WebApr 10, 2024 · 10% of Income tax if total income > Rs.50 lakh 15% of Income tax if total income > Rs.1 crore 25% of Income tax if total income > Rs.2 crore 37% of Income tax if total income > Rs.5 crore * In Budget 2024, the highest surcharge rate of 37% has been reduced to 25% under the new tax regime. (applicable from 1st April 2024) b. WebDec 22, 2024 · In India, the tax year begins on 1 April and ends on 31 March. Tax returns Accounts for tax purposes must be made up to 31 March. For persons having business/professional income, the income tax return is required to be filed electronically on or before 31 October of the succeeding tax year.
New tax regime or old? Why is it important to choose at the …
Web1 day ago · Old vs new tax regime: In this week’s episode of TOI Wallet Talks, we discuss important investment avenues you should consider even if you opt for the new income tax regime. Old versus New Income Tax Regime: As you choose between the old and the revised new income tax regime for the financial year 2024-24, one thing to remember is that ... Web1 day ago · Finance Minister Nirmala Sitharaman announced a revised new income tax regime effective April 1, 2024, which will also from now on be the default tax regime. The … charcuterie bourg achard
Tax Rates - Central Board of Direct Taxes, Government of India
WebThe Indian corporate tax rate levied on royalties or fees received stands at 50%, whereas other income or the balance is taxed at a rate of 40%. If the net income of a foreign … WebApr 11, 2024 · Similarly, under the new tax regime, taxpayers can claim the benefit of employer contributions to their National Pension System (NPS) account under section 80CCD(2) of the Income Tax Act. Web1 day ago · In addition, family pensioners opting for the new tax regime can claim a standard deduction of Rs 15,000 from their pension income. Soni highlighted that the rebate under section 87A has been hiked to Rs 7 lakh from Rs 5 lakh under the new tax regime. The rebate benefit will be up to Rs 25,000, provided income doesn't exceed the limit of 7 lakh. charcuterie boucard boussay