Complete Tax Solution: Latest Tax News India, Tax Notification
2 days ago · Latest Tax News & Updates. The website www.taxguru.in is dedicated to providing updates to professionals in the fields of finance and accounting, including Chartered Accountants, Company Secretaries, Tax Professionals, Cost Accountants, and other accounting experts. Our aim is to keep these professionals informed about the latest amendments in ...
Exemptions & Deduction under New Tax Regime for FY 2023-24
Apr 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 ...
All About Old & New Tax Regime FY 2023-24 (AY 2024-25) - Tax …
May 12, 2024 · Then tax would be payable on all the income as rebate of Sec.87A is not available. E.g If there is taxable income of Rs.7,00,001 then tax would be payable of Rs.25,000.10. The new tax regime was introduced in Budget 2020, effective April 1, 2020. The new regime offers lower tax rates for higher incomes than the old tax regime.
Deductions Allowed under Old and New Tax Regime with Latest …
Mar 31, 2024 · 1.Standard Deduction and Family Pension Deduction: Earlier the Standard Deduction of Rs. 50,000 was available under the Old Tax Regime but now the same has been made available under the New Tax Regime. Now, under the New Tax Regime, taxpayer can enjoy a tax-free income of Rs. 7,50,000 (i.e. after applying standard deduction and tax rebate).
Income Tax Rates for FY 2021-22 (AY 2022-23) & FY 2022-23
Feb 4, 2022 · Income Tax Rates of Partnership Firm & LLP for FY 2021-22 & FY 2022-23. Partnership firm (including LLP) is taxable at 30%. 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 ...
New vs Old Regime Income Tax Calculator for FY 2024-25/AY …
Apr 7, 2024 · This Income Tax Calculator aims to simplify the comparison between the new and old income tax regimes for FY 2024-25/AY 2025-26. By breaking down key components and providing an easy-to-use calculator, employees can make informed decisions regarding their tax planning. Income from salary is the sum of Basic salary + HRA + Special Allowance ...
FAQs on New vs. Old Tax Regime (AY 2024-25) - Tax Guru
Jul 5, 2024 · FAQs on New vs. Old Tax Regime (AY 2024-25) 1. Overview. 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 assessees being Individual, HUF, AOP (not being cooperative societies), BOI or Artificial Juridical Person. However, the eligible taxpayers have the ...
Income Tax Rates for Financial Year 2023-24 / AY 2024-25 - Tax Guru
Jul 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%.
All You Need to Know About Old Regime Vs New Tax Regime
Mar 18, 2024 · Above Rs. 10 Lakhs. 30%. However, there will be additional Health and Education Cess (HEC) and Surcharge will be levied on the above tax rates. The new tax regime provides different tax rates ranging from 5% to 30%. Where the person falls in 30% tax bracket category when his total income is more than Rs. 15 Lakhs.
Income Tax Computation for Individuals: Rules and Rates - Tax Guru
Oct 21, 2023 · From 12,00,001 to 15,00,000. 20%. Above 15,00,000. 30%. The assessee opting for payment of taxes under Section 115BAC is required to satisfy the following conditions: (a) Total income of the assessee has to be computed without claiming the following specified exemptions and deductions;