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 family ...
GST on renting of residential and commercial property - Tax Guru
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 ...
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.
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.
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 …
FAQs on TDS on Rent Under Section 194-I & Section 194-IB - Tax …
Aug 23, 2024 · Q2. What is the meaning of Rent for the purpose of section 194-I and section 194IB? Ans: For the purpose of section 194-I, rent means any sum paid for the use of land, building, plant, machinery, equipment, furniture, or fittings under any lease, sub-lease, tenancy, or any other arrangement or agreement. For Section 194-IB, Rent means any sum paid or payable for the use of any land or ...
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.
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’.
Income Tax Declaration Submission for Salaried Employees ... - Tax …
Apr 14, 2024 · Conclusion: Effective income tax declaration is essential for both employers and employees to ensure accurate tax deductions and compliance with regulations.Understanding the declaration process and common tax-saving investments enables employees to optimize their tax liabilities while planning for their financial future.
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 ...