Rental income in India is taxable in India regardless of NRI statusSonu Iyer
Lower-income families may pay more of their income in excise taxes than higher-income households since these taxes are frequently imposed on necessities or frequently used products. This might make the income gap worse. High excise tax rates may encourage smuggling and other illegal activities. ...
Individuals with total taxable income below Rs. 2.5 lakhs:There is complete exemption from TDS on the interest income you earn on FD. Should your interest income surpass the exemption threshold, TDS will be subtracted at the going rate, which is at 10%. If, however, your total taxable incom...
All the businesses supplying goods whose turnover exceeds ₹40 lakh in a financial year are required to register as normal taxable persons. However, the threshold limit is ₹10 lakh if you have a business in the northeastern states, J&K, Himachal Pradesh, and Uttarakhand. The turnover lim...
However, you do not meet any of these conditions. You will be considered an ordinarily resident Indian for tax purposes. If you are ordinarily resident in India, your income earned or received anywhere in the world is taxable in India. Therefore, income earned in Dubai will be ta...
How will the governments make money (tax) from Bitcoin and other cryptocurrencies? If they can't, will they make it illegal? If there was no corruption or tax evasion in India, what would be the required tax rates in order to maintain the same amount of government revenue?
The income tax does not make any distinction between legal and illegal income, as both are taxable. It is not necessary that income must be received regularly or periodically like weekly, monthly or quarterly or even the amount received in a lump sum can also be called income, provided it ...
Calculate your income tax.This is done by applying the income tax slabs to your taxable income. The income tax slabs for the financial year 2023-24 are as follows: Add any other payroll taxes, such as professional tax and provident fund contribution, to your income tax. ...
in retaining more earnings. In India, options like Section 80C of the Income Tax Act, involve investments in the Provident Fund, Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), National Savings Certificate (NSC), among others, aim to lower taxable income and maximize savings...
How Income Tax is calculated on Salary? The journey of calculating income tax on salary in India involves several steps, each contributing to the intricate process: 1. Determine Gross Salary Begin by tallying your gross salary, encompassing basic salary, allowances, bonuses, and taxable components...