“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...
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 new proposed amendment, everybody with an annual taxable income of up to Rs 7 lakhs is no...
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...
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...
The first 2.5 lakhs of his income are tax-free. Post that, for every 2.5 lakhs he will be taxed at an incremental tax rate ranging from 5-25% as seen in the image below. The total tax payable will be: 12500(@5%) + 25000(@10%) + 37500 (@15%) + 50000(@20%) + 62500(@25%...
Currently, the taxable income of INR 5 lakh is excluded from the application of Income-tax. According to sources, the task force in its submitted report to the Finance Ministry on direct tax code supported the government step of exempting taxable income of INR 5 lakhs. Considering the ...
Income Tax Return filing is mandatory for Taxpayers whose income exceeds the prescribed income limit. ITR Filing process is regulated under the Income Tax Act 1961.
Tax Exemptions “Exemptions” are some of the defined benefits or heads which can be deducted from income. A person spends on some of the necessities in life like paying rent, spending money on children’s fees, and basic living expenses. So some of the exemptions allowed are ...
12 - 15 L20% 15 L and above30% Understanding which tax regime is beneficial for you depends on your income composition and other financial factors. People with net taxable incomes of less than or equal to Rs. 7 lakhs qualify for a tax rebate under Section 87A, meaning they have no tax...
Income Tax on Income for Self Occupied Property. Then it explains various cases with examples of computation of income from one Self Occupied House property like House constructed before 1-Apr-1999, House constructed after 1-Apr-1999, for interest in pre-construction stage of the house, when ho...