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The taxable income slabs divide the taxpayers into different categories and assign them different tax rates. These categories depend on the age of the taxpayers, as mentioned below: These slabs also vary depending on the regime you opt for. By knowing these slabs and the tax rates, you can plan your finances and taxes accordingly. …
Continue reading “Taxable Income Slabs for FY 2023-24: New & Old Tax Regime”
There are different types of assessment in income tax, ranging from self-assessment to income tax escaping assessment. You need to be aware of these various assessment types and how they work to comply with the taxation rules. Read on to learn what is assessment in tax and its types. Income Tax Assessment Meaning After every …
Continue reading “Understand the Different Types of Assessment in Income Tax”
Understanding the rules for gratuity tax exemption is crucial for employees who may receive it. Any person who works in an establishment with more than 10 workers for 5 continuous years is liable to receive this sum on termination of employment or as a post-retirement benefit. In case of an employee’s disability, the condition for …
Continue reading “Income Tax on Gratuity: Know everything about the exemption rules”