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 ...

Oct 10, 2024 · As per Entry No. 5AA of Notification No. 13/2017-Central Tax(Rate) dated 28-06-2017, Service by way of renting of residential dwelling by ANY PERSON to a registered person is subject to Reverse Charge Mechanism (‘RCM’).This entry was applicable w.e.f. 18th July 2022. The above entry implies that the registered recipient, availing services of renting of residential property, is supposed to ...

Jan 1, 2025 · The Direct Tax Code (DTC) aims to replace the outdated Income Tax Act of 1961 with a more streamlined and modern tax system. The DTC’s journey began in 2009 with the release of a draft, followed by the introduction of the bill in 2010.

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 ...

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.

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.

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.

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 14, 2024 · TDS Rates for Financial Year (FY) 2024-25 / Assessment Year (AY) 2025-26 / TDS Rate Chart. Tax Deduction at Source (TDS) is a mechanism under the Income-tax Act, where certain payments are subject to tax deduction before reaching the recipient, ensuring tax collection at the source.

Aug 16, 2024 · Introduction: Navigating the intricacies of income tax is crucial for financial planning.As the government maintains tax rates for FY 2024-25, it’s essential to optimize tax-saving strategies. Understanding deductions, exemptions, and regime options can help maximize savings while ensuring compliance with tax laws.