There isNO separate tax slab for men and women. Earlier women used to have slight benefit over men in terms of lower taxes! The tax slabs are determined on age of person. As of today there are 3 slab rates based on age: Below 60 years of age ...
In this article, we shall explore the salient features of the Union Budget for an individual taxpayer like Tax Slabs, Revision of Returns, Tax on Virtual Digital Assets(VDA), Surcharge on Long term capital gains, Money received for treatment or on death due to Covid. Tax slabs The finance...
Calculating income tax involves finding out your taxable income based on various sources and applying the applicable income tax slabs. Here are the steps for the income tax calculation for a salaried individual: Step 1: Calculate your gross taxable income ...
The Union Budget 2023 revised the new tax regime to be the default regime, effective from April 1, 2023. The old tax regime is, however, still available for taxpayers to use and it retains the benefit of exemptions and deductions. Under the new regime, the income tax slabs are the same...
The corporate income tax rates for companies, and tax slabs for individuals broadly remain the same for FY 2022-2023. Companies will continue to be taxed at 30% if their total turnover (in the previous year 2020-2021) exceeds INR 4,000 mn (USD 53.5 mn approx), and at 25% if it doe...
Note: old tax slabs are linked to the age of the taxpayers. There is relaxation available to senior (>=60 years) and very senior citizens (>=80 years). The new tax slabs are the same for everyone, irrespective of the taxpayer age. Do I have to forgo all the tax exemptions and ...
In a federal structure, India's determination to much-needed fiscal reforms has been widely applauded at its face value when she relinquished her previ
On the Customs front, the Union Budget 2023 placed emphasis on boosting manufacturing, enhancing domestic value addition, promoting export and encouraging green energy and mobility. In Budget 2023, Government has simplified the tax structure with fewer tax rate slabs to help in reducing compliance bur...
Income Tax Slabs and Rates for Assessment Year 2022-23 Individuals and HUFs can choose the Existing Tax Regime or the New Tax Regime with a lower rate under section 115 BAC of the IT Act, 1961. But, the taxpayer choosing the second option will not be allowed certain Exemptions and Deductio...
Income Tax Slabs 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 ea...