“How Income Tax is Calculated on Salary?”– Navigating the labyrinth of income tax calculation in India, particularly for salaried individuals, can be akin to solving a complex puzzle. Fear not, for it’s a crucial puzzle to unravel in the realm of personal finance. Income Tax Calculator s...
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of India who is an assessee and whose income is subject to tax under the proposed sub-section (1A) of section 115BAC from the assessment year 2024–25 onwards shall be entitled to a refund of 100% of the amount of income tax payable on a total income not exceeding Rs 7 lakh. ...
CBDT sending emails on ITR Filing & AIS Mismatches December 20, 2024 by suman The Central Board of Direct Taxes (CBDT) has launched its electronic campaign to assist taxpayers of India in resolving any mismatches or discrepancies between the income and transactions seen in the AIS annual infor...
Removes the distinction between short-term and long-term capital gains in calculating indexation benefits for all assets except securities listed on stock exchanges. The wealth tax exemption limit is increased from Rs 15 lakh to Rs 1 crore. ...
Tax on Short term capital gains: Short term capital gains are taxable at 15 percent. A special rate of tax of 18% applies to short term capital gains no matter the tax slab. If the full taxable income excluding short term gains is below 2.5 lakh, then the person can adjust the ...
No, family pensions will be taxed as ‘income from other sources,’ not as salary income. 2. Is it true that income up to Rs.5 lakh is tax-free? No, income up to Rs.5 lakh is not exempt from taxation. Further, individuals with an annual income of up to Rs.2.50 lakh, on the ...
June 14, 2024CA VineetaIncome Tax News and Articles, Taxes in India 5 Minutes Read An employer usually refers to your initial base salary when discussing your pay. To form your complete ‘salary package,’ they incorporate different elements on top of this figure. These additions consist of ...
49 lakh cases of income tax refunds are pending with the revenue departmentraj kumar makkadPrint this
Deposited Rs 1 crore or more in one or more current bank accounts. Deposited Rs 50 lakh or more in one or more savings bank accounts. Spent over Rs 2 lakh on foreign travel. Incurred electricity expenses exceeding Rs 1 lakh during the financial year. ...