Rates of income-tax for assessment year 2024-25 & 2025-26 - Tax …
2024年7月26日 · (1) Tax rates under section 115BAC—. For assessment year 2024-25, as per the provisions of sub-section (1A) of section 115BAC of the Act, an individual or Hindu undivided family or association of persons [other than a co-operative society], or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, has ...
Exemptions & Deduction under New Tax Regime for FY 2023-24
2024年4月16日 · The deduction of employer’s contribution to NPS account i.e. under Section 80CCD(2) is allowed under New Regime. There was a limit of 10% of employer’s contribution that has been increased to 14% in new Budget in July 2024.
Income tax slabs for Individuals – FY 2024-25 (New and old tax …
2024年11月11日 · Summary: For the financial year 2024-25, individual income tax slabs in India have been revised, with changes aimed at making the new tax regime more appealing.Under the new regime, income up to ₹3 lakh is tax-free, with progressively higher rates up to 30% for incomes above ₹15 lakh. Key changes include a raised standard deduction of ₹75,000 for salaried individuals, an increased family ...
Income Tax Rates for FY 2023-24 (AY 2024-25) - Tax Guru
2023年2月7日 · This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial Year 2023-24 (Assessment Year 2024-25) as proposed ...
New Slabs of Income Tax For Assessment Year 2024-25 And 2025 …
2024年9月22日 · Summary: The Income Tax Act, 1961, initially had uniform tax slabs for different categories of taxpayers.However, the Finance Act, 2020, introduced Section 115BAC, offering individual and HUF taxpayers a choice between new and old tax regimes.
TCS on Sale of Goods under Section 206C(1H) with FAQs - Tax Guru
2022年12月19日 · Vide Finance Act, 2020, a new TCS provision was introduced with the insertion of sub-section (1H) to section 206C of the Income Tax Act, 1961.The said provision deals with TCS collection on the sale of goods. The present article briefly provides an analysis of the provisions of TCS on the Sale of Goods; understanding of important terms like ‘buyer’ and ‘seller’; applicability and non ...
Changes in Capital Gains Taxation: Budget 2024 Amendments
2024年8月14日 · Income under capital gains and taxation – Paradigm shift in traditional capital gain provisions. As per the provisions of Income Tax Act,1961(‘ITA’) income of any person is computed under five heads of income, one of which is Income Under the head Capital Gains.
Income Tax Rates For FY 2022-23 & 2023-24 i.e. AY 2023-24
2023年9月9日 · Note: The enhanced surcharge of 25% or 37% is not levied, on income by way of dividend or from income chargeable to tax under sections 111A, 112, 112A and 115AD(1)(b).Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%. Also, the surcharge rate for AOP with all members as a company, shall be capped at 15%.
New vs Old Regime Income Tax Calculator for FY 2024-25/AY …
2024年4月7日 · Salaried Employees-Simplified New vs Old Regime Income Tax Calculator for the FY 2024-25/AY 2025-26: This Income Tax Calculator aims to simplify the comparison between the new and old income tax regimes for FY 2024-25/AY 2025-26.
Section wise Income Tax Deductions for AY 2025-26/ FY 2024-25
2024年9月6日 · In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2025-26 / F.Y. 2024-25 and subsequent Years. Deductions include deduction Against Salaries, Against ‘income from house properties‘, Against ‘profits and gains of business or profession‘ Against …