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Apr 1, 2024 · Download offline utilities related to Income tax returns/forms, DSC Management Software and Mobile App.
- Income Tax Forms
Date of first release of Form Utility 24-Aug-2023. Date of...
- SAHAJ (ITR-1)
1. Short title and commencement.— (1) These rules may be...
- Salaried Individuals for AY 2024-25
The Finance Act 2023 has amended the provisions of Section...
- Income Tax Forms
You can download the PDF format of these ITR forms from the official website of the Income Tax department for AY 2024-25. In this article, you will learn how to download the ITR form for ITR 1, ITR 2, ITR 3, ITR 4, and ITR 5.
- 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...
1. Short title and commencement.— (1) These rules may be called the Income-tax (First Amendment) Rules, 2023. (2) They shall come into force with effect from the 1st day of April, 2023. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 12,-
- Tax Rates applicable to Individuals (Resident / Non Resident) for FY 2023-24 (AY 2024-25) Following Tax Rates are applicable for assessee opting for ‘Old Tax Regime’
- Income Tax Rate applicable to HUF, AOP, BOI, Other Artificial Juridical Person – Old Tax Regime for FY 2023-24 (AY 2024-25) Net Income Range. Rate of Income Tax.
- New Tax Regime for Individual, HUF, AOP,BOI, AJP u/s. 115BAC for FY 2023-24 (AY 2024-25) These are Special Rates for Individual, HUF, AOP, BOI, AJP u/s.
- Income Tax Rates applicable to Company for FY 2023-24 (AY 2024-25) 4.1 Domestic Company. Normal Income-tax rates applicable in case of domestic companies are as follows
The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to. make new tax regime the default tax regime for the assessee being an Individual, HUF, AOP. (not being co-operative societies), BOI and Artificial Juridical Person.
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What are the tax regimes for Ay 2024-25?
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What is new tax regime for AF 2023-24 (Ay 2024-25)?
What is Finance Bill 2023?
Sep 10, 2024 · Updated on: 10 Sep, 2024 11:52 AM. India's income tax system is progressive, meaning tax rates increase with higher income levels. The income tax slab in India specify the applicable rates for different income brackets and vary based on residential status, age, and type of taxpayer.
