Tag: Individuals

The income tax slabs or rates applicable for non-resident individuals (NRIs) of all age groups, HUFs, AOPs, BOIs, and AJPs, in respect of AY 2022-23, as per the Finance …

The normal income tax rates or slabs, the Higher Education Cess (HEC), the surcharge, the basic exemption limit, etc. as applicable for AY 2020–21 have remained the same for …

As per Section 2(29C) of Income Tax Act, 1961, unless the context otherwise requires, the term “maximum marginal rate” means the rate of income-tax (including surcharge on income-tax, if …

The residential status of a person, i.e. whether they are resident or non-resident, has a significant financial impact on the tax liability of the concerned assessee; therefore, it is …

Normally a ‘Person’ refers to an ‘Individual’, however under Income Tax, the person has broader meaning and coverage. For the purpose of charging Income-tax, the term ‘person’ has been …

As per Section 2(41) of Income Tax Act, 1961, unless the context otherwise requires, the term “relative”, in relation to an individual, means the husband, wife, brother or sister …

Aggregate amount of Income tax and Surcharge (if applicable) is further subject to 4% ‘Health and Education Cess’ in the case of all types of taxpayers, in respect of …

For AY 2022–23, assessees can claim marginal relief from the surcharge on income tax to mitigate the effect of the additional tax burden that is over and above the …

Section 87A of the Income Tax Act, 1961, provides for a 100% tax rebate if the income tax liability is up to Rs. 12,500 in respect of AY 2022-23 …

Surcharge on income tax is payable if taxable income of a taxpayer exceeds a specified threshold limit during the AY 2022–23, i.e., Rs. 50 lacs in the case of …