Professional Tax in Maharashtra: Know more about professional tax payment in maharashtra, slab rates, how to pay, due dates, exemption from it and other important details.
Select the financial year from the dropdown menu for which you want to calculate the income tax Select your age group (it tells your applicable tax slab rates) Choose your income source (salary or self-employment). Step 2: Income details Enter your income details, i.e. your income from ...
New Income Tax Slab Rates for FY 2023-24Last Updated: January 16, 2025 The 2023-2024 Income Tax Slab underwent significant changes with the implementation of the new income tax regime. The… AY 2024-25: Technical Glitch Prevents Taxpayers from Getting Tax RebatesJuly 22, 2024 Synopsis: ...
Tax benefit shown here is calculated at the highest tax slab rate of 31.2% including education cess of 4% on the maximum allowable deduction of Rs. 1,50,000 under Section 80C of the Income Tax Act,1961. **The information herein is prepared and furnished by Morningstar. T...
With the introduction of the new regime, you may get baffled. Hence, we are here to make things smoother for you. In this complete guide, we’ll cover: Income Tax Slab Distinct kinds of Taxable Incomes in India Income Tax Eligibility ...
We can also calculate income tax on salary in Excel with the use of the SUMPRODUCT function. Steps: Select the first row of the Income Tax Slab table. Right-click on the row and select Insert to insert a new row. In cell D5 enter the following formula: =SUMPRODUCT($D$14:$D$18-...
Step 2: Enter Exemptions:Enter the details of the exemptions available against the income earned during the fiscal year. This exemption applies to salary, self-occupied and rented property. Step 3: Tax Deductions:Describe the deductions available under Section 80C for investments and expenses, health...
TDS is a certain percentage deducted at the time of payments of the various kind of Income such as salary, commission, rent, interest on dividends etc and deducted amount is remitted to the Government account.For example, an employer deducts TDS on the income of his employee every month ...
As per Section 2(29C) of the Income Tax Act, 1961, the term “maximum marginal rate” means therate of income-tax (including surcharge on income tax, if any)applicable in relation to the highest slab of income in the case of an individual, association of persons or body of individuals...
Salary slips. Income Tax Calculation Income tax calculation is intrinsic for any taxpayer when paying income tax, via which they get to know about the due amount based on the nature of their income. This can either be done manually or by using the online income tax calculator. For the salar...