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You have follow the steps given below to figure out the tax payable on your income for FY 2024-25 or AY 2025-26: Step 1: Provide your basic details Select the financial year from the dropdown menu for which you want to calculate the income tax, then input your basic details such as ...
As per the new income tax regime for FY 2023-24 (AY 2024-25), the rebate under Section 87A has been increased from Rs. 5 lakhs to Rs. 7 lakhs. Thus, individuals with a net taxable income of up to Rs. 7 lakh can avail tax rebate u/s 87A under the new tax regime. Those who...
For example, if your gross income is Rs 7 lakh and you invest Rs 1 lakh in an instrument that offers deduction, your total taxable income reduces to Rs 6 lakh. So for FY 2012-13(AY 2-13-14), your tax liability from 72,100 Rs after accounting for deduction, comes down to 51,500 ...
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Late Income Tax Filing Fee Details E- Filing Date Total income ₹ 5,00,000 Total income of more than ₹ 5,00,000 Before 31st July 2024 (Non-audit) and 31st Oct 2024 (Audit cases) ₹ 0 ₹ 0 After Due Date But Before 31st December ₹ 1,000 ₹ 5,000 Note: From AY 2021...
You can access the new e-filing website atwww.incometax.gov.in. A new mobile App to file ITR will be also launched soon. The Finance Ministry has urged taxpayers/stakeholders to be patient after the launch of the new portal “since this is a major transition”. ...
Stay Updated on Income Tax, Investing, EPF etc Join our Telegram Channel(BeMoneyAware) The last date to file ITR for individuals for FY 2023-24 (AY 2024-25) is 31 Jul 2024. Details here Learn Properly How to show Capital Gains on Mutual Funds, Indian Stocks, ESPSs, RSUs of MNCs, Fi...
The following table will show you the difference between the two tax rates which an individual can choose as per their financial feasibility: Income Tax Slabs New Tax Regime Slab Rate (AY 25-26) Old Tax Regime Slab Rate (AY 25-26) ...
The profits would be added to your total income for the financial year and charged at tax slab rates. For income from the business, one has to file an ITR-3 If you treat your income as capital gains, expenses incurred on transfer are deductible. ...