We have a progressive system of taxation in India. It simply means— higher the income, the higher the payable tax. Moreover, the income tax is dependent on a slab system defined by the Tax Department. Note that various tax incentives are also added for that category who needs to pay lon...
October 23, 2024CA VineetaIncome Tax News and Articles, Latest Tax Deducted at Source (TDS) News, Taxes in India 42 Minutes Read Here we have provided complete notifications related to the Income Tax and TDS provisions as per the official government laws. We include all the latest updates ...
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Chapter IV(Sections14to59) of the Income Tax Act 1961 deals with the provisions related to computation of total income. Section 43 of IT Act 1961-2023 provides for definitions of certain terms relevant to income from profits and gains of business or profession. ...
Chapter XIV(Sections139to158) of the Income Tax Act 1961 deals with the provisions related to procedure for assessment. Section 143 of IT Act 1961-2022 provides for assessment. Recently, we have discussed in detailsection 142B(Faceless Inquiry or Valuation) of IT Act 1961. ...
1962 (hereinafter the Rules). All the sections and rules referred are of Income-tax Act, 1961 and Income-tax Rules, 1962 respectively unless otherwise specified. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax De...
» Get a quick overview of income tax slabs at a glance. » Discover innovative ideas on how to maximize your tax savings. Helpful Insights: » Receive assistance with the calculation of your annual gross salary. » Easily calculate the eligibility amount under sections 80C and 80D of ...
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Taxable income in India is levied on individuals, HUFs, companies, firms, local authorities, bodies of individuals and artificial judicial persons. The amount of tax imposed varies depending on income differences. Taxable income is a modern concept that predicts precise economic reports, money, ...