The Income Tax Department has issued a strict warning to taxpayers. The strict warning is regarding failing to declare foreign assets can lead to a hefty penalty of ₹10 lakh. As the ITR deadline is near, taxpayers with overseas investments or accounts must comply with the disclosure rules ...
“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...
if a person earns Rs 12 lakhs in a financial year, they will not be paying tax on Rs 12 lakhs. Instead, according to the income tax slab rates explained in the above table, they will pay Rs.1,12,
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Let us take an example to see the difference between the old and new tax regimes. Nehal works in Mumbai and gets a basic monthly salary of ₹1 lakh. Her employer offers an HRA of ₹50,000, a special monthly allowance of ₹20,000 per month, and a yearly LTA of ₹30,000. Sh...
An online income tax calculator is an automated tool designed to help taxpayers calculate their liability as per the tax regime laid out by theIncome Tax Department in India. This calculator has integrated basic information such as annual salary, tuition fees, rent paid, interest on a child’s...
49 lakh cases of income tax refunds are pending with the revenue departmentraj kumar makkadPrint this
Income Tax Most of us are familiar with the term ‘income tax’. Come end of financial year, and we all dread a stipulated deduction from our salary in the name of income tax. But seldom are we aware of the meaning of income tax and its compositions. So let’s read all about income...
Note:As per the income tax slab, there is no tax for individuals having income upto INR 5 lakh post all eligible deductions. If it goes beyond, tax rates will apply. What is the Income Tax Slab Rate for FY 2023-24? To figure out the income tax on your salary, start by looking at...
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...