We have a progressive system of taxation in India. It simply means— higher the income, the higher the payable tax. Moreover, the income tax is dependent on a slab system defined by the Tax Department. Note that various tax incentives are also added for that category who needs to pay lon...
Under the Indian income tax laws, each taxpayer is charged a different rate according to the tax slab that they come under. On the other hand, companies and firms have a fixed taxation rate charged on the profit earned during a fiscal year. For this reason, the income earned by people is...
earned by them in the previous year. It is a composite tax on the total of income derived from multiple sources. To compute the tax, income is classified into different slabs and tax is charged as per the rate of the concerned slab. It is majorly classified into: ...
Tax on FD is calculated by adding interest income from FD as income from other sources to your salary etc and then tax is calculated as per your income slab. Tax and Rental Income from House Properties? It is treated in the same way as for a non-senior citizen. The first property that...
April 11, 2024CA Preeti Punihani (Ex-employee)Income Tax News and Articles, Taxes in India 5 Minutes Read Individuals with income exceeding more than the basic exemption limit are required to file an Income Tax return within the due date and if the person fails or misses the due date then...
Providing latest updates on Direct and Indirect Tax laws including income tax and GST with Corporate Laws which are being used by the professionals and business entities in day to day activity.
Deemed incomes covered under section 68, 69, 69A, 69B, 69C and 69D shall be charged to tax at flat rate of 60%. This section has been inserted to restrict the benefit of basic exemption in respect of such incomes being claimed by assessees liable to pay tax as per slab system (i....
000 are in 20% tax slab. Which means that they have to pay 20% of tax on their income. But they also get the benefit of lower tax slabs. So one with 20% tax slab gets exemption limit of 2.5 lakh, the benefit of 5% tax on income upto 5 lakh, and then 20% tax slab on ...
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Lower tax slab if you forego exemptions In a significant boost for taxpayers, Finance Minister Nirmala Sitharaman proposed a new optional income tax structure for those who are willing to forego existing exemptions and deductions. These changes will become effective from the financial year 2020-21 af...