Individual

Hi. I am doing some activity of buy sale in stock markets. Stock exchange charges STT on my sale. Also I may have sold some equity mutual funds sale. Now listen, if all these sales are pretty short , that is, my holding period is upto 1 year viz 1 year or less, what I […]

For lower income groups, I minus an amount called Rebate. Rebate reduces my tax to Nil for lower income groups Thats different for Old Way Tax and New Way Tax :

I heard the principle ‘ the higher we go, the cooler it is’. Cooler in tax context would mean more air-conditioning , viz, more taxes  To the amount of Income Tax, I add surcharge (on higher income groups) as per following stairs: *I am putting a star: Where my Income includes income under Capital Gains

To the tax arrived, which is: a. general plus special rates b. minus Rebate c. plus Surcharge, We add health and education cess @ 4% (on a+b+c) ( Hi, I am d)

We learnt about tax rates for relevant financial year 2024-25 for which tax returns are on way and how do we work them

Some categories of incomes are taxed at defined/ flat rates, irrespective of the category I am falling in. Few common illustrations are: Short term Capital Gains on Equity Long Term Capital Gains on other than Equity Long Term Capital Gains on Equity

General tax rates on my incomes First Rs. 5,00,000 (exemption limit)                                      :             No tax Next Rs. 5,00,000 (Over Rs.5,00,000 upto Rs. 10,00,000)               :               20% tax Over this limit (Over Rs. 10,00,000)                                      :             30% tax I am resident in India . So if I am a super senior citizen, I get a

General tax rates on my incomes First Rs. 3,00,000 (exemption limit)                                      :             No tax Next Rs. 2,00,000 (Over Rs.3,00,000 upto Rs. 5,00,000)   :             5% tax Next Rs. 5,00,000 (Over Rs.5,00,000 upto Rs. 10,00,000)               :               20% tax Over this limit (Over Rs. 10,00,000)                                      :             30% tax So if I am

General tax rates on my incomes (not being senior citizen or being a non-resident any age) First Rs. 2,50,000 (exemption limit)                                      :             No tax Next Rs. 2,50,000 (Over Rs.2,50,000 upto Rs. 5,00,000)   :             5% tax Next Rs. 5,00,000 (Over Rs.5,00,000 upto Rs. 10,00,000)               :               20% tax Over this limit (Over Rs.

  Its good to know the concept of Assessment Year, it is the fiscal year next to the financial year I am doing my tax return work. For instance, for financial year 2024-25, the year that just ended , the assessment year would be 2025-26. Important because tax laws always talk in terms of ‘Assessment