An individual who earns an income and falls in the taxable slab as per the government’s rule is known as a taxpayer. In India, anyone below the age of 60 years earning an income above ₹2.5 lakh needs topay income tax. Moreover, individuals earning above 3 lakhs and over 60 years ...
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...
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: ...
Most of us are familiar with the term ‘income tax’. Come end of financial year, and we all dread a stipulated deduction from our salary in the name of income tax. But seldom are we aware of the meaning of income tax and its compositions. So let’s read all about income tax in de...
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. Income earned from services provided in...
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...
In this case, your salary income would be liable to tax but the share of profit which you received from the HUF, i.e. INR 20,000 would be exempted from tax. Exemption under Section 10 (2A) on profit received by a partner from a firm If you are a partner in a partnership firm or...
» Quick Tax Calculation: Here you need to add Income from all sources, select person type (Individual Male, Individual Female, Individual Senior Citizen), select Assessment Year, enter Deduction covered under 80C, enter other income if any. App will automatically show you your tax slab, Cess...
Tax liability is calculated based on the person's total income. A person's annual income can be from various sources such as: Income from salary Income from interest on deposits Profit and gains from a business or profession Income from house property Income from dividend, capital gains, family...
Income tax: Income tax can be defined as the fees charged on the income earned by individual and the corporates. It is charged on the taxable income and is calculated according to the slab rate of the individual and the corporates.