Tag: Individuals

The income tax rates/rates applicable for Non-resident Indian Individuals (NRIs) of all age groups, HUFs, AOPs, BOIs, and AJPs, in respect of AY 2022-23, as per the Finance Act, …

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 …

Find out what constitutes a 'person' under Section 2(31) of the Income Tax Act in India and what it means for tax purposes.

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 …