The image below lists the tax slabs as per the old and new tax regimes, where the new regime is applicable for assessment year (AY) 2024-2025. The information is from the income tax governmentwebsiteand thepress releaseof the Indian budget. Note:The above table gives the income tax slab ...
Taxpayers in India will need to file income tax returns for Assessment Year 2023-24 by 31st July, 2023. Get the tips to meet the due date on time.
A new tax regime has come to effect from the financial year 2021-22 for HUFs and individuals. Individuals are free to choose which tax regime they want to continue with. The individual is required to choose the income tax return filing. If the taxpayer wishes to continue with the old regim...
Women's Day Offers for Females* Customers can also easily download the ITR (Income Tax Return) Forms for AY 2024-25 through the trial software. They can also get income tax return acknowledgement and learn how to get income tax return copies online. Gen IT software also explains the procedur...
Budget 2025 revised tax slab for new regime, while the old regime remains unchanged. Published on:07-Feb-2025 Budget 2025 MCA Imposes ₹4.53 Lakh Penalty on Private Company for Non-Filing of Annual Return! Published on:30-Jan-2025
On the contrary, choosing for the new tax regime will have to relinquish the majority of tax exemptions and deductions under the old regime. In addition, note that the old tax regime has three tax slabs and higher tax rates. However, the new tax regime includes six tax slabs and lower ...
Let us discuss how this section works for you. Union Budget 2025: New Tax Regime Slab Rates What is the Provision Related to Section 87A of the Income Tax Act? Recalling history in a hurry, Section 87A was inserted in the Finance Act 2003 which has changed from time to time. The ...
Choose Old and New Tax Regime for FY 2020-21 One has to inform the Income Tax Department of his choice of Old or New Tax Regime. Those with business Income have to fileForm 10-IE electronically and give an Acknowledgment number before filing ...
What's certain heading into 2025, however, is that there will be a new tax bill to extend and/or replace TCJA. And while it may not represent as large of a shift from the status quo as TCJA did in 2017, it could still have tax planning implications for millions of Americans – at ...
The Finance Act 2020 has introduced below new TDS sections/key amendments in TDS Sections one must be aware of: TDS Details Section Name TDS Rates (in %) (AY 2021-22) Remarks TDS on Salaries 192 New Reduced Slab rate for Salaries People introduced. One can go for old tax regime with ...