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...
Difference between old and New Tax regime is the deductions that you can claim.Whether one should take old or new tax slabs epends on the deductions one plans to take.Deductions like 1.5 lakh under 80C, Standard deduction of Rs 50,000(available from FY 2023-24 in revised new Tax Regime)...
A new electronic filing facility is available for new ITR-1 and ITR-4 forms for the FY 2023-24 Calculation of Advance Tax for A.Y. 2024-25 Now you can send any document or PDF file via Whatsapp or e-mail from the Print Preview of Reporter Return Forms, 26AS, Acknowledgment, Computat...
…Under Reynolds’ new plan, top state income tax rate would be eliminated each year over the next four years, until in 2026 every Iowa worker, regardless of income level, pays 4 percent. …The plan would reduce state revenue by $226 million in the first year, and by $1.6 billion at ...
If the taxpayer is aged 80 years or more at any time during the previous year, the applicable income tax slab changes in the old regime but remains unchanged in the new regime, Net Taxable Income Income Tax Rate - FY 2023-24 – Old Regime ...
The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years.
However, as Pillar 2 rules have come into effect across the EU, some of the main impediments to previous attempts at establishing a homologous tax calculation throughout the EU have dissipated. HOT In a somewhat similar setting, the Commission has also launched an initiative to introduce a Head...
How to save Tax on Rental Income in India FY 2023-24? Let’s now first understand how ‘income from house property’ gets calculated; Calculation of Income from House Property : Calculation of Income from House Property in India Kindly note that the gross annual value of aself-occupied house...
Recommendation of 8.25% as rate of interest to EPF subscribers for FY 2023-24. Rulings Claim of undue influence by an employee who has voluntarily retired and accepted benefits, not acceptable. Recovery of excess payment of allowance due to adoption of wrong principle and erroneous calculation of...
Modify the GILTI regime to align with the global minimum tax rules under Pillar Two of the Base Erosion and Profit Shifting initiative of the Organisation for Economic Co-operation and Development (OECD) Replace the Base Erosion Anti-Abuse Tax (BEAT) with an "undertaxed profits rule" (UTPR)...