Paying tax is inevitable, be it for an individual or a business. Tax is levied on the income earned by an individual or business after certain deductions. Due to multiple income tax slab rates combined with many tax exemptions and deductions, calculation of income tax can be a challenging tas...
Video on how to choose old or new Tax slab Choose the old or new tax regime for FY 2022-23 Revised New Tax Regime from AY 2024-25 Tax rebate on an income of up to ₹7 lakhs has been introduced under the new tax regime. This means that taxpayers with an income of up to ₹7...
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 ...
The slab rate system outlines the corporate tax rate levied on it, and it differs for domestic and foreign companies. Benefits of Corporate Tax Filing in India Filing corporate taxes in India provides companies with opportunities for tax deductions under sections 54GA and 54EC, incentivising ...
The IT department has notified7 different ITR formsfor individuals. The following infographic will help you understand the eligibility criteria for each of the forms. Learn more aboutITR forms for FY 2023-24 in our detailed guide. How to file an income tax return ...
If the taxpayer is aged 80 years or more at any time during the previous year, the applicable income tax slab changes in the old regime but remains unchanged in the new regime, Net Taxable Income Income Tax Rate - FY 2023-24 – Old Regime ...
Because of the crisis that the country faced in 2020, the central government decided not to modify the income slab for FY 2020-21 and instead carry it over to FY 2021-22. However, there was an exception made for the new slab. Moreover, the exception applies to Senior persons over the ...
Exceptions to the Income Tax Slab It is important to understand that not all income can be taxed based on tax slabs. One of the exceptions to this rule is capital gains. Income tax applicable on capital gains is based on the type of asset and the amount of time you have had it for....
Shares and Mutual Fund, Capital gain on Mutual Funds both Debt/Equity, Tax based on Types of Mutual Funds,Capital gain tax on Mutual Funds, Indexation(CII), How to use, Capital Gain Statements from Mutual Funds, Joint account, Nominee, Will, Things to be careful while filing ITR for FY...
According to the Union Budget 2024-25, there will now be only two holding periods—12 months and 24 months—to determine whether capital gains are classified as long-term or short-term. This means that all listed assets must be held for at least 12 months for the gains to be considered ...