Complete Tax Solution: Latest Tax News India, Tax Notification
WEBAug 26, 2024 · Latest Tax News & Updates. The website www.taxguru.in is dedicated to providing free updates to professionals in the field of finance and accounting, including Chartered Accountants, Company Secretaries, Tax Professionals, Cost Accountants, and other accounting professionals.
Exemptions & Deduction under New Tax Regime for FY 2023-24 …
WEBApr 16, 2024 · The deadline for filing taxes for FY 2023-24 (AY 2024-25) is July 31, 2024, unless there is an extension. If an employee does not opt for the old tax regime initially, their employer will deduct tax (TDS) according to the default new tax regime. Salaried taxpayers have the flexibility to switch between the new and regular tax regimes from one ...
Income Tax Rates For FY 2022-23 & 2023-24 i.e. AY 2023-24
WEBSep 9, 2023 · For the Assessment Years 2023-24 & 2024-25, a partnership firm (including LLP) is taxable at 30%. Add: (a) Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to …
Income Tax Rates for Financial Year 2023-24 / AY 2024-25 - Tax Guru
WEBJul 25, 2023 · Income-tax rates applicable in case of domestic companies for assessment year 2023-24 and 2024-25 are as follows: Domestic Company. Assessment Year 2023-24. Assessment Year 2024-25. ♦ Where its total turnover or gross receipt during the previous year 2020-21 does not exceed Rs. 400 crore. 25%.
Income Tax Rates for Financial Year 2022-23 / AY 2023-24 - Tax Guru
WEBJun 13, 2022 · For the Assessment Year 2022-23 & 2023-24, a local authority is taxable at 30%. Add: (a) Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where …
Income Tax Rates for FY 2020-21 & FY 2021-22 - Tax Guru
WEBFeb 12, 2021 · Note 1: Surcharge and Health & Education Cess as well as Rebate u/s.87A: Same as Rates applicable to Individuals given above Note 2: The option to pay tax at lower rates shall be available only if the total income of assessee is computed without claiming specified exemptions or deductions. 4. Income Tax Rates applicable to Company for FY 2020-21 & FY 2021-22
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Income Tax Calculator Financial Year 2023-24 (AY 2024-25) - Tax …
WEBApr 3, 2023 · Hello Benny, I went to https://incometaxindia.gov.in and use the tool provided to calculate IT liability for FY 2023-24 (AY 2024-25) for income range 9,00,000 – 12,00,000 and found that the standard deduction section, i.e. Standard Deduction (Sec 16 ia) of 50000.00 is not being applied FOR THE NEW TAX REGIME. But in your spreadsheet calculation, it is applied.
Understanding and Calculating Income Tax on Your Salary - Tax …
WEBOct 31, 2023 · Master the intricacies of calculating income tax on your salary in India. Navigate through salary structure taxability, deductions, tax slabs for FY 2022-23 and FY 2023-24, optional tax regime, and special considerations for senior citizens. Our comprehensive guide empowers you to optimize your financial well-being and navigate the complexities of income taxation with confidence.
F.Y. 2023-24; A.Y. 2024-25 – Default New Tax Regime - Tax Guru
WEBJan 11, 2024 · This means, that the surcharge change is applicable to only those having an income of more than Rs. 5 crores. Income upto Rs. 7 lakhs will be tax-free from F.Y. 2023-24: In Budget 2023, rebate under new regime has been increased to Rs. 7,00,000. Therefore, income upto Rs. 7,00,000 will be tax-free from FY 2023-24 (AY 2024-25).