#surcharge fy 2023-24 | Explore Tumblr Posts and Blogs

cadeveshthakur · 4 months

Video

youtube

Income Tax Basics|Tax Slab FY 2023-24|115BAC New Slab|How to compute Total Income/Total Tax FY 23-24 Income Tax Basics: Understanding Charging Sections, Assessments, and Tax Slabs (FY 2023-24)" Description: 🔍 Unlock the complexities of Income Tax with our comprehensive guide! In this video, we delve into the fundamental concepts of Income Tax, covering crucial topics like Charging Sections, Assessments, and the latest Tax Slabs for the financial year 2023-2024, assessment year 2024-25. 👉 Charging Sections & Key Concepts: What is the Income Tax Charging Section? Who qualifies as an Assessee? Understanding the Assessment Year and its significance. Deciphering the concept of Previous Year. Unraveling the Rates and Slabs applicable to different entities. 💼 Income Tax Slabs for FY 2023-2024: (a) For Individuals, AOP, BOI, HUF (b) For Domestic and Foreign Companies (c) For Co-operative Societies, Firms, LLP, with insights into surcharge and cess. 📈 Explore 115BAC - New Rates from FY 2023-24 Onwards: Learn about the latest tax rates under Section 115BAC and understand how they impact your financial planning. 💡 How to Calculate Total Income: The 5 Heads of Income: Income From Salaries Income from House Property Income from PGBP (Profit and Gains from Business or Profession) Income from Capital Gain Income from Other Sources 🧮 Income Tax Calculation for FY 2023-24: (a) A step-by-step guide for Individuals (b) Special considerations for Senior Citizens and Super Senior Citizens 🚀 Whether you're an individual taxpayer, a business owner, or part of a company or co-operative society, this video equips you with the knowledge needed to navigate the intricate landscape of Income Tax. Stay informed, plan smartly, and make the most of your financial journey. 📌 Don't forget to like, share, and subscribe for more insightful content on financial literacy! Let's empower ourselves with tax wisdom. 💼💰 #incometax #incometaxreturn #incometaxreturnfiling2024 #itr #itr1 #incometaxbasics #incometaxslab #newtaxrates #newtaxregime #115bac #howtocomputetax #howtocomputetax Follow me on: Pinterest: https://in.pinterest.com/cadevesht LinkedIn: https://www.linkedin.com/in/cadeveshthakur/ Instagram: https://www.instagram.com/cadeveshthakur/ Twitter: https://twitter.com/cadeveshthakur Tumblr: https://www.tumblr.com/blog/cadeveshthakur Youtube Channel: https://www.youtube.com/c/cadeveshthakur Reddit: https://www.reddit.com/user/cadeveshthakur E-Commerce Accounting: https://www.facebook.com/groups/ecommerceaccountingsolutions #cadeveshthakur

0 notes

alsoknownashp · 1 year

Text

Maximize Tax Savings: Tips for FY 2023-24

As the fiscal year 2023-24 begins, it is critical to investigate effective strategies and tips for reducing income tax on your salary. You can reduce your tax liability and increase your take-home pay by utilizing the provisions and deductions provided by tax laws.

Understand the Latest Tax Slabs and Rates

To effectively save income tax, it's essential to have a clear understanding of the latest tax slabs and rates applicable in the financial year 2023-24. Familiarize yourself with the different income tax slabs, basic exemption limit, tax rates for various income brackets, and any applicable surcharges.

Optimize Your Salary Structure

One of the key strategies to save income tax is by optimizing's your salary structure. By structuring your salary components efficiently, you can take advantage of various exemptions and deductions available under the tax laws. Explore options such as tax-free allowances, reimbursements, and perquisites to reduce your taxable income.

To continue reading click here

For more detailed information, visit Swipe Blogs.

#Swipe #Tax #TaxSavings #Savings #Tips #2023

1 note · View note

ebizfilingindia-blog · 1 year

Text

Income Tax Rates Slab for FY 2023-24 (AY 2024-25)

What is Income tax Slab rates in India?

The Indian Income Tax System follows a structured approach to levy taxes on the income of individuals and non-individuals through various Income Tax Slabs.

Income Tax Slabs:

The tax applies to the range of income, which varies based on the applicable slab rate that keeps on changing every year.

The slab rates of Income Tax are announced in the Union Budget every year by the Finance Minister.

Income Tax Slab Rate Bifurcation

By Gender

Male; and Female.

By Age

Resident; and Non-resident in India.

For Hindu Undivided Family (HUF)/ Association Of Person (AOP)/ Body Of Individual (BOI)/ Artificial Judicial Person (AJP)

On Non-individuals

Partnership Firms or LLPs; Domestic Company; Foreign Company; Co-operative Societies; and Local Authorities.

Income Tax Rates for Individual

Income Range — ₹0-₹2,50,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – xxx

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – xxx

New Tax Regime After Budget 2023 (From 1st April 2023) — xxx

Income Range — ₹2,50,000 – ₹3,00,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – 5%

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – 5%

New Tax Regime After Budget 2023 (From 1st April 2023) —xxx

Income Range — ₹3,00,000-₹5,00,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – 5%

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – 5%

New Tax Regime After Budget 2023 (From 1st April 2023) — 5%

Income Range — ₹5,00,000-₹6,00,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – 20%

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – 10%

New Tax Regime After Budget 2023 (From 1st April 2023) — 5%

Income Range — ₹6,00,000-₹7,50,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – 20%

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – 10%

New Tax Regime After Budget 2023 (From 1st April 2023) — 10%

Income Range — ₹7,50,000-₹9,00,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – 20%

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – 15%

New Tax Regime After Budget 2023 (From 1st April 2023) — 10%

Income Range — ₹9,00,000-₹10,00,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – 20%

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – 15%

New Tax Regime After Budget 2023 (From 1st April 2023) — 15%

Income Range — ₹10,00,000-₹12,00,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – 30%

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – 20%

New Tax Regime After Budget 2023 (From 1st April 2023) — 15%

Income Range — ₹12,00,000-₹12,50,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – 30%

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – 20%

New Tax Regime After Budget 2023 (From 1st April 2023) — 20%

Income Range — ₹12,50,000-₹15,00,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – 30%

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – 25%

New Tax Regime After Budget 2023 (From 1st April 2023) — 20%

Income Range — Above ₹15,00,000

Old Tax Regime for FY 2022-23 and FY 2023-24 – 30%

Before Budget 2023 (until 31st March 2023)(Rate of Tax) – 30%

New Tax Regime After Budget 2023 (From 1st April 2023) — 30%

Important Notes:

The tax rates are the same for all categories of individuals under the New tax regime.

Senior and super senior citizens will not get an increased basic exemption limit benefit in the New Tax regime.

Individuals with net taxable income up to Rs 5 lakh will be eligible for tax rebate u/s 87A in both New and old/existing tax regimes.

The basic exemption limit for NRIs is Rs 2.5 Lakh, irrespective of age.

An additional Health and Education cess at the rate of 4% will be added to the income tax liability in all cases.

Surcharge is applicable as per tax rates mentioned below for all categories mentioned above:

➤ 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 the Budget 2023, the highest surcharge rate of 37% has been reduced to 25% under the new tax regime, applicable from 1st April 2023.

Conclusion

The Income Tax Slab rates for the Financial Year 2023-24 have undergone some changes as compared to the previous year. The New Tax Regime has the same tax rates for all categories of individuals, with no increased basic exemption limit benefit available for senior and super senior citizens. The surcharge rates have also been revised, with the highest surcharge rate of 37% being reduced to 25% in the new tax regime. It is important for taxpayers to understand the new rates and regulations to plan their finances and tax payments accordingly.

Note:

Income tax and GST returns are two important obligations for taxpayers in India. Income tax is a direct tax levied on the income of individuals and businesses, while GST is an indirect tax levied on the supply of goods and services. Both taxes have different filing deadlines and procedures.

0 notes

prateek79-blog · 1 year

Text

Income tax for Individual for FY 2023-24; AY 2024-25:

Income tax is an important source of revenue for the government of India. It is levied on the income of individuals, companies, and other entities. The income tax rates for the Assessment Year (AY) 2024-25 (Financial Year 2023-24) have been announced in the Union Budget of 2023.

For individuals, the basic exemption limit has been increased from Rs. 2.5 lakh to Rs. 3 lakh. Apart from this, the government has increased the rebate eligibility ceiling through Section 87A under the new tax regime from Rs 5 lakh to Rs 7 lakh taxable income.

The income tax slab rates under the new income tax regime for AY 2024-25 (FY 2023-24) are as follows[1]:

Rs 0 to Rs 3 lakh - 0% tax rate

Rs 3 lakh to 6 lakh - 5%

Rs 6 lakh to 9 lakh - 10%

Rs 9 lakh to Rs 12 lakh - 15%

12 lakh Rs 15 lakh - 20%

Above Rs 15 lakh - 30%

Surcharge applicable as per tax rates above in all categories mentioned above[2]:

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

Income Tax Rate to Local Authority for AY 2024-25 (FY 2023-24) is taxable at 30%[3].

Income Tax Calculator with Ready Reckoner for AY 2024-25 (FY 2023-24) is available online[4] to help taxpayers calculate their income tax liability.

Income tax is an important source of revenue for the government and it is important for taxpayers to be aware of the applicable rates and rules.

#incometax #tax

1 note · View note

igsdc · 1 year

Text

New Updates on Income Tax Slabs for FY 2023-2024

On 1st February 2023, our Finance Minister, Nirmala Sitharaman announced the new tax regime in Budget 2023. Income tax Announced some changes in the slab. The changes sparked a wave of curiosity among taxpayers. So we are here to clear all the misconceptions regarding this update with details and facts. Below are the changes announced on 1st February 2023:

1) For salaried individuals and pensioners, a standard deduction has been introduced under the new tax regime.

2) Under this new regime, the basic exemption limit has been increased from Rs 2.5 lakh to Rs 3 lakh.

3) The highest surcharge rate which was 37% has been reduced to 25%.

4) The income exempt under section 87A has been increased to Rs 7 lakh from Rs 5 lakh earlier. So now for FY 2023 to 2024, those having taxable income up to Rs 7 lakh and opting for the new tax regime will have to pay 0 taxes.

These new regimes will be the default option for taxpayers and you can choose to opt for the old tax regime as well.

Revised tax slabs under the new tax regime

We have to bear in mind that cess at the rate of 4%Income taxshall be added to the amount, and a surcharge shall be applicable on the taxable income which exceeds Rs.50 lakhs.

The above changes will be applicable from 1st April 2023 for FY 2023-2024, for which you will be required to submit investment declarations for the purpose of computing taxes on salary to your employer for FY 2023-2024. If you do not want to opt for the new tax regime, you must specify otherwise, your employer will assume that you have opted for the new tax regime. However, you can continue to opt for the old tax regime or go with the new regime for FY 2022-2023 (up to March 2023) or Assessment Year 2023 to 2024, depending on your choice.

Hence the main highlight of the budget announcements was the increase in the taxable income limit from Rs 5 lakh to Rs 7 lakh to avail exemption under Income Tax Slab Section 87A in India for the financial year 2023-24. To understand it in simple words, the amended income tax regime says that a person with taxable income up to Rs 7 lakh will now have to pay zero tax. And the other major attraction is the revision in tax slabs for those opting for the new regime. Our finance minister clearly said that this is a default option for every individual and one must definitely opt for the old tax regime. Those who are opting for the old tax regime will continue to get deductions under section 80C, and 80D deduction, HRA, etc. without any change in tax rates. Although the new tax regime offers you lower tax rates, it is divided into slabs as compared to the old tax regime.

#income #income tax #taxation #igsdigitalcenter

1 note · View note