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...
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...
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...
There is no change in income tax slab rate for financial year 2019-20 (AY 2020-21). The standard deduction of Rs. 40,000 has hiked up to Rs. 50,000 for salaried people and pensioners. Tax payers with taxable income up to 5,00,000 get full rebate under Section 87A. Rebate has bee...
In a nutshell, Income tax is a permanent source of income for the government. Also, it encourages savings and investment among people. Further, it removes disparities between the haves and have nots and fills the gap between the two. And that is why we use slab rates. ...
Stay compliant and optimize your taxes. Vakilsearch provides expert guidance and online tools for hassle-free corporate tax filing for AY 2024-25. Get started today!
Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial
I. Income Tax Slabs for Individual (Male or Female Below 60 Years Age) for Assessment Year 2020-20211. Income Tax Slab: ₹0 to ₹250,000 – Income Tax Rate Payable: Nil2. Income Tax Slab: ₹250,001 to ₹500,000 – Income Tax Rate Payable: 5%...
Section II: Taxable Income for NRI's Income from salary Salary income is taxable when you receive it in India or someone does on your behalf. Any NRI who receives a salary in their Indian account is liable to pay tax. These incomes will be taxed at a rate of specified tax slab limits...
According to the provisions of section 87A of the Act, an assessee, who is a resident individual in India, is given a rebate of 100% of the amount of income tax that is due, meaning that a person with income up to Rs 5 lakh is not obliged to pay any income tax. A person resid...