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Income Tax

Who should file Income tax return form ITR-1 for FY 2023-24?

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Is income tax return form ITR-1 for you?If you landed here by looking for an answer to “whether income tax return form ITR-1 is applicable to you”, then this article is for you to find your answer.The first and foremost thing before filing an income tax return is to select the right income tax return (ITR) form applicable to you.Many taxpayers think that salaried … [Read more...] about Who should file Income tax return form ITR-1 for FY 2023-24?

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)