The new tax regime is now the default for taxpayers in FY 2023, allowing lower tax slabs but eliminating old deductions.

Please note that the benefit of section 80C is available only under ... tax regime? Incidentally, any other short-term gain or loss you earn from any other source is treated like your normal ...

But in many cases, it depends on a person's income. Taxpayers with lower incomes are typically eligible for more generous tax credits and deductions after they have or adopt a child, said Jim ...

In this case, you may be able to deduct an additional 20% of your rental income using the qualified business income deduction that was created by the Tax Cuts and Jobs Act of 2017. The bar to ...

Section 195 of the Income Tax Act relates to the TDS (Tax deducted at Source) deductions ... includes all income that accrues, arises, or is deemed to accrue in India. Therefore, TDS must be deducted ...

If we compare both the tax slabs a person having an income of Rs. 25,00,000/- can indicatively save an amount of Rs. 67,600/-, we have assumed no deductions under chapter VI-A have been applied.

Here’s the current income tax rates and slabs under both the New Tax Regime and the Old Tax Regime. This is the default tax regime. Under this regime, taxpayers can opt for lower rates but must forgo ...

Do you live in a state that has a high sales tax? A state that imposes no sales tax at all? Consumption tax ... In theory, those tariffs could partly replace income taxes as a source of federal ...

Ministry of Finance has issued Notification No. 3/2025 under sub-section (1F) of Section 197A of the Income-tax Act ... of all the payments made to the seller on which tax has not been deducted in ...

The company filed for voluntary protection under Chapter ... to operate as normal; all customer deposits and orders will be honored and delivered as normal. The Chapter 11 process does not include ...

Formally titled the “Deduction of Tax at Source ... The newly introduced regulations cover payments made under the Capital Gains Tax Act, Companies Income Tax Act, Petroleum Profits Tax Act ...

ITAT Ahmedabad held that co-operative society is eligible for deduction under section 80P(2)(d) of the Income Tax Act ... in all these appeals is as under :- “”CIT(A) has erred in allowing the ...