Figyan

CA Bigyan Kumar Mishra

is a fellow member of the Institute of Chartered Accountants of India.He writes about personal finance, income tax, goods and services tax (GST), stock market, company law and other topics on finance. Follow him on linkedin or facebook or instagram or twitter.

What is a personal Loan and how can you use it in India

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Personal loan is a lump sum of money that you borrow from banks or financial institutions based on your past income and credit history.Lenders approval for a personal loan is based purely on your creditworthiness.Personal Loan is classified as an unsecured loan as no asset is kept as collateral / security deposit by the bank or financial institution.To get a … [Read more...] about What is a personal Loan and how can you use it in India

Surcharge on Income tax for Financial year 2022-23 – Applicable to Individual

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Surcharge is an additional charge or tax levied on the amount of income-tax calculated at the rates of income tax applicable for the financial year. It's not calculated on income generated.We have restricted our article to the rate of surcharge that is applicable to an individual in India.For example if a tax is levied at 30% on an income of Rs 1,000, the total tax … [Read more...] about Surcharge on Income tax for Financial year 2022-23 – Applicable to Individual

5 tax exempted incomes you must know in India

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Taxpayers are always confused between exemption and deduction. Before getting into the list of incomes that are exempted from tax for an individual in India, let us first understand the difference between exemption and deduction in Income tax.Exemption Vs. DeductionTax deductions are specific investments or expenses that an individual has incurred during the financial … [Read more...] about 5 tax exempted incomes you must know in India

How Wages and Salaries Are Taxed in India: All you need to know

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The Indian income tax rate remains mostly unchanged for the financial year 2023-24 (assessment year 2024-25). The income threshold for each bracket under alternate tax regime is adjusted slightly this year.A salaried individual is taxed on his/her taxable income as per the income tax slab rates applicable.Taxable income is the amount on which how much tax you owe to the … [Read more...] about How Wages and Salaries Are Taxed in India: All you need to know

Income tax slab rates for the financial year 2023-24 (AY 2024-25)

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For the financial year 2023-24 (assessment year 2024-25), an individual has two choices. They can opt to pay taxes as per the old tax regime or they can go for a new tax regime under section 115BAC.In Budget 2023, income tax slabs as per the old tax regime remain the same. Which means the government of India has not done any changes.However, tax slabs and income tax … [Read more...] about Income tax slab rates for the financial year 2023-24 (AY 2024-25)