Taxes

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

General Tax Rates apply to all my incomes earned during the year, except where Special Rates apply. Assessment year- what is it General Rates what are they– the Old way Just like I have respect in form of  concessions for senior citizens in rail and air tickets, the tax law gives a salute by giving

We just learnt. Taxes is a 4 step workout. a. Finding Taxes. Lets get a bit more depth. We classify Incomes into : Incomes at Regular Rates Incomes at Special Rates b. Just to revise, lets find Rebate c. Lets refresh, we add Surcharge d. Lets refresh, we add Secondary Health and Education Cess