Income tax rates are defined based on the type of assessee and total income earned for the financial year starting from 1st April to 31St March. In this article, we will tell you income tax rates applicable to a resident individual for the financial year 2021-22 (Assessment Year 2022-23) and financial year 2022-23 (Assessment Year 2023-24). We will also summarize surcharge, … [Read more...] about Income tax rates for FY 2021-22 and 2022-23-Applicable to an individual
Income tax
Rates of income-tax for the financial year 2021-22 (AY 2022-23)
In respect of income of all categories of assessee liable to tax for the assessment year 2021-22, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic companies, 115BAC for individual/HUF, and 115BAD for cooperative societies) or have been specified in Part I of the First Schedule to the Bill. There is … [Read more...] about Rates of income-tax for the financial year 2021-22 (AY 2022-23)
Relaxation for certain category of senior citizen from filing return of income-tax
Section 139 of the Income tax Act provides for filing of return of income. Sub-section (1) of the section provides that every person being an individual, if his total income or the total income of any other person in respect of which he is assessable under this income tax Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on … [Read more...] about Relaxation for certain category of senior citizen from filing return of income-tax
Latest Income tax slab rates for FY 2020-21 & AY 2021-22: For Individuals
In India, different income tax slabs rates are prescribed for individuals based on age and income generated during the financial year. In this article, we will be discussing income tax slab rates applicable to the financial year 2020-21 (AY 2021-22). Which means tax rates applicable to your income generated during the period starting from 01.04.2020 to 31.03.2021. Now let … [Read more...] about Latest Income tax slab rates for FY 2020-21 & AY 2021-22: For Individuals
Value of perquisite where accommodation is provided in a hotel
In this article, we will be discussing how to calculate the value of perquisite where accommodation is provided in a hotel by the employer. For this purpose hotel includes licensed accommodation in the nature of motel, service apartment or guest house. If the accommodation is provided in a hotel by the employer, then the value of the accommodation shall be the least of … [Read more...] about Value of perquisite where accommodation is provided in a hotel
Self-occupied Vs. Let Out – How use of house property matters in taxation
House property can be let for residential or commercial purpose. As per the present tax laws, annual value from building or land appurtenant thereto is always taxable in the hands of the assessee under the head income from house property. However based on different circumstances, taxation may change. Below in this article, we will be discussing how use of house property can … [Read more...] about Self-occupied Vs. Let Out – How use of house property matters in taxation
Deemed Ownership – When assessee is deemed to be the owner of house property
Deemed owner has been defined in section 27 of the income tax act, 1961. This section is an exception to the basic conditions of charging tax under the head house property. To get taxed under the head house property, following basic conditions are to be satisfied; The property must consist of building and land appurtenant thereto; andIt must be owned by the assessee; andThe … [Read more...] about Deemed Ownership – When assessee is deemed to be the owner of house property
How to calculate taxable income on self occupied house property
A person’s gross total income is the sum of income under five different heads calculated based on the Indian tax laws. One of these heads is ‘income from house property’. This head includes rent earned from building or land appurtenant thereto which is chargeable to tax. Income is taxable under the head house property if conditions to section 22 is satisfied. As per … [Read more...] about How to calculate taxable income on self occupied house property
Tax on monetary obligations of employee discharged by employer
Monetary obligations of the employee discharged by the employer is always considered as taxable perquisite in the hands of the employee. Monetary obligations are considered as perquisite for the assessee because it would have been payable by him if the employer would not have discharged his liabilities. Therefore, the value of perquisite as determined is taxable under the … [Read more...] about Tax on monetary obligations of employee discharged by employer
When income is taxable under the head house property
Income is chargeable to tax under the head house property if following conditions are satisfied: Rental income must be earned from a property which consist of building or lands appurtenant thereto; andAssessee must be the owner of the building; andsuch property is not used by the assessee for the purpose of any business or profession carried on by him/her, the profit of … [Read more...] about When income is taxable under the head house property