Tag: Individuals

Find out what constitutes a 'person' under Section 2(31) of the Income Tax Act in India and what it means for tax purposes.

Explore about the Health and Education Cess Rates applicable under the Income Tax in respect of AY 2024-25 for all types of assessees and taxation schemes.

Discover about the Income Tax Rebate available to Resident Individuals in respect of AY 2024-25 u/s 87A of the Income Tax Act, 1961.

Explore the concept of Alternate Minimum Tax (AMT) which ensures fair share of tax liability for non-corporate taxpayers availing deductions and exemptions.

Income tax rates/slabs applicable for NRIs, HUFs, AOPs, BOIs, and AJPs, in respect of AY 2023-24, along with rates of surcharge, HEC, AMT, etc..

The rates/slabs of normal income tax, surcharge, HEC and AMT along with the basic exemption limit, applicable for resident individuals (AY 2023-24).

Explore the rates of income tax, surcharge, HEC under new tax regime for Individuals, HUFs, AOPs, BOIs & AJPs in respect of AY 2023-24/2024-25.

Surcharge on income tax is payable if taxable income of a taxpayer exceeds a specified threshold limit during the AY 2023-24, like Rs 50 lacs in the case of …

As per Section 2(29C) of Income Tax Act, 1961, unless the context otherwise requires, the term “maximum marginal rate” means the rate of income-tax (including surcharge on income-tax, if …

The residential status of a person, i.e. whether they are resident or non-resident, has a significant financial impact on the tax liability of the concerned assessee; therefore, it is …