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: ...
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...
Select the financial year from the dropdown menu for which you want to calculate the income tax, then input your basic details such as your age group (it tells your applicable tax slab rates), type of city you are living in, earning source, the type of house you are living in, rent ...
Paying tax is inevitable, be it for an individual or a business. Tax is levied on the income earned by an individual or business after certain deductions. Due to multiple income tax slab rates combined with many tax exemptions and deductions, calculation of income tax can be a challenging tas...
Like any salaried income, freelance income is also taxable as per the applicable tax slab for freelancers. One of the top-tier benefits that freelancers get in their tax payments is the permit to deduct their freelancer expenses from freelancers’ income. Depending on the income of the freelancer...
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If a I paid a half yearly premium of 15000/- for five years from 2010 to 2015 and U I received Rs.145000.00 in 2015. Insurance company has already deducted 2% TDS. My income comes under 30% tax slab. My Form 26AS shows credit of full 1,45,000. ...
Thereafter, you can claim the available exemptions by mentioning them in the returns to calculate the net taxable income. Can I claim the exemptions if I use the new tax slab? What relief is provided by Section 89 of the Income Tax Act, 1961?