The IT department is headed by the Central Board of Direct Taxes (CBDT). The main responsibility of the IT department is to enforce the various direct tax laws, such as income tax laws. The Income Tax Act of 1961 has provisions to empower the Income Tax Department to levy income tax on...
Even so, these are nonetheless taxable on the basis of income tax and are added to a person's total income. They are taxed in their own right. Note that these forms of earnings fall into a different category, with a different tax rate that applies and is assessed against them. Income ...
The government-appointed force wants some changes in the Income Tax Act which has its roots back in 1961. Although the demand has not been made for increasing the exemption limit beyond ₹2.5 lakh of the current but demands for the addition of tax brackets has been made by them. Read Als...
The interest income of the user is taxable under section 194A of the Income Tax Act (ITA), 1961. Banks deduct tax on fixed deposits if the interest earned on the same exceeds INR 40,000 in a year. The TDS rate will apply once the earnings go past the threshold limit of INR 40,000...
on the income earned by an individual or business after certain deductions. Due to multiple income tax slab rates combined with many tax exemptions and deductions, calculation of income tax can be a challenging task. Not with the presence of an easy-to-use online income tax calculator, though...
Here’s a sector-by-sector breakdown of the major announcements made in the Union Budget 2024 so far: 1) Budget 2024 Key Highlights: Income Tax Slabs Revised The revised tax slabs are said to result in ₹17,500 savings in income tax, the Finance Minister has said. ...
Finance minister Nirmala Sitharaman announced that taxpayers can file an updated return,(belated or revised), by paying additional tax & within 2 years For the purpose of income tax, there are mainly three types of returns that can be filed: 1. Original: A valid return filed within the due...
provisions of the Banking Regulation Act,1949 (Central Act 10 of1949) Rs. 2,500-00 perannum 11 Persons other than those mentioned in any of the preceding entrieswho are engaged in any profession, trade, calling or employmentand who are paying tax under the Income Tax Act, 1961 (Central...
ANALYSIS OF INVESTMENT TOWARDS TAX SAVING PRODUCTS BY SALARIED INDIVIDUALS UNDER DIFFERENT INCOME SLABSPosu BhargaviM. UmrezJETIR(www.jetir.org)
I Rates of income tax in respect of income liable to tax for the assessment year 2022 23 In respect of income of all categories of assessee liable to tax for th