Income tax slabs for Individuals – FY 2024-25 (New and old tax …
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 ...
TDS Rate Chart (FY 2024-25; AY 2025-26) - Tax Guru
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 ...
Income Tax Rates for FY 2023-24 (AY 2024-25) - Tax Guru
Income Tax Rates for FY 2023-24 (AY 2024-25) proposed in Budget 2023 Introduction 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 ...
Exemptions & Deduction under New Tax Regime for FY 2023-24 …
Apr 16, 2024 · Conclusion: Navigating the new tax regime for FY 2023-24 (AY 2024-25) requires a comprehensive understanding of the exemptions and deductions available. By exploring the intricacies of these provisions, taxpayers can make informed decisions to maximize their tax efficiency. Whether choosing between the old and new tax regimes or optimizing deductions, taxpayers have the opportunity to navigate ...
Audit Criteria for Business & Profession (Section 44AB) AY 2024-25
Jun 7, 2024 · Section 44AB: Descriptive provisions for Audit Requirements for Business and Profession Assessment Year 2024-25 1. Clause (a): Business Turnover/Receipts Exceeding Limit If a person run a business and your total sales, turnover, or gross receipts exceed 1 crore rupees in any previous year, you need to get your accounts audited. 1. 1 Reduced Cash Transactions Exception: If the cash receipts and ...
TCS on Sale of Goods under Section 206C (1H) with FAQs - Tax Guru
Dec 19, 2022 · Vide Finance Act, 2020, a new TCS provision was introduced with the insertion of sub-section (1H) to section 206C of the Income Tax Act, 1961. The said provision deals with TCS collection on the sale of goods. The present article briefly provides an analysis of the provisions of TCS on the Sale of Goods; understanding of important terms like …
New vs Old Regime Income Tax Calculator for FY 2024-25/AY …
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. 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 ...
Reversal of ITC under Rule 42 of CGST Rules - Tax Guru
Mar 11, 2023 · Understand the intricacies of ITC reversal under Rule 42 of CGST Rules. Learn about the formula and practical application with examples.
Exemption under capital Gain: Section 54, 54B, 54D, 54EC, 54F, …
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 ...
Sale of Property in India by an NRI – TDS provisions for Buyers
Jul 24, 2024 · Understand TDS provisions for buyers and sellers in the sale of property in India by an NRI. Get insights into tax rates, implications, and advice for seamless transactions. When a person purchases immovable property from a Non-Resident in India, He or She is liable to deduct TDS on the entire Sale Consideration (on every payment made to the seller, irrespective of the value of the Property ...