Key Terms and Forms in Indian Income Tax Law: A Comprehensive Overview
Introduction The Indian Income Tax system encompasses a wide array of concepts, procedures, and compliance requirements. To assist taxpayers and students of taxation in navigating this complex framework, the following is a formal glossary of essential terms and commonly used forms under the Income Tax Act, 1961. Each entry has been defined succinctly to enhance…
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Figure out the best tax saving instrument that suits you
(This post evaluates 10 widely preferred tax-saving instruments eligible for tax deductions under old tax regime- section 80C and also discusses here some of the important deductions under Section 80C, 80CCC, 80 CCD(1A), 80 CCD (1B), 80CCE, 80D, 80DD, 80 DDB,80E,80EEE,80G, 80GG,80TTA, 80TTB, 80U, 87(A) & Sec 24 an individual taxpayer is eligible to claim.…
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Income tax-slabs for FY 2025-26: No income tax on income up to income Rs 12 lakh per annum
Revised Income Tax Slab Rates for FY 2025-26 In Budget 2025, Finance Minister Nirmala Sitharaman announced significant changes to the income tax structure. One of the most notable highlights was the increase in the tax exemption limit, which is expected to boost disposable income and simplify tax compliance for individuals. New tax slabs under new…
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Income Tax rebate and deductions available under New and Old tax regimes
Updated on 01.02.2025 The taxpayers who opt for a New regime are still eligible to claim certain tax exemptions. Here are the details of incomes that are as well exempted from income tax in the event you opt for the new tax regime. Relief under Section 87A: For the Financial Year 2025-26 (AY 2026-27), an…
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Residential Status under the Income Tax Act in India
The concept of residential status is pivotal under Indian income tax laws, as it determines the scope of taxable income in India. Residential status for income tax purposes may vary from year to year and differs significantly from the definitions under other Indian laws such as the Citizenship Act, Foreign Exchange Management Act (FEMA), Aadhaar…
Income Tax slabs and tax rates for FY 2022-23 both under old and new rules
Updated on July 18, 2022 The tax slabs and tax rates for the financial year 2020-21, 2021-22, and 2022-2023 remain the same. The rules for the old tax regime and the new tax regime are also the same as in previous years. The amount of rebate u/s 87A has been kept unchanged under both the…
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