Twitter Google Share on Facebook indirect tax Dictionary Thesaurus Financial Wikipedia a tax levied on goods or services rather than on individuals or companies Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005 Want to thank TFD for its existence?Tell a friend about us, ...
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) and LTA and HRA for salaried, Home Loan Interest.Income Tax slabs in old ...
For individuals above 80 years earning Rs 5.0 lakh as annual total income Any company or entity operating in India, regardless of whether it is in profit or loss Any Indian resident who owns an asset or has any financial ties to an international entity Any individual who wishes to carry forw...
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...
––15 lakh & above30% Income tax rebate 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/...
Medical expenses -Section 80DDB allows ₹ 40,000 as a deduction for expenses on treatment of specific diseases or illnesses for dependent relatives or self. In the case of dependent senior citizens, the deduction increases to ₹ 1 lakh. ...
Given below are the 7 ITR forms that can be used to file your income tax return: ITR-1:This form is meant to be used by resident individuals having income from salary, house property, agriculture (less than Rs 5000), other sources, and with a total income not exceeding Rs.50 lakh. ...
“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...
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 for certain income ...
Moreover, her additional income from capital gains and interest income is ₹1 lakh in the financial year. Let us see her total tax liability under the old and new tax regimes. Nature Amount (In one year) Exemption/ Deduction Taxable Income (Old regime) Taxable Income (New regime) Basic...