What is income tax slab rate for FY 2020-21?
» Points to remember while opting for the new tax regime:
Option to be exercised on or before the due date of filing return of income for AY 2021-22.
In case a taxpayer has a business income and exercised the option, he/she can withdraw from the option only once. A business taxpayer withdrawing from the optional tax regime has to follow the regular income tax slabs.
According to the current income tax laws in India, the income tax rate on resident individuals varies based on their age. There are different tax slabs applicable to the individuals for the financial year 2018-19 and 2019-20. For instance, a resident individual, aged below 60 years, with an income less than Rs 2.5 lacs is exempt from paying income tax.
Income Tax Surcharge Rate & Marginal Relief
Do you come under one of the higher income tax brackets i.e. 30%? – If yes, you are liable to pay an additional surcharge on your Income Tax liability. To simplify, a surcharge on income tax is an extra tax to be paid by the taxpayers earning a ...
Section 115BAC – Features of the new tax regime and its benefits
Individuals and HUF taxpayers are eligible to choose a new tax regime from FY 2020-21. From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs with lower tax rates ...
Who Should File Income Tax Return?
Income Tax Return Filing by Individuals: Who should file and how to file ITR An individual is obligated to File an ITR if his gross taxable income during a particular FY exceeds the maximum amount not chargeable to tax. For individuals [not subject ...
Income Tax for NRI
We all know that taxes collected from citizens is the foundation of the Indian Economy. NRI Taxation under the Indian Income Tax Act, 1961, applies to those earning outside the home country. The income tax rules and perks allowed to them are ...
Comparison of New Income Tax Regime vs Old Income Tax Regime. Which one to Opt for?
With the initiation of a new Income Tax Regime comes the confusion of which one is suitable for you. You, as the taxpayer, may find it challenging to identify which one of the two regimes is better and relevant to your income. Here another question ...