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  1. 3 days ago · MAT stands for Minimum Alternate Tax, and it was launched to reduce (if not to bridge) the gap between tax accountability as per income calculation and book profits. In this article, let us explore how tax planning under MAT works.

  2. 1 day ago · Alternative minimum tax. According to this law, which reduces a taxpayer’s regular tax amount by certain tax benefits and significantly for taxpayers. The AMT applies to taxpayers for economic growth in respect of setting a limit on benefits that are received by taxpayers. Which gives surety that taxpayers pay at least a minimum amount of tax.

  3. 2 days ago · Section 115BAC. At present, income of an individual or HUF is chargeable to income tax at the rate in respect of the previous year relevant to the assessment year as provided in the First Schedule to the Finance Act, from assessment year 2021-22 and on words, section 115BAC provides for concessional rate of tax on income in certain cases.

  4. 4 days ago · Tax Rate:- The basic exemption limit under the new tax regime has been raised to Rs 3 lakh from Rs 2.5 lakh from FY 23-24 to make the new tax regime more attractive. Also, the highest tax rate of 30% will be levied above Rs 15 lakh income.

  5. 3 days ago · What are the 5 Heads of Income? The 5 heads of income tax are: Income from Salary. Income from House Property. Income from Profits and Gains from Business or Profession. Income from Capital Gains. Income from Other Sources. Don’t fall behind your taxes! With ClearTax’s 3-step filing, get your taxes done early and enjoy peace of mind. File Now.

  6. 5 days ago · Consequently, the tax rates are now 0%, 5%, 10%, 15%, 20%, and 30% in the six slabs. The exemptions and deductions in the Old Regime are not available in the New one. The only benefit allowed under the New Tax Regime is the standard deduction of Rs 50,000, also available in the Old Regime.

  7. 5 days ago · 1. Basic exemption limit for individuals above 60 years but less than 80 years is ₹3 lakhs and for individuals above 80 years is ₹ 5 lakhs under the old tax regime. 2. Further, an additional 4% Health & education cess will be applicable on the tax amount calculated as above. 3.

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