You have follow the steps given below to figure out the tax payable on your income for FY 2024-25 or AY 2025-26: Step 1: Provide your basic details Select the financial year from the dropdown menu for which you want to calculate the income tax, then input your basic details such as ...
Stay compliant and optimize your taxes. Vakilsearch provides expert guidance and online tools for hassle-free corporate tax filing for AY 2024-25. Get started today!
Moreover, for your convenience, we have also added a ready-to-use Excel template and given stepwise instructions on how to use it. This template will help you determine the exact tax amount you need to pay for the AY 2024-2025 (FY 2023-2024) as per the old and new tax regimes. Here...
As per the new income tax regime for FY 2023-24 (AY 2024-25), the rebate under Section 87A has been increased from Rs. 5 lakhs to Rs. 7 lakhs. Thus, individuals with a net taxable income of up to Rs. 7 lakh can avail tax rebate u/s 87A under the new tax regime. Those who...
SECTION 115QA- provides that a domestic company distributing its income through buy back of shares or have to pay income tax /distribution tax @20% (surcharge @12% and education chess @4%) i.e., equal to @23.30%. Since tax on buy back of shares will be payable by the company buying...
It calculates Income Tax,surcharge,Cess,Total tax liability.Income and Tax Calculator is detailed one where one can input tax based on kind of income (income from salary, Short Term capital gain),Deductions from Gross Total Income and calculate total tax liability....
exemptions etc are revised by the the Finance Minister in budget(called as Finance Bill). So one needs to be aware of the budget or at-least the income tax rates and deductions. Our articleIncome Tax rates Since AY 1992-1993has information on income tax rates, education cess, surcharges....
CBDT: Sets Systematic approach to verify 'high-risk' refund claims AY 2024-25 The Income Tax Department has introduced a systematic approach to verify 'high-risk' refund claims for the AY 2024-25 (Financial Year 2023-24) based on a Standard Operating Procedure (SOP) issued by the Income ...
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 ...
Note: Over and above tax, cess & surcharge are also charged. Not only Tax slabs depend on your total income but also on the age. Your age (less than 60, Senior Citizen (between 60 – 80 years), Super-Senior(more than 80 Income Tax slabs usually change from year to year.Finance Mini...