Government taxes personal income based on the tax rates fixed in our union budget. Personal income tax rates begin at 5% for the financial year 2022-23, then gradually increase to 10%, 15%, 20%, 30% based on your income slab and the option you have selected.Each tax rate applies to a specific range of taxable income, referred to as a “tax bracket” or “income slab”. Taxable … [Read more...] about Income tax rates for financial year 2022-23 (Assessment year 2023-24)
Income Tax
Tax to be paid while filing updated income tax return
As per the new provisions introduced in finance bill 2022, taxpayers can now file an updated income tax return with effect from the financial year 2021-22 (assessment year 2022-23).Such updated return of income can be filed within 24 months from the end of the relevant assessment year.We have written an article on when an updated income tax return can be filed in India. … [Read more...] about Tax to be paid while filing updated income tax return
Updated income tax return: eligibility, timeframe, form & importance
In India, an updated income tax return (ITR-U) is a revised version of a taxpayer's original ITR filed for a particular financial year. The concept allows taxpayers to correct any mistakes or omissions in their original return.Therefore, to file an updated income tax return in India, the taxpayer must have filed an original return for that financial year.The updated … [Read more...] about Updated income tax return: eligibility, timeframe, form & importance
Income tax rates for partnership firms & LLPs for FY 2022-23 (AY 2023-24)
A Partnership firm is not registered as a separate legal entity. However in the Income tax act, a partnership firm is considered as a separate tax entity. As such a separate permanent account number is issued in the name of partnership firm based on the deed signed by partners.However, a limited liability partnership (LLP) is registered as a separate legal entity with the … [Read more...] about Income tax rates for partnership firms & LLPs for FY 2022-23 (AY 2023-24)
Corporate tax rates in India for FY 2024-25 (AY 2025-26)
Understanding corporate tax rates is crucial for businesses operating in India. The taxation framework is governed by the Income Tax Act of 1961, which outlines different tax rates based on the company's residency status and turnover. This article provides a detailed overview of corporate tax rates for the financial year 2024-25, along with important compliance … [Read more...] about Corporate tax rates in India for FY 2024-25 (AY 2025-26)