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...
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 task. Not with the presence of an easy-to-use online income tax calculator, though...
AMOUNT IS DEDUCTED OF TDS ON SALARY-DEDUCTION OF TDS ON SALARY-CBDT CIRCULAR CBDT CIRCULAR CLARIFYING THE PROCESS FOR DEDUCTION CLARIFYING THE METHOD FOR DEDUCTION IN THE EXISTING AND CURRENT SCHEMES OF TAXATION: Income tax Amendment 2020 adopted a revised income tax system for individual taxpayers...
Income received in India by the NRI himself or by someone on his behalf Reply If a I paid a single premium of 40,000 in 2005 for 10 year and U got 120,000 in 2015. Insurance company has already deducted 2% TDS. My income comes under 30% tax slab. ...
Exemption under Section 10 (7) on perquisites and allowances paid by the Government to its employees outside India If an Indian citizen is working outside India for the Government, any perquisite or allowance paid by the Government to such employee would be exempted from tax. The salary of ...