Note:There is a common misconception that income tax is charged on the total income earned by an individual during a financial year. That is just not true. For example, if a person earns Rs 12 lakhs in a financial year, they will not be paying tax on Rs 12 lakhs. Instead, according ...
“How Income Tax is Calculated on Salary?”– Navigating the labyrinth of income tax calculation in India, particularly for salaried individuals, can be akin to solving a complex puzzle. Fear not, for it’s a crucial puzzle to unravel in the realm of personal finance. Income Tax Calculator s...
This would imply that no income tax would be due on earnings up to Rs 7 lakh. New Tax Regime Slab Rates 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 Accordin...
Capital gain on Mutual Funds both Debt/Equity, Tax based on Types of Mutual Funds,Capital gain tax on Mutual Funds, Indexation(CII), How to use, Capital Gain Statements from Mutual Funds, Joint account, Nominee, Will,Capital gain on Stocks both as Investor and Trader,Things to consider for...
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Income tax refund in ITR When is one eligible to get Income tax refund? One is eligible for an income tax refund when Your TDS( tax deducted at source) from salary, interest on securities or debentures, dividends, etc. is higher than the tax payable by you. ...
Lets us have a deeper into Income Tax Return ITR Form. ITR 1 Form is filed by taxpayers and individuals who are a Resident with a total Income of up to INR 50 lakhs when the Income is from Salaries, One House Property, Other Sources (Interest, dividend, etc.), and Agricultural Income...
Who is eligible for income tax? Thecompanies and firmsare mandatorily required to file an income tax return (ITR). However, individuals, HUF, AOP, BOI should file ITR if the income exceeds the basic exemption limit of Rs 2.5 lakh. This limit is different for senior citizens (Rs 3 lakhs)...
Hi I am a salaried professional My taxable income for year FY 2015 16 was 721 000 as per form 16 IT file was done for this amount Nowin FY 2016 17 as of Oct16 I have received salary of 4 5 lakh as of now tds deducted My current bank balance is 10 000 LIC
30.00 Lakhs in ECS in the bank within a period of 7 days. An increase of 30% in stamp duty is anticipated with effect from April 1 ,2021. The parties seek advice of professionals to plan suitably for reduction of Capital Gain Tax. LET'S FIRST WE CONSIDER PROVISIONS OF SECTION 50 C ...