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…
Read article
Concept of Previous Year & Financial Year vis-à-vis Assessment Year
In accordance with Article 265 of the Constitution of India, “No tax shall be levied or collected except by the authority of law.” This provision establishes that taxation can only be imposed under duly enacted legislation by the appropriate legislative authority—be it the central or state governments, or local governing bodies such as municipal corporations.…
Read article
An Overview of the Tax Structure in India: Classification and Regulatory Framework
India’s taxation system operates within a three-tier federal structure comprising the Central Government, State Governments, and local municipal bodies. The framework is broadly classified into direct and indirect taxes, each governed by distinct authorities and applied in specific contexts. This article provides a comprehensive overview of the Indian tax structure, highlighting its classification, features, and…
Read article Old or new income tax regime?: Easy solution to choose the better for FY 2023-24:
The Union Budget 2023 has left individuals confused with the choice of the tax regime. Both old and new tax regimes require a proper assessment before choosing one. The calculation of tax payable by various income groups under the new tax regime and old tax regime is shown at the bottom of this post so…
Read article
Income Tax slabs for FY 2024-25: Tax deductions and rebates explained
Finance Minister Nirmala Sitharaman has not proposed any changes in the income tax slab rates in the interim Budget 2024. However, the notable modification in the income tax slabs includes a reduction of tax slabs from 6 to 5 alongside an increase in the basic exemption limit from Rs.2.5 lakh to Rs.3 lakh from April…
Advantages and disadvantages of portfolio management services
Portfolio Management Services (PMS) offer a structured and professional approach to managing investments, particularly for individuals seeking personalized strategies, expert guidance, and diversified asset allocation. While PMS provides numerous advantages, it is essential to consider potential drawbacks before opting for such services. Advantages of Portfolio Management Services 1. Expert Management of InvestmentsOne of the most…
Read article