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...
Tax SlabsNew Tax Regime 0-3 lakh NIL 3-7 lakh 5% 7-10 lakh 10% 10-12 lakh 15% 12-15 lakh 20% Above 15 lakhs 30% New Section 87A Rebate Suggested in Budget 2023 According to these slabs, Rs. 25000 in income tax is due on a total income of Rs. 7 lakh. According to the n...
Notably, popular tax-saving avenues such as Public Provident Fund (PPF), Unit Linked Insurance Plans (ULIPs), Equity Linked Savings Schemes (ELSS), and medical insurance premiums are not eligible for exemptions under the new regime. Additionally, allowances like House Rent Allowance (HRA) and L...
Confused about which regime to choose? Calculate minimum Tax on our TAX CALCULATOR in Tools. Stay informed with our latest financial insights in the new Blogs section. BOOK A CALL NOW with our tax experts for consultation! 📞 Need to make a big ticket purchase but unsure about the EMI?
Section 115BAC: A Guide to the New Tax RegimeSeptember 24, 2024 Since its introduction in the budget 2020, Section 115BAC of the Income Tax Act 1961 has become significantly… Read More 4 minute read A Simplified Guide to Tax Deductions Under Section 80GGBSeptember 17, 2024 Section 80...
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 tax rates. With the introduction of the new regime, you may get baffled. Hence, we are here to make things smoother for you. In this compl...
Step 1:Take a new sheet and enter the income details, just like in the above example. Step 2:Include an additional section for the tax slabs according to the old tax regime, as seen below. Step 3:First, you need to calculate the taxable income in cellB5. ...
Income Tax Slabs and Rates for Assessment Year 2022-23 Individuals and HUFs can choose the Existing Tax Regime or the New Tax Regime with a lower rate under section 115 BAC of the IT Act, 1961. But, the taxpayer choosing the second option will not be allowed certain Exemptions and Deductio...
Learn how to file Income Tax Returns ( ITR ) for FY 2022-23 (AY 2023-24) and FY 2023-24 (AY 2024-25). We covers tax concepts on Salary, interest, Capital Gains, House Property, Business and Profession and GST.
Income Tax - Check latest Income Tax news articles, updates, Tax filing rules, Income Tax Returns and deduction to save tax from your income.