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Here are the steps for the income tax calculation for a salaried individual: Step 1: Calculate your gross taxable income To calculate your gross taxable income, you need to compute your net salary after subtracting your deductions, such as HRA, LTA, and standard deduction, from your gross ...
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...
The Income tax Act applies to all persons who earn income in India. If an individual stays in India for 182 days or more in a year, he is treated asresidentin that year regardless of his citizenship. If the stay is less than 182 days he is anon-resident.Our articleNon Resident Indian...
The assessing officer may contact the individual through a notice to furnish reasons for not filing the return within the due date. Not filing the return within the due date may lead to a levy of penalties up to INR 5,000. It was a well-known fact that the last date to file your ...
Income tax refund is the amount which the Government pays back to the taxpayer who has paid excess taxes. One may end up paying extra tax directly or indirectly. For example for a salaried individual, if an employee fails to declare tax saving investments or he does not claim HRA, his emp...
INCOME TAX Overview on Sec 80GGC - Deduction for Political Contributions RJA 21 Aug, 2024 Overview on Sec 80GGC - Deduction for Political Contributions Section 80GGC of the Income Tax Act, 1961, provides a deduction to individual taxpayers for contributions made to political parties. This dedu...
The following table will show you the difference between the two tax rates which an individual can choose as per their financial feasibility: Income Tax Slabs New Tax Regime Slab Rate (AY 25-26) Old Tax Regime Slab Rate (AY 25-26) ...
000 for super senior citizens). However, in case gross total income in India does not exceed the limits specified above, the individual is not required to file her India tax return. It is, however, pertinent to note that if TDS is more than the actual tax liability, an income tax ...
As his income is between 5 lakh to 10 lakh he is in 20% tax slab. Ans: 52,500+2,100=54,600 Question on Rebate Q8. A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating educat...