Navigating Tax Laws
Delve into the complexities of tax legislation and regulations, empowering readers with comprehensive insights and practical advice to effectively manage their tax obligations.
Maximizing Tax Efficiency
Explore proven techniques and strategies for maximizing tax efficiency, minimizing liabilities, and optimizing financial outcomes.
Individual income tax slabs for India in 2024 range from 0% to 30%, with rates based on annual income levels.
Goods and Services Tax (GST) rates in India vary from 5% to 28% for different goods and services as per the latest regulations.
The deadline for filing Income Tax Returns (ITR) in India for the financial year 2023-24 is usually July 31st of the assessment year.
Taxpayers can avail of various deductions under Section 80 of the Income Tax Act, including investments in PPF, ELSS, and insurance premiums.
Registered businesses can claim Input Tax Credit (ITC) on GST paid for input goods and services used in their business operations.
Long-term capital gains on equity investments held for over one year are tax-exempt up to ₹1 lakh, with a 10% tax thereafter.
Non-compliance with income tax regulations may result in penalties and fines, varying based on the nature of the violation.
Gifts received from specified relatives or on special occasions may be exempt from tax, while those exceeding limits are taxable as per income tax rules.
In most cases, gifts are not considered taxable income for the recipient. However, gift tax may apply to the giver if the value of the gift exceeds the annual exclusion limit. Understanding gift tax rules and exemptions can help individuals navigate gift-giving strategies effectively.
Tax Deducted at Source (TDS) rates for various income sources are determined by the government and applicable as per the 2024 rules.