7/22/2023 0 Comments Eitr filing![]() Rs.25,000 + 20% of (total income minus Rs. 1,00,00,000)įor a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year, i.e., born during Apand MaAssessment Year 2014-15 Net income range Rs.30,000 + 20% of (total income minus Rs. Individuals, Hindu Undivided Families, AOPs, BOIsįor any other resident individual (born on or after April 1, 1954), any non-resident individual, every Hindu Undivided Family (HUF), Association of Persons (AOP) or a Body of Individuals (BOI),artificial juridical person following are the Income Tax Rates.The Income Tax Department is governed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue under the Ministry of Finance, Government of India. The Income Tax Department is responsible for all activities related to the taxation process. The total income from all the above heads of income is calculated in accordance with the provisions of the Act as they stand on the first day of April of any assessment year. Section 14 of the Income Tax Act further provides that for the purpose of charge of income tax and computation of total income all income shall be classified under the following heads of income: salaries, income from house property, profits and gains of business or profession, capital gains, income from other sources. The Indian IncomeTax Act (Section 4) provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year. ![]() ![]() In the modern times, income tax is an annual tax on income. ![]()
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