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
Income Tax
5 tax exempted incomes you must know in India
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
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)
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)
Last date for a salaried individual to file income tax return in India
You file an income tax return to report your total annual income, tax deductions, exemptions, and tax liabilities along with other details to the tax authorities. By filing your annual income tax return with the authorities you fulfill your legal obligations to report your income and pay taxes as per law.Also Read: When salaried employees are not required to file their … [Read more...] about Last date for a salaried individual to file income tax return in India