The Income Tax Act of 1961 has classified taxpayers into different categories to apply different tax rates for different types of individuals. The taxpayers can be broadly drafted into the following categories: Individuals Body of Individuals Hindu Undivided Family (HUF) Association of Persons Companies...
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Income tax rates as per tax slabs – FY 2023-24 The Union Budget 2023 revised the new tax regime to be the default regime, effective from April 1, 2023. The old tax regime is, however, still available for taxpayers to use and it retains the benefit of exemptions and deductions. Under ...
wages, benefits in kind, pensions, and homeownership income; 2) enterprise income from substantial business holdings; 3) savings and investment income. Each category has its own deductions and tax rates, and general tax credits apply to net income after the three categories are totaled. Income ...