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 ...
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 procedure of how to file income tax ret...
So, we can see that the total income tax liability for Nehal would be more if she opted for the new tax structure. Simply put, individuals must calculate the tax payable under both tax regimes and decide which regime to select. Also, the ability to switch between old and new tax regimes...
(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 choose to pay tax as per the old regime will be...
The individual is required to choose the income tax return filing. If the taxpayer wishes to continue with the old regime, they are eligible for all the deductions and exemptions. Given below are the income tax slab rates for the new regime: Income Range Tax Rate Rs 2.5 lakh to Rs 5 ...
Petroleum Sector's Tax Contribution to Witness Sharp Decline in FY 2024-25 10 December 2024 at 09:08 The sluggish excise duty collections from petroleum and natural gas, combined with the discontinuation of the windfall tax regime in December, indicate a significant drop in the sector's ...
Expats in Belgium were given new rules in January 2024. Only those who have a minimumadjusted gross income (AGI)of €75,000 can benefit from the country's special tax regime. There's now a flat rate 30% deduction, capped at €90,000 for work-related expenses.9 ...
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 ...
A word of advice : Do not acquire a home loan just for tax saving purpose! Related Latest Article :Under the new tax regime, all popular tax saving options are not available for FY 2023-24 / AY 2024-25. Read more at :Income Tax Deductions List FY 2020-21 | New Vs Old Tax Regime...
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