TDS Rate Chart (FY 2024-25; AY 2025-26) - Tax Guru
Mar 29, 2024 · Stay compliant with TDS regulations as in case of non-deduction or wrong deduction and even deduction under wrong TDS section could attract huge penalties. It’s important that businesses know the applicable rate, TDS section and exempt limit for each nature of payment. This comprehensive TDS rate chart for FY 2024-25 provides detailed information on thresholds, rates, and applicable sections ...
Audit Criteria for Business & Profession (Section 44AB) AY 2024-25
Jun 7, 2024 · Introduction: Understanding the audit requirements for businesses and professions under the Indian Income Tax Act is crucial for compliance and efficient financial management.Section 44AB of the Income Tax Act outlines specific conditions under which a tax audit is mandatory. This article provides a comprehensive guide on the audit requirements and criteria for businesses and professions for ...
Rates of income-tax for assessment year 2024-25 & 2025-26 - Tax …
Jul 26, 2024 · (1) Tax rates under section 115BAC—. For assessment year 2024-25, as per the provisions of sub-section (1A) of section 115BAC of the Act, an individual or Hindu undivided family or association of persons [other than a co-operative society], or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, has ...
Income Tax Rates for FY 2023-24 (AY 2024-25) - Tax Guru
Feb 7, 2023 · This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial Year 2023-24 (Assessment Year 2024-25) as proposed ...
New vs Old Regime Income Tax Calculator for FY 2024-25/AY …
Apr 7, 2024 · Salaried Employees-Simplified New vs Old Regime Income Tax Calculator for the FY 2024-25/AY 2025-26: This Income Tax Calculator aims to simplify the comparison between the new and old income tax regimes for FY 2024-25/AY 2025-26.
Due Dates for E-Filing of TDS & TCS Returns for FY 2023-24 - Tax …
Dec 3, 2023 · Under the Income-tax Act, if an individual makes a payment to another party, it is mandatory to deduct TDS (Tax Deducted at Source) at a specified rate and remit it to the government.Conversely, for TCS (Tax Collection at Source), the recipient of the payment is responsible for collecting tax from the payer and subsequently submitting it to the government.
Exemption under capital Gain: Section 54, 54B, 54D, 54EC ... - Tax …
Apr 3, 2024 · Conclusion: Exemptions under capital gains, as outlined in sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA, offer valuable tax-saving opportunities to individuals and entities.By understanding the nuances of each section, taxpayers can strategically plan asset transactions to minimize tax liabilities. Adherence to eligibility criteria, time limits, and deposit scheme requirements is essential ...
Income Tax Declaration Submission for Salaried Employees ... - Tax …
Apr 14, 2024 · Conclusion: Effective income tax declaration is essential for both employers and employees to ensure accurate tax deductions and compliance with regulations.Understanding the declaration process and common tax-saving investments enables employees to optimize their tax liabilities while planning for their financial future.
Capital Gain Exemptions on Property or any Other Asset Sale …
Sep 9, 2024 · Summary: The Income-tax Act provides capital gain exemptions under Sections 54, 54F, and 54EC for individuals or HUFs.Section 54 offers relief for long-term capital gains (LTCG) from the sale of residential property, allowing reinvestment …
Income Tax Calculator Financial Year 2024-25 - Tax Guru
Aug 16, 2024 · Introduction: Navigating the intricacies of income tax is crucial for financial planning.As the government maintains tax rates for FY 2024-25, it’s essential to optimize tax-saving strategies. Understanding deductions, exemptions, and regime options can help maximize savings while ensuring compliance with tax laws.