Individual taxpayers have the option to choose between two tax regimes from the financial year (FY) 2020-2021. It includes— old tax or existing regime and the new tax or concessional regime. If individuals are choosing the old tax regime, then they can continue with existing tax exemptions. ...
Currently, there are 2 different tax regimes in effect in India which are used to file income tax returns. However, the taxation slab for the old and new regimes stays the same. In both cases, the taxation slab starts at Rs. 2.5 lakh. Is the due date for income tax return filing the...
The income from Property, whether it is from a residential home or a commercial property, is chargeable to tax as per the individual’sincome tax slab rate. For the financial year 2023-2024 for individual tax payers of below 60 years of age, income up to Rs. 2,50,000 is tax free und...
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.
Here are two significant distinctions between old and new income tax regimes: The new tax regime offers more tax slabs with lower rates compared to the old regime. Therefore, the tax slabs for the financial year 2024-25 will vary depending on whether you choose the new or old regime. Additi...
Old Tax Regime vs. New Tax Regime: » Compare and contrast tax liabilities under both regimes for informed decisions. » Stay updated on the latest tax regulations and make strategic financial choices. House Rent Exemption Made Simple:
Apart from this, the Health and Education cess at 4% is levied on the income tax plus surcharge (if applicable) amount. Exemptions and deductions Refer to the table below for an overview of the standard deductions and exemptions available under the tax regimes for financial years 2022-23 and...
* One significant business tax change in the international area modifies existing provisions related to the foreign-sales corporation and extraterritorial income regimes. TIPRA: what it does ... and does not cover; The Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) was signed into...
Razmi, A. 2016: Demand regimes and income distribution reconsidered in an open economy portfolio balance framework Journal of Post Keynesian Economics 39(4): 516-538 Kohli, V. 2018: Functional income distribution and effective demand in India: An applied post Keynesian model Journal of Post Keynes...
Francis Fukuyama wrote: “Widespread distrust in society…imposes a kind of tax on all forms of economic activity, a tax that high-trust societies do not have to pay.” It’s a tax on the honest. It’s a tax imposed on ourselves by ourselves, because, human nature being what it is,...