Rates of income-tax for assessment year 2024-25 & 2025-26 - Tax …
Jul 26, 2024 · (1) Tax rates under section 115BAC—. For assessment year 2024-25, as per the provisions of sub-section (1A) of section 115BAC of the Act, an individual or Hindu undivided family or association of persons [other than a co-operative society], or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, has ...
Income Tax Rates for FY 2023-24 (AY 2024-25) - Tax Guru
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 ...
Exemptions & Deduction under New Tax Regime for FY 2023-24
Apr 16, 2024 · The deduction of employer’s contribution to NPS account i.e. under Section 80CCD(2) is allowed under New Regime. There was a limit of 10% of employer’s contribution that has been increased to 14% in new Budget in July 2024.
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.
New Slabs of Income Tax For Assessment Year 2024-25 And 2025 …
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.
Changes in Capital Gains Taxation: Budget 2024 Amendments
Aug 14, 2024 · Income under capital gains and taxation – Paradigm shift in traditional capital gain provisions. As per the provisions of Income Tax Act,1961(‘ITA’) income of any person is computed under five heads of income, one of which is Income Under the head Capital Gains.
Income Tax Rates For FY 2022-23 & 2023-24 i.e. AY 2023-24
Sep 9, 2023 · Note: The enhanced surcharge of 25% or 37% is not levied, on income by way of dividend or from income chargeable to tax under sections 111A, 112, 112A and 115AD(1)(b).Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%. Also, the surcharge rate for AOP with all members as a company, shall be capped at 15%.
Exemption under capital Gain: Section 54, 54B, 54D, 54EC ... - Tax …
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 ...
Section wise Income Tax Deductions for AY 2025-26/ FY 2024-25
Sep 6, 2024 · In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2025-26 / F.Y. 2024-25 and subsequent Years. Deductions include deduction Against Salaries, Against ‘income from house properties‘, Against ‘profits and gains of business or profession‘ Against ‘capital gains‘ and Against ‘income from other sources’.
Budget 2024-25: Changes under Income Tax Law - Tax Guru
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/-