Taxable Income

Central Board of Direct Taxes (CBDT) has issued the rules and separate accounts within the PF account shall be maintained.

The Income-Tax rules explicitly mention the incomes exempted from taxation, but there's no clarity whether they cover cryptocurrency

Budget 2021: Individual taxpayers and the middle-class expect reduced GST rates in various sectors, and increased deduction for the interest on home loans from the taxable income

Taxpayers in three age categories of normal citizen (below 60 years), senior citizen (60-79 years) and super senior citizen (above 79 years) can punch in their estimated annual income from all sources, total eligible deductions and exemptions to see what will be their total taxable income if they continue in the old regime or opt for the new one.

Finance Minister Nirmala Sitharaman had proposed increasing the effective tax rate on individuals with taxable annual income of above Rs 2 crore($283,000) by about 3 per cent, and for those earning above Rs 5 croreby 7 per cent.

Using these post office saving schemes, an investor can claim a deduction up to Rs. 1.5 lakh in a financial year from taxable income.

Finance Minister Nirmala Sitharaman in her budget speech Friday proposed to increase the surcharge from 15 per cent to 25 per cent for those with taxable incomes of between Rs 2 crore and Rs 5 crore, and to 37 per cent for those earning more than Rs 5 crore. This takes the effective tax rate for those two groups to 39 per cent and 42.74 per cent, r...

Finance Minister Nirmala Sitharaman raised taxes for the super-rich and hiked duties on fuel, gold and automobile parts in her first Budget on Friday, in measures aimed at tackling a five-year low in growth while tightening fiscal consolidation. To restart investment, Prime Minister Narendra Modi's government also eased FDI in the insurance and avi...

Finance Minister Nirmala Sitharaman announced no changes in the income tax structure in the first Budget of Prime Minister Narendra Modi's second term. Leaving the income tax slabs and rates intact, Ms Sitharaman however proposed to enhance the surcharge on the super rich. The government enhanced the surcharge on individuals having taxable income a...

In the interim Budget, the government had proposed a rebate on all payable taxes if an individual's taxable income is up to Rs 5 lakh per annum

If a privately held company issues its shares at a price more than its fair market value, the amount received in excess of the fair market value is taxable as income from other sources under Section 56 (2) (vii)(b) of the I-T Act.

The Union Budget 2019-20 has given full tax rebate to individuals having a taxable annual income of up to Rs 5 lakh

Investment in three of these small savings schemes offered by the post office is eligible for a deduction in taxable individual income up to Rs. 1.5 lakh in a financial year under Section 80C of the Income Tax Act

Section 80C of the Income Tax Act provides for a reduction up to Rs 1.5 lakh in taxable individual income in a year under certain conditions. From premium paid towards subscription/activation of a life insurance policy to subscription to mutual funds (under ELSS or Equity-Linked Saving Scheme), the Section 80C of the Income Tax Act provides for a ...

Income tax changes: From the 25 per cent increase in standard deduction threshold to the existing Section 80C deductions, the taxpayer can make use of income tax laws to make most of the income earned in assessment year 2020-21.

Central Board of Direct Taxes (CBDT) has issued the rules and separate accounts within the PF account shall be maintained.

The Income-Tax rules explicitly mention the incomes exempted from taxation, but there's no clarity whether they cover cryptocurrency

Budget 2021: Individual taxpayers and the middle-class expect reduced GST rates in various sectors, and increased deduction for the interest on home loans from the taxable income

Taxpayers in three age categories of normal citizen (below 60 years), senior citizen (60-79 years) and super senior citizen (above 79 years) can punch in their estimated annual income from all sources, total eligible deductions and exemptions to see what will be their total taxable income if they continue in the old regime or opt for the new one.

Finance Minister Nirmala Sitharaman had proposed increasing the effective tax rate on individuals with taxable annual income of above Rs 2 crore($283,000) by about 3 per cent, and for those earning above Rs 5 croreby 7 per cent.

Using these post office saving schemes, an investor can claim a deduction up to Rs. 1.5 lakh in a financial year from taxable income.

Finance Minister Nirmala Sitharaman in her budget speech Friday proposed to increase the surcharge from 15 per cent to 25 per cent for those with taxable incomes of between Rs 2 crore and Rs 5 crore, and to 37 per cent for those earning more than Rs 5 crore. This takes the effective tax rate for those two groups to 39 per cent and 42.74 per cent, r...

Finance Minister Nirmala Sitharaman raised taxes for the super-rich and hiked duties on fuel, gold and automobile parts in her first Budget on Friday, in measures aimed at tackling a five-year low in growth while tightening fiscal consolidation. To restart investment, Prime Minister Narendra Modi's government also eased FDI in the insurance and avi...

Finance Minister Nirmala Sitharaman announced no changes in the income tax structure in the first Budget of Prime Minister Narendra Modi's second term. Leaving the income tax slabs and rates intact, Ms Sitharaman however proposed to enhance the surcharge on the super rich. The government enhanced the surcharge on individuals having taxable income a...

In the interim Budget, the government had proposed a rebate on all payable taxes if an individual's taxable income is up to Rs 5 lakh per annum

If a privately held company issues its shares at a price more than its fair market value, the amount received in excess of the fair market value is taxable as income from other sources under Section 56 (2) (vii)(b) of the I-T Act.

The Union Budget 2019-20 has given full tax rebate to individuals having a taxable annual income of up to Rs 5 lakh

Investment in three of these small savings schemes offered by the post office is eligible for a deduction in taxable individual income up to Rs. 1.5 lakh in a financial year under Section 80C of the Income Tax Act

Section 80C of the Income Tax Act provides for a reduction up to Rs 1.5 lakh in taxable individual income in a year under certain conditions. From premium paid towards subscription/activation of a life insurance policy to subscription to mutual funds (under ELSS or Equity-Linked Saving Scheme), the Section 80C of the Income Tax Act provides for a ...

Income tax changes: From the 25 per cent increase in standard deduction threshold to the existing Section 80C deductions, the taxpayer can make use of income tax laws to make most of the income earned in assessment year 2020-21.