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...
However, the new tax regime brings lower tax rates but eliminates many of the exemptions and deductions available under the old system. Instead, it offers a fixed standard deduction of Rs 50,000 for all taxpayers, along with an increased basic exemption limit of Rs 3 lakh and tax rebates fo...
To put it simply, income tax can be defined as a tax charged on the annual earnings of any eligible citizen of the country. The amount of tax charged from each taxpayer depends on the income earned by the individual over a financial year. The calculation of tax applicable is done on the...
Income Tax Dept Denies Using Digi Yatra Data to Track Tax Evaders Madras HC: Failure to Issue Form GST MOV-09 Within 7 Days Invalidates Detention Proceedings U/S 129(3) Allahabad HC: Electricity Bill is Sufficient to Prove Ownership for GST Registration ...
“The Direct Tax Vivad se Vishwas bill, 2020” was tabled on 5 February 2020, in the Lok Sabha, to provide a resolution for pending income-tax disputes. Thereafter, official amendments to the bill were proposed for accommodating the representation received from key stakeholders. However, several...
5.5.14 Deduction in respect of interest on deposits in case of senior citizens (Section 80TTB) 6. Rebate Of Rs12,500 For Individuals Having Total Income Upto Rs 5 Lakh [Section 87A] 7. TDS on payment of accumulated balance under recognised provident fund and contr...
Investments made in ELSS funds are eligible for tax deduction under Section 80C of the Income Tax Act up to a limit of Rs. 1.5 lakh in a financial year. Moreover, capital gains earned on ELSS funds are tax-free up to Rs. 1 lakh. Are ELSS funds risky? ELSS funds invest in equities...
Related Read:GST on Cars in India: GST Rates for New, Used and Electric Cars Who is Eligible for GST? 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 ...
India for example has unveiled inflation-fighting fiscal measures worth almost INR 2 lakh crore. These measures would include lowering fuel taxes, import levies and increasing subsidies on cooking gas and fertilizers. Impact of Inflation on Income Tax ...
1.5 crore required to pay taxes equal to 1–5% on the turnover and required to make quarterly payments from FY 2019–2020 and file the return annually. In the case of service suppliers, a person has a turnover of up to Rs. 50 lakh to pay a tax equal to 6 percent on the turnover...