Under the existing tax structure, there are 3 tax slabs for which income tax is levied. These include 5%, 20%, and 30% tax slabs. The citizens currently have an option to continue with the existing structure and claim various tax deductions likehouse rent allowance, leave travel allowance, ...
Example of Tax Payable under New Tax Regime Here’s an example for your reference of payable tax under the New Tax Regime. Check out: Income Tax Slabs & Rates (FY 2021-22) Because of the crisis that the country faced in 2020, the central government decided not to modify the income sla...
MOBILE Online Income Tax Software FY 2021-22 AY 2022-23 for Teachers - 2022 Online Income Tax Calculator Software
What are the tax slabs for senior citizens? The age for Senior Citizen(and Very Senior Citizen) and the various tax slabs are announced in Budget every year.Income Tax for AY 2017-18 or FY 2016-17isare as follows.( Our articleUnderstanding Income Tax Slabs,Tax Slabs Historydiscusses Tax s...
Computation of Tax as per the existing tax slabs and rates: It is calculated based on various income tax slabs and rates specified by the concerned Finance Act. These slabs and rates are announced every year by the Finance Minister through the budget. ...
If you have income there is a tax and you may be required to file Income Tax Return(ITR).To understand Income Tax we need to understand what is Income,IncomeTax slabs,Types of Income, the tax on different types of Income, dates related to Income Tax, tax cut i.eTDS, how to see TD...
Budget 2020 Highlights: The New IT Slabs under Budget 2020 Under the new proposals, income between 0-5 Lakh would not be taxed Rs. 5 Lakh to Rs. 7.5 Lakhs will be taxed at 10%, down from the current 20%, Rs. 7.5 Lakh and Rs. 10 Lakhs will be taxed at 15%, down from the cur...
as the economy grows, fiscal revenues increase, and demands for the government to pay unemployment benefits, or fund social programmes to help the poor and needy, go down. As tax revenues go up as a result of growth, and as these expenditures decrease, the government’s fiscal positio...
-22 CGST Act, 2017, GST is applicable on all the persons whose aggregate turnover in a financial year exceeds 10 Lakhs for North-eastern or hill states or is above 20 Lakhs in case in case of any other State. It is our understanding as per Notification No. 11/2017- Central tax Rate...