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…
At the time of filing of ITR or on any other occasion you might heard this word from your consultant that this information is available under Form 26AS. Form 26AS is a description of financial transactions done by the taxpayer…
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…
Please refer the PL dated 26th February 2024.
As per the new tax scheme :In the case of self-occupied property, interest on a home loan is not a deductible expense. If this is let out then it is deductible.Although this is deductible under the old tax scheme either self-occupied…
What is ITR? ITR stands for Income Tax Return. It is a summary of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. How to file a return of…