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Income Tax Slab for Salaried Individuals (TDS) – FY 2021-2022

What is income tax slab ? Indian Income tax levies tax on individual taxpayers on the basis of a slab system. Slab system means different tax rates are prescribed for various ranges of income. It means the tax rates keep increasing with an increase in the income of the taxpayer. This type of taxation [...]

Income Tax Slab for Salaried Individuals (TDS) – FY 2021-2022

Income Tax Slab for Salaried Individuals (TDS) – FY 2020-2021

What is income tax slab ? Indian Income tax levies tax on individual taxpayers on the basis of a slab system. Slab system means different tax rates are prescribed for various ranges of income. It means the tax rates keep increasing with an increase in the income of the taxpayer. This type of taxation [...]

Income Tax Slab for Salaried Individuals (TDS) – FY 2020-2021

Indian Income Tax – Health and Education Cess – FY 2020-2021

What is Cess? A cess is a government-imposed tax on tax, levied to raise funds for specific reasons. Generally, cess is expected to be levied when there is a need to meet specific expenditure for public welfare and discontinued once the government gets enough funds for that purpose. Cess is not the same as [...]

Indian Income Tax – Health and Education Cess – FY 2020-2021

Income Tax Rebate

Income Tax Rebate Under Section 87A An income tax rebate can simply be understood as a form of refund on taxes that you receive from the Income Tax Department under certain circumstances. An individual is liable to receive a tax rebate in the event that he or she pays more taxes in a financial year [...]

Income Tax Rebate

Income Tax – Standard Deduction

Budget 2018 introduced the provision of standard deduction for both salaried employees and pensioners. It refers to a flat deduction of Rs. 50,000 (previously Rs. 40,000 for FY 2018-19) on taxable income, providing tax relief to select group of individuals.Standard Deduction has been introduced to bring parity between salaried employees and self-employed individuals. While self-employed [...]

Income Tax – Standard Deduction

Indian Income Tax – TDS Surcharge – Rates and its Applicability FY 2020-2021

SURCHARGE: Surcharge is a tax on tax. It is levied on the tax payable, and not on the income generated. Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits: Range of Income Rate of Surcharge Rs. 50 Lakhs to [...]

Indian Income Tax – TDS Surcharge – Rates and its Applicability FY 2020-2021

Income Tax Rebate under Section 87A – Indian Income Tax FY 2020-2021

Income Tax Rebate Under Section 87A An income tax rebate can simply be understood as a form of refund on taxes that you receive from the Income Tax Department under certain circumstances. An individual is liable to receive a tax rebate in the event that he or she pays more taxes in a financial year [...]

Income Tax Rebate under Section 87A – Indian Income Tax FY 2020-2021

Standard Deduction in Indian Income Tax for Salaried Individuals FY 2020-2021

Budget 2018 introduced the provision of standard deduction for both salaried employees and pensioners. It refers to a flat deduction of Rs. 50,000 (previously Rs. 40,000 for FY 2018-19) on taxable income, providing tax relief to select group of individuals.Standard Deduction has been introduced to bring parity between salaried employees and self-employed individuals. While self-employed [...]

Standard Deduction in Indian Income Tax for Salaried Individuals FY 2020-2021
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