Calculating income tax involves finding out your taxable income based on various sources and applying the applicable income tax slabs. 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...
Tax rates are on the range of income levels which are called as Tax slabs. For example, those earning between 5,00,001 to 10,00,000 are in 20% tax slab. Which means that they have to pay 20% of tax on their income. But they also get the benefit of lower tax slabs. So one wi...
Do you have to file your income tax returns for the first time or you are employee and have been filing it but want to understand the income tax TDS etc then you have come to the right place. It explains in question answer form what is income tax,different kinds of income, tax slabs,...
The Union Budget 2023 revised the new tax regime to be the default regime, effective from April 1, 2023. The old tax regime is, however, still available for taxpayers to use and it retains the benefit of exemptions and deductions. Under the new regime, the income tax slabs are the same...
Calculate your income tax effortlessly for FY 2024-25 (AY 2025-26) with HDFC Lifes Income Tax Calculator. Get accurate results and explore tax slabs.
Do I need to show Exempt Income in my tax return? Even though these are tax-free, all exempt incomes must be mentioned in the tax return. Ignore this at your peril. For AY 2019-20(FY 2018-19) in ITR-1, tax-exempt incomes have to be reported in the tab, ‘Computation of income ...
Business Income is taxed as per the Income Slabs after deduction of business expenses. You can be an investor, trader, or both. You canconsult a chartered accountant before filing returns. Hiding trading activity from the Income Tax department could mean trouble. The chances of getting a call ...
Our articleSenior Citizen and Income Tax, discusses their sources of income, tax deductions exemptions, their tax slabs. TDS and Form 15H, filing of income tax return. Do Senior Citizen have to pay advance tax? Scrutiny and Senior Citizen Tax slabs forIncome Tax for AY 2017-18 or FY 2016...