Nov 11, 2024 · 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 ...

Feb 7, 2023 · 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 ...

Apr 14, 2024 · Conclusion: Effective income tax declaration is essential for both employers and employees to ensure accurate tax deductions and compliance with regulations.Understanding the declaration process and common tax-saving investments enables employees to optimize their tax liabilities while planning for their financial future.

Apr 7, 2024 · 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.

Apr 1, 2021 · private limited company is registered on 20th march 2021 current sales & purchase is nil till today it compulsory to take gst number to do business in online teaching of arts and cultural education services and selling and buying ready made musical instruments online if it is compulsory than tourn over limit and gst tax rate for online teaching art& music and sealing musical instruments on ...

Jun 3, 2022 · Introduction. Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. In this part, you can gain knowledge about the provisions of section 234A, 234B and 234C dealing with interest levied for (i) delay in filing the return of income; (ii) non-payment or short payment of advance tax; and (iii) non-payment or short payment of individual instalment ...

Apr 23, 2024 · any special allowance specifically granted to an assessee by his employer to meet expenditure actually incurred on payment of rent (by whatever name called) in respect of residential accommodation occupied by the assessee, to such extent as may be prescribed having regard to the area or place in which such accommodation is situate …

Nov 4, 2024 · Turnover should be reviewed for any prior financial year, from 2017-18 up to the current financial year. If the turnover for the any previous financial years is below the threshold limit but exceeds it in the current year, e-invoicing requirements will …

Apr 3, 2024 · Conclusion: Exemptions under capital gains, as outlined in sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA, offer valuable tax-saving opportunities to individuals and entities.By understanding the nuances of each section, taxpayers can strategically plan asset transactions to minimize tax liabilities. Adherence to eligibility criteria, time limits, and deposit scheme requirements is essential ...

Nov 28, 2020 · A new column is appearing in Part A-General Information which is “Are you ling return of income under Seventh proviso to section 139(1) but otherwise not required to furnish return of income?” for filing an Income tax return (‘ITR’) for Assessment Year 2020-21 (Financial Year 2019-20).. Please note that Finance (No. 2) Act, 2019 has inserted a new seventh proviso to section 139(1) of ...