Most tax exemptions and deductions will be eliminated to streamline tax filing, allowing taxpayers to file returns easily without dealing with numerous exceptions and unique cases. However, the standard deduction for salaried employees in the new tax regime has been raised by 50% to Rs 75,000. D...
IT-Return negligence causes incorrect filing, may reduce refund, may qualify for tax notice Multiple Employers Income tax return must include income from all employers in a financial year(multiple FORM-16). Non declaring income from all employers will not only change tax slabs but also allow dual...
I am sharing here the New Income Tax Slabs 2023-24 for Employees / Salaried Persons. The false news of an increase in taxes for all Government Employee’s salaries is spreading. It is not true as the revised tax rates do… July 2, 2023 · by Galaxy World · 0 Revised Withholding ...
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...
“How Income Tax is Calculated on Salary?”– Navigating the labyrinth of income tax calculation in India, particularly for salaried individuals, can be akin to solving a complex puzzle. Fear not, for it’s a crucial puzzle to unravel in the realm of personal finance. Income Tax Calculator ...
In an interview with Times of India, revenue secretary Ajay Bhushan Pandey said that the assumption that all exemptions be taken into account for all slabs did not reflect in actual filings. The interview can be read here.The choice is with the taxpayers — choose the old regime or the new...
We don’t need a survey to gauge how many salaried individuals would like to earn more by saving on their taxes. A key issue expected during every annual budget proceeding in the parliament involves some leeway on the income tax levied (like the new slabs introduced in Budget 2020). As ...
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...
-Income Tax Slabs -How to avoid mistake in filing Income Tax Return -Save Income Tax On Sale of House Property/ Read more » IncomeTaxReturnIndia.com provides Income Tax Return e-filing, Income Tax Consultancy, Charetered Accountancy services, Income tax return online filing, Income Tax refun...
Threshold limit for deduction of TDS in case of rent is increased to Rs. 2, 40,000 from existing Limit of Rs. 1,80,000. Exemption limit for gratuity is increased from Rs. 20,00,000 to Rs. 30,00,000. Tax rates for Multiple Income Slabs (Individuals below 60 years, Senior and Super...