Taxes

My dates with taxes are: Self assessment tax : The tax return filing month of every year For other than tax audit assesses             :             Jul 31 every year For tax audit assesses                                 :             Sept 30 every year of the year following close of income year (remember this is Assessment Year) If a tax […]

Just like I spread butter uniformly over bread, I need to pay my taxes uniformly during the year I earn. The tax department says I should pay my taxes in the form of Advance Tax in 4  instalments during the year, by estimating the income I am earning during the year. These are paid on

Not every single amount I get as income, the payer will deduct tax at source. There are minimum limits laid down only over which tax is deducted at source: My interest income- If year’s income  is above Rs.40,000 My interest income (being senior citizen) – if year’s income is above Rs.50,000 My salary or pension

On interest income- 10% (no health and education cess or surcharge)* On rental income- 10% (no health and education cess or surcharge)* On salaries- At regular rates of income tax (including health an education cess and surcharge) Asterik says* I know the Govt announced that wef 14 May 2020 that for Financial Year 2020-21, TDS

Here I need not worry about paying my taxes as the payer of my income will at the time of paying me my income, deduct a part of it and deposit it with Government as tax on my behalf. Payer means: My employer in case of salaries The bank in case of interest on deposits

Normally when I am finalising my tax return, I work out my tax liability on my income, reduce Tax deducted at source, advance tax paid to determine my final tax liability. This I pay before filing my tax return, and this mode is called Self Assessment Tax. It’s a self payment like Advance Tax. We

If my income includes long term capital gains on sale of equity shares or equity mutual funds on which STT is paid, I am taxed on such income as follows: Before 23.7.24 : First Rs.1 lac       :             No Tax Balance income :             10% From 23.7.24: First Rs. 1.25 lacs : No tax Balance income

If my income includes any Long Term Capital Gains on Non Financial Assets, I am taxed on such income at 20% after considering Indexed Cost. Indexed Cost is Inflation index of Sale year/Inflation index of purchase year or 1.4.2001 (for assets bought before 1.4.01). Now wef 23.7.24, any sale of long term capital asset is

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 :