The older regime by enforcing investments in specified tax-saving instruments, over the period inculcated the savings culture in individual and led to savings for any future eventuality like marriage, education, purchase of house property, medical, etc. India’s gross savings rate was approximately ...
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...
An individual or a HUF (Hindu Undivided Family) can claim a tax deduction of up to Rs. 1.5 lakh under section 80C Medical expenses are eligible for a deduction under Section 80D The interest on a self-occupied home loan can be deducted up to Rs. 2 lakh ...
He is in the 30% rate slab and he updates his return in May 2022(within 2 years) Then the tax on this undisclosed interest income would be Rs 15,660 penal interest up to April 2022 will be Rs 5,030. (25% of 15,660) The total liability works out to Rs 20,600. Under the ...
Category of TaxpayerDue Date for Tax FilingDue Date for Tax Filing For FY 2023-24 Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) July 31 31 July 2024 Businesses (Requiring Audit) October 31 31 October 2024 Businesses (Requiring TP Report) November 30 30 November...
Under the Indian income tax laws, each taxpayer is charged a different rate according to the tax slab that they come under. On the other hand, companies and firms have a fixed taxation rate charged on the profit earned during a fiscal year. For this reason, the income earned by people is...
the present year for any previous year’s left dues to furnish the amendments. The tax payable for the present year is much more when the other arrear gets added to the income of the prevailing year. This is because of the shift from the income tax slab rate to the higher tax slab. ...
Slab rate 1% tax deducted at source will be deducted on such transfers of ... INCOME TAX Benefits & Drawbacks of Tax saving by Formation of HUF RJA 16 May, 2022 Benefits & Drawbacks of Tax saving by Formation of HUF. What is a Hindu Undivided Family (HUF)? HUF stands for Hindu ...
This tax is to be paid by the seller on the capital gains acquired through the sale of a property. If the residence is sold within the three years of acquiring it, taxes are applicable as per theIncome Taxslab rates of the individual. ...
current(Dec 2019)average interest rates offered by popular banks on long-term deposits is around 6.5%. As interest income is taxable, the effective tax adjusted return works out to 4.55% only(for an individual who is in 30% income tax slab)and 5.2%(for an individual in 20% slab rate)....