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
section 87A
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)
Key changes to new income tax regime FY 2023-24 (AY 2024-25)
Every year in the union budget an annual financial statement is presented by the finance minister in the Parliament of India in order to outline the revenue and expenditures for the upcoming financial year. In the 2023 budget, union minister of finance and corporate affairs, Nirmala Sitharaman announced major income tax changes. Let's dive into these key income tax changes to … [Read more...] about Key changes to new income tax regime FY 2023-24 (AY 2024-25)