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 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, ...
Freelancing is an enticing profession commonly associated with the notion that it yields a substantial income. But in India, every income above a specific range is taxable, and so is the income of the freelancer. The income tax department of India considers the income of the freelancers under t...
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...
Section 10 of the Income Tax Act contains provisions regarding most of the exempt incomes. For details you can check law.incometaxindia.gov.in Section 10 or TaxFaqList of Income that is Exempt from Income Tax Exempt Income in ITR2
In the assessment year 2022-23, the Income tax rates applicable for salaried individuals categorized below the age of 60 years as per existing and new regime are:Existing Tax RegimeNew Tax Regime u/s 115BAC Income Tax Slabs Tax Rate Income Tax Slabs Tax Rate Up to ₹2,50,000 Nil Up ...