Work out the tax payable based on the current tax slab rates. The tax payable should also include secondary and higher education cess. Subtract any TDS that has already been or is expected to be deducted according to the applicable rates. ...
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and total deductions are 9.8 Lacs. Tax slab and surcharge details are also available as per the old tax regime. Now, the user wants to calculate his taxable income and the tax he must pay in the current financial year.
1.5 lakh is eligible for a tax deduction as per the IT Act. By investing this amount in an ELSS, one can save up to ₹46,800 a year in tax outgo. Tax benefits of ELSS Mutual Funds ELSS mutual fund is the only category of mutual fund that comes with the tax benefit. Let’s ...
Select the financial year from the dropdown menu for which you want to calculate the income tax, then input your basic details such as your age group (it tells your applicable tax slab rates), type of city you are living in, earning source, the type of house you are living in, rent ...
Under current tax regulations in India, eligible startups can enjoy a 100% deduction on their profits for any three consecutive tax years within 10 years from the year of incorporation. In other words, this is a 100% tax rebate on your profits (only eligible for annual turnover under 100...
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Step 1: To begin with, the income to be taken into consideration for the access to a rebate under section 87A is arrived at after setting off the ‘brought forward losses’ of the previous year from the income of the current year. Step 2: Thereafter from the net income left after the...
However, the taxation slab for the old and new regimes stays the same. In both cases, the taxation slab starts at Rs. 2.5 lakh. Is the due date for income tax return filing the same for all taxpayers? All taxpayers who are not required to have their accounts audited need to submit ...
- The tax slab for income between ₹ 2.5 lakh and ₹ 5 lakh is 5% - The tax liability before ELSS would be ₹ 12,500 - After investing in ELSS, this tax liability will be ₹ 5,000 - The total savings in this situation will be ₹ 7,725 ...