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 ...

Mar 29, 2024 · Stay compliant with TDS regulations as in case of non-deduction or wrong deduction and even deduction under wrong TDS section could attract huge penalties. It’s important that businesses know the applicable rate, TDS section and exempt limit for each nature of payment. This comprehensive TDS rate chart for FY 2024-25 provides detailed information on thresholds, rates, and applicable sections ...

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 ...

Sep 22, 2024 · Summary: The Income Tax Act, 1961, initially had uniform tax slabs for different categories of taxpayers.However, the Finance Act, 2020, introduced Section 115BAC, offering individual and HUF taxpayers a choice between new and old tax regimes.

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 ...

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.

Jul 21, 2020 · Important Note: The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020.

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 29, 2020 · Explanation of TCS u/s 206C(1H) of Income Tax Act on sale of goods with effect from 01-10-2020. The Government of India in the Finance Bill, 2020 introduced a new sub section (1H) to section 206C of the Income Tax Act, 1961 (IT Act) widening the scope of tax collection at source.. Provision of the Income Tax Act “Every person, being a seller, who receives any amount as consideration for sale ...

Jul 24, 2024 · As a result of these changes, a salaried employee in the new tax regime stands to save up to ₹ 17,500/- in income tax. 2. Increase of Standard Deduction for salaried person from Rs. 50,000/- to Rs. 75,000/-