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 ...
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.
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 ...
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.
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.
TDS Rate Chart for AY 2025-26 / FY 2024-25 - Tax Guru
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.
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’.
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 ...
Deductions Allowed under Old and New Tax Regime with Latest …
Mar 31, 2024 · In the Indian tax system, deductions play a crucial role in reducing the taxable income of individuals. With the introduction of the new tax regime from April 1, 2023, there have been changes in the deductions allowed compared to the old tax regime.
TDS on Purchase of Property: Section 194IA of Income Tax Act, 1961
Jun 21, 2024 · What is TDS? Tax Deduction at Source or TDS refers to deducting tax from the income at the point of payment to other party. Individuals who buy property might require to deduct the tax at source, before making payment to the purchaser, also required to file TDS returns on quarterly basis.. In this article we will specifically talk about TDS on purchase of Immovable (House) property by an ...