Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Earning ₹15 lakh? Know how new tax slabs work and why ₹12 lakh exemption doesn’t apply. Learn about rebates, slab-wise taxat...
Income Tax : Budget 2025 introduces no income tax on earnings up to ₹12 lakhs under the new regime, offering significant relief. Learn about ...
Income Tax : Countrywise withholding tax rates as per the Income Tax Act compared to tax treaties/DTAA. Understand differences & implications f...
Income Tax : Understand the tax filing process in India and analyze the tax regime for FY 2023-24. Explore old and new tax rates, deductions, a...
Income Tax : Union Budget 2025-26 introduces tax relief with no income tax up to Rs. 12 lakh, benefiting middle-class taxpayers and boosting co...
Income Tax : Union Budget 2025 expectations include tax relief, GST reforms, R&D support, and measures for MSMEs. Common demands focus on easin...
Income Tax : Get clarity on the applicability of the new tax regime versus the old tax regime. Understand the differences and choose the regime...
Income Tax : MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT...
Corporate Law : After criticism on Tax Rate Reduction for Corporates Income Tax India has given following clarification on Twitter. It is to be no...
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 : CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax r...
Income Tax : Circular 29/2019 – Clarifications on set off of brought forward loss due to additional depreciation & MAT credit if comp...
Goods and Services Tax : CBIC notifies concessional CGST rate on specified handicraft items vide Notification No. 21/2018-Central Tax (Rate), Dated: 26th J...
Goods and Services Tax : CBIC allows Refund of accumulated credit on account of inverted duty structure to fabric manufacturers vide Notification No. 20/20...
Goods and Services Tax : CBIC amends list of goods exempt from GST vide Notification No. 19/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect fr...
Concessional Rates of Income Tax @ 22% for Companies in India Applicable from AY 2020-21 – FY 2019-20 ♦ Income tax @22% in place of 25% or 30% under the Section 115-BAA 1. Income Tax @ 22% is applicable on the Companies (i) All Indian companies are permitted to avail concessional rate of income tax […]
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 […]
New Tax Regime under Section 115BAC- Tax on income of Individuals and Hindu Undivided Family for FY 2020-21 The Finance Act, 2020 has introduced a New Tax Regime (‘NTR’) by inserting a new Section 115BAC -Tax on income of Individuals and Hindu Undivided Family under Income Tax Act, 1961 (‘the Act’) w.e.f. 01.04.2021. Under the said […]
From Financial year 2020-21, taxpayers (Individuals and HUFs) has an option to choose between Old Tax regime and the new Tax Regime. The new tax regime is available with lower tax rates and almost zero deductions/exemptions. Here is the quick comparison table between tax rates at different slabs under Old Tax Regime vs. New Tax […]
The new tax regime was seems to be a gift for the taxpayers by offering the lowest tax rates. But unfortunately it came with a lots of drawbacks. It has created a lot of confusions among the tax payers to choose between these two schemes. However,Salaried and pensioners have the option to change according to […]
Understand the Income Tax slab rates for individuals for FY 2020-21 in India. Learn about the different categories and the existing and new regime slab rates.
Get to know the Income Tax Slab Rate for the Financial Year 2020-21 (A.Y.- 2021-22) for Individuals, HUFs, and various types of entities.
Stay up to date with the latest Income Tax Rates for Assessment Year 2021-22/Financial Year 2020-21. Understand how it applies to individuals, HUFs, AOPs, BOIs, co-operative societies, and LLPs.
