Step 4: Calculate your total tax liability In old tax regime, if your total taxable income is less than ₹5 lakhs, you will get a rebate of ₹12,500 under section 87A. For individuals whose total taxable income is above ₹5 lakhs, the tax rate discussed earlier would apply. ...
The CBDT department has announced an extension for the filing deadline of income tax returns under section 92E is 15th December 2024 from 30th November 2024. Read Circular The deadline to submit your income tax return for 2024-25 has been extended to November 15, 2024, for audit cases. Re...
Section 43 of Income Tax Act 1961 amended by Finance Act 2022 and Rules PGBP. Definitions of certain terms relevant to income from PGBP.
Filing Income Tax Return Due Dates for FY 2023-24 (AY 2024-25)There is a different category of taxpayer viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI. Due Date is different according to audit or non-audit cases of such categories as defined in section 139(1)...
Amended and updated notes on assessment section 143 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962.
Section 43(5)(d)(ii) of the Income-tax Act, 1961A V VishalEmail thisPrint this
For information on the taxation on the virtual assets, see the Income determination section in the Corporate tax summary. Other income Other income denotes specifically designated categories of income that could not fall into interest, dividend, business, employment, pension and retirement, and capital...
Here is the step-by-step process to use Fisdom’s income tax calculator: From the drop-down under the ‘Assessment Year’ section, select the assessment year for which you wish to calculate income tax. Select the ‘Age Category’ from: ...
In 2023, the most significant change to the corporate income tax was the reduced tax rate for owners of small businesses mentioned in the previous section: the general tax rate (i.e., for businesses with a tax base under €1 million) has been brought down from 25% to 23%. This is go...
If filing a return is required by the first test above and the child has no other income besides unearned income, you can avoid filing a separate tax return for your child by making an election described in the section below entitled Reporting Your Child's Income on Your Tax Return.7 ...