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Login to File Income Tax Returns (ITR) for FY 2023-24 (AY 2024-25) online with ClearTax. ClearTax is fast, safe and easy for ITR E-Filing. ClearTax handles all cases of Income from Salary, Interest Income, Capital Gains, House Property, Business and Profession.
- How to Calculate Income Tax from Income Tax slabs?
- Consequences of Not Filing The Return Within The Due Date For Ay 2024-25
- Old Tax Regime vs New Tax Regime? Which Is Better?
- Income Tax Rate For Domestic Companies – FY 2023-24
- Income Tax Rate For Partnership Firm Or LLP as Per Old/New Regime
- Income Tax Slab Rates For FY 2019-20, FY 2020-21, FY 2021-22 and FY 2022-23
- FY 2018-19: Income Tax Slab Rates
- FY 2017-18: Income Tax Slab Rates
Illustration 1: Rohit has a total taxable income of Rs 8,00,000. This income has been calculated by including income from all sources, such as salary, rental income, and interest income. Deductions under Section 80 have also been reduced. Rohit wants to know his tax dues as per the old regime for FY 2023-24 (AY 2024-2025). Note: Please note that Ro...
With the failure to file the return within the due date for FY 2023-24, the taxpayer must opt for concessional rates in the New Tax regime but will have to forgo certain exemptions and deductions available in the existing old tax regime. In total there are 70 deductions & exemptions that are not allowed, out of which the most commonly used are list...
The new tax regime can largely benefit middle-class taxpayers who have a taxable income of up to Rs 15 lakh. The old regime is a better option for high-income earners. The new income tax regime is beneficial for people who make low investments. As the new regime offers six lower-income tax slabs, anyone paying taxes without claiming tax deductions ...
*Please refer to the new sections for checking the applicability for the above concessional income tax rates. NOTE: 1. Additional Health and Education cess at the rate of 4 % will be added to the income tax liability in all cases. 2. Surcharge applicable for companies is as below: 3. 7% of Income tax where total income > Rs 1 crore, 4. 12% of Incom...
A partnership firm/ LLP is taxable at 30%. NOTE: 1. 12% Surcharge is levied on income is more than Rs 1 crore 2. Health and Education Cess at the rate of 4% will be applicable 3. No concessional rates are introduced for firms LLPs in the next tax regime
Income tax slab for Individual aged below 60 years & HUF
NOTE: 1. Income tax exemption limit is up to Rs 2,50,000 for Individuals, HUF below 60 years aged and NRIs 2. Surcharge and cess will be applicable as discussed above 3. An additional 4% Health & education cess will be applicable on the tax and surcharge amount
Income tax slab for Individual aged above 60 years to 80 years
NOTE: 1. Income tax exemption limit is up to Rs.3 lakh for senior citizens aged above 60 years but less than 80 years. 2. Surcharge and cess will be applicable as discussed above
Income tax slab for Individual aged more than 80 years
NOTE: 1. Income tax exemption limit is up to Rs 5 lakh for super senior citizen aged above 80 years. 2. Surcharge and cess will be applicable as discussed above.
Income tax slab for Individual aged below 60 years & HUF
NOTE: 1. An additional 4% Health & education cess will be applicable on the tax amount calculated as above. 2. Surcharge applicability: 2.1. 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore. 2.2. 15% of income tax, where the total income exceeds Rs.1 crore.
Income tax slab for Individuals aged more than 80 years
NOTE: 1. An additional 4% Health & education cess will be applicable on the tax amount calculated as above. 2. Surcharge applicability: 2.1. 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore. 2.2. 5% of income tax, where the total income exceeds Rs.1 crore
Income Tax Slab for Domestic Companies FY 2018-19
NOTE: 1. In addition cess and surcharge is levied as follows: 1.1. Cess: 4% of corporate tax. 1.2. Surcharge applicability: 1.2.1. Taxable income is more than 1 Crore but less than 10 Crore: 7% 1.2.2. Taxable income is more than 10 Crore :12%
Income tax slab for Individual below 60 years & HUF
NOTE: 1. An additional 4% Health & education cess will be applicable on the tax amount calculated as above 2. Surcharge applicability: 2.1. 10% of income tax, where total income exceeds Rs. 50 lakh up to Rs. 1 crore. 2.2. 15% of income tax, where the total income exceeds Rs. 1 crore.
Income tax slab for Individual aged above 60 years to 80 years
NOTE: 1. An additional 4% Health & education cess will be applicable on the tax amount calculated as above 2. Surcharge applicability: 2.1. 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore 2.2. 15% of income tax, where the total income exceeds Rs.1 crore.
Income Tax Slab for Domestic Companies FY 2017-18
NOTE: 1. In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax. 2. Surcharge applicability: 2.1. Taxable income is more than 1 Crore but less than 10 Crore: 7% 2.2. Taxable income is more than 10 Crore: 12% Related Articles: 1. Old vs New Tax Regime 2. Section 115BAC of Income Tax Act 3. Income Tax Changes From 1 April 2024: New Tax Regime Will Be Default 4. Form 10-IEA Purpose, Applicability, How to Fill & Submit Form 5. Tax free Income in India 6. E-Return Intermedi...
ITR Filing for FY 2023-24 (AY 2024-25): e-Filing of Income Tax Returns online made easy with ClearTax to get maximum tax refund. Income Tax login, upload Form-16, view/download Form 26AS, review your TDS deductions & track refund status for Income Tax Filing in India.
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- Income Tax E-Filing
Apr 3, 2023 · Here are ten big income tax changes that will impact taxpayers in FY 2023-24: New income tax regime to be set as default regime. Starting 1 April 2023, the new income tax regime will be considered as the default tax regime. However, taxpayers will have the option to choose the old regime.
Feb 1, 2023 · The Union Budget 2023-24 has made the new tax regime the default option for every taxpayer. The slabs and tax rates as per the new regime have also been suitably tweaked to lessen the overall tax burden. Taxpayers have the option to opt for the old tax regime, though. Budget 2023-24 Key Takeaways: Direct tax.
The Income and Tax Calculator service enables both registered and unregistered e-Filing users to calculate tax as per the provisions of Income Tax Act, Income-tax rules, Notifications etc. by providing inputs with respect to income(s) earned and deductions claimed as per the Act.
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What is new tax regime for FY 2023-24 (Ay 2024-25)?
Jul 27, 2023 · By 31st July 2023, taxpayers must file their Income Tax Returns for the Financial Year 2022-23 (Assessment Year 2023-24) to avoid late fees. As the deadline is drawing near, it’s essential for all taxpayers to prepare their documents and calculate their tax liabilities and potential refunds ahead of time.
