Removal of Assessment Year and Previous Year The code introduces "Financial Year” as the only term used for income tax return (ITR) filings, eliminating the terms "Assessment Year” and "Previous Year”. Capital gains taxupdates This revenue will now be taxed as regular income. Short-term ga...
20.02.2025 Download Click here Key Points Circular No. 03-2025 provides guidelines for income-tax deduction from salaries for the financial year 2024-25 under Section 192 of the Income-tax Act, 1961. It includes updates like new tax slabs, increased leave encashment exemption to ₹25…Read ...
Marriage also affects tax slabs to an extent, which we will later see in more detail while discussing the tax benefits of marriage. Joint filing is often advantageous because people get a lower tax rate for a combined income. If you and your spouse have substantial earnings, a joint filing ...
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 To calculate your gross taxable income, you...
In Budget 2023, Government has simplified the tax structure with fewer tax rate slabs to help in reducing compliance burden and improving tax administration. Further, the Government has proposed some legislative changes as part of the policy decision and to enhance trade facilitation. Click here to...
Want to thank TFD for its existence?Tell a friend about us, add a link to this page, or visitthe webmaster's page for free fun content. Link to this page: Facebook Twitter Complete English Grammar Rules is now available in paperback and eBook formats. ...
Let’s say Alex’s income salary is 28 Lacs. Total exemptions are 5.5 Lacs, and deductions are 2.3 Lacs. Alex wants to use the tax slabs as per the old tax regime. Let us calculate Alex’s taxable income and the tax he must pay in the current financial year. ...
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...
freelance income is also taxable as per the applicable tax slab for freelancers. One of the top-tier benefits that freelancers get in their tax payments is the permit to deduct their freelancer expenses from freelancers’ income. Depending on the income of the freelancer, theincome tax slabsmay...
An application for refund must be made before the end of 10 years from the date of supply. This is an increase from the current four-year period. The Act also requires the refund application to comply with provisions of the TPA (Section 47 (5)), which requires the Commissioner to apply...