Income-tax Act, 1961 and the rules made thereunder contain provisions relating to the deduction of tax at source in the event of a transfer of immovable property, other than rural agricultural land, by any person, being a transferee/buyer, responsible for…
Sr. No. Particulars of income Relevant section Rate of tax 1 Long-term capital gains (LTCG) 112 20% with indexation benefit or 12.5% without indexation benefit till 22/07/2024, afterwards at 12.5% without indexation benefit. 2 Long-term capital gains (LTCG) 112A 10%…
Unlike the Optional Tax Regime wherein all the relevant deductions or exemptions are allowed, only certain deductions or exemptions are allowed under the Default Tax Regime, which are as undermentioned; Sr. No. Deductions / Exemptions Relevant Section Maximum Limit 1…
B. Default Tax Regime (also known as New Tax Scheme) As the name of the scheme suggests that this is the default option in ITR form, you do not need to select this option separately. You have to pay tax…
(as amended by Finance Act, 2024 – No. 2) A. Optional Tax Regime (also known as Old Tax Scheme) Under the Income Tax law of India, every income earned during the financial year by any person is chargeable to income…
Under the Income Tax law of India, every income earned during the financial year by any person is chargeable to income tax in the assessment year as per the provisions given under section 4 of the Income-tax Act, 1961. The…