This would imply that no income tax would be due on earnings up to Rs 7 lakh. New Tax Regime Slab Rates Tax SlabsNew Tax Regime 0-3 lakh NIL 3-7 lakh 5% 7-10 lakh 10% 10-12 lakh 15% 12-15 lakh 20% Above 15 lakhs 30% New Section 87A Rebate Suggested in Budget 2023 Accordin...
Tax slabs rates in old and new tax regime Tax for different Income under old, new tax regime, revised new tax regime Gross income Maximum deductions (Rs) one must claim in old tax regime Rs 7.5 lakh 2,50,000 Rs 10 lakh 3,00,000 Rs 12.5 lakh 3,62,500 Rs 15 lakh 4,08,332 Rs...
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Posted in Income Tax | 1878 Views Two Impersonators of IT and GST Officers Held for Cheating Jeweller of Rs 40 Lakh 22 January 2025 at 08:50 The Greater Chennai Police on Saturday announced the arrest of two men who posed as officials from the Income Tax (I-T) and Goods and Service...
Income Tax Return filing is mandatory for Taxpayers whose income exceeds the prescribed income limit. ITR Filing process is regulated under the Income Tax Act 1961.
The bill widens income tax slabs for individuals. Income between Rs 2 to Rs 5 lakh will be taxed at 10%, between Rs 5 and Rs 10 lakh at 20%, and over Rs 10 lakh at 30%. Companies will be taxed at 30% of business income. Foreign companies shall pay an additional branch profits ...
Providing latest updates on Direct and Indirect Tax laws including income tax and GST with Corporate Laws which are being used by the professionals and business entities in day to day activity.
This article discusses the interplay of OECD’s guidance on a new tax regime under Pillar 1, impact of COVID-19 on the digitisation roadmap, unilateral measures taken by the Indian Government to amend laws for taxing the digital economy, and the need for businesses in this space to be prep...
Budget 2025 revised tax slab for new regime, while the old regime remains unchanged. Published on:07-Feb-2025 Budget 2025 MCA Imposes ₹4.53 Lakh Penalty on Private Company for Non-Filing of Annual Return! Published on:30-Jan-2025
Old Tax Regime Gross Taxable Income16,20,000 Deduction2,30,000 Total Taxable Income13,90,000 Income tax slabTaxable incomeTax rateTax (in ₹) Up to 2.5 lakhs000 2.5-5 lakh250,0005%12,500 5-10 lakh5,00,00020%1,00,000 Above 10 lakh3,90,00030%1,17,000 ...