calculator is Useful for the salaried employees of government and private sector. “Let everyone be subject to the governing authorities, for there is no authority except that which God has established. Give to […]
Understanding marginal relief and how it affects your income tax. Learn about the tax rates and deductions for income that exceeds the threshold limit.
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.
Rates of Income Tax for FY 2021-22 (AY 2022-23) and FY 2022-23 (AY 2023-24) applicable to various categories of persons viz. Individuals, Firms, companies etc. Introduction This article summarizes Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), Hindu undivided family […]
We know the budget finance bill 2022 was presented on 1st February 2022. In this budget no changes was made in income tax slabs for individuals and it remains as below: Old Regime New Regime Assessment Year 2023-24 2023-24 Basic Exemption upto Rs Rs 2,50,000 Rs 2,50,000 Tax @ 5% Rs 2.50 lac to 5 […]
DIRECT TAXES A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2022-23. In respect of income of all categories of assessee liable to tax for the assessment year 2022-23, the rates of income-tax have either been specified in specific sections (like section 115BAA or section […]
Budget is a document of expectations and hope for an Economy. It shows the intent and direction that the policy makers has decided for the economy of the nation. The people of the nation with every budget has lots of expectation especially relating to slab rates. From Highest income tax rate of 97.75% for individuals […]
