By investing in NPS and applying standard deduction of Rs 75,000, taxpayers earning Rs 13.7 lakh salary can pay zero tax; ...

The slab rate system of taxation has been a cornerstone of India’s tax framework since ... where the effective tax rate on gross income stood at 9.55% for AY 2021–22, 9.66% for AY 2020 ...

The Union Budget announcement will prompt more people to move to the New Tax Regime as it has become far more attractive ...

Under the Income ... tax burden in India. · Restricted timeline for revising returns: Since FY 2021-22, taxpayers can revise their India ITR only until December 31 of the relevant AY.

Aggregate payments in cash in a year do not exceed 5% of the total Until the AY 2021-22, the above threshold was Rs 5 crore if the above criteria were satisfied. The normal threshold for the tax audit ...

ITO, the Ahmedabad ITAT addressed whether procedural delays in filing Form 67 could bar a taxpayer from claiming Foreign Tax Credit (FTC). The assessee filed a return of income for AY 2021-22 and ...

Mumbai (hereinafter referred to as “CIT(A)” for short), dated 20.06.2024 passed under Section 250 of the Income-tax Act, 1961 [hereinafter referred to as “the Act” for short], for Assessment Year (AY) ...

What are tax slabs, and how do they work? Tax slabs are the brackets under which your income is taxed at increasing rates as you earn more. With the introduction of the new tax regime, these slabs ...

So, taxpayers typically in the lower range of the 30% income tax slab are hit hardest, as their post-tax income often falls short of keeping up with inflation in India. Added to these woes are the ...