“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 Calculatorsimpl...
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...
Income Tax dept to pay Rs six lakh to road mishap victim The Income Tax Department has been ordered by a road mishap tribunal to pay over Rs six lakhs as compensation to a photographer who suffered permanent disability after being hit by a depar
(a) fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income- tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that ...
49 lakh cases of income tax refunds are pending with the revenue departmentraj kumar makkadPrint this
In any case, if you failed to file income tax returns on or before the deadline, you would be required to pay interest at the rate of 1% for each month, or part of a month, on the amount of unpaid tax according to section 234A. Carry Forward of Losses are not allowed If you fac...
Income tax slab Taxable income Tax rate Tax (in ₹) Up to 2.5 lakhs 0 0 0 2.5-5 lakh 250,000 5% 12,500 5-10 lakh 5,00,000 20% 1,00,000 Above 10 lakh 3,90,000 30% 1,17,000 Total Tax (A) 2,29,500 Health and education cess (B) (4% of A) 9,180 Total tax liabil...
When Income is computed on a presumptive basis under sections 44AD, 44AE, or 44ADA, it is presumed to have been calculated after accounting for all allowances, depreciation, losses, or deductions as per the Income-tax Act. However, individuals incurring losses after applying the proviso to su...
There is a special rate of tax of 15% on short term capital gains, irrespective of your tax slab. if your total taxable income excluding short term gains is below taxable income i.e Rs 2.5 lakh, you can adjust this shortfall against your short term gains ...
The Union Budget 2018 also introduced a new 10% tax charged on investments of long-term capital gains in stocks, and equity mutual funds. The new tax law states that all profits exceeding the amount of Rs.1 lakh (from mutual funds and stock markets) will henceforth be taxed a 10% rate...