Expert Tax Solutions

 The Indian government imposes income tax, a direct tax, on the earnings of individuals, businesses, Hindu Undivided Families (HUFs), and other entities. The Central Board of Direct Taxes (CBDT), a division of the Indian government's Ministry of Finance, oversees the administration of the country's income tax system, which is regulated by the Income-tax Act, 1961.
 

Income tax is a levy imposed on the yearly earnings of a company or individual within a given fiscal year. Since it is a progressive tax, the tax rate rises in proportion to the income. India's income tax system levies taxes on individuals and corporations according to their financial capacity, with the goal of promoting equity and fairness.  

 In India, there are two primary forms of income tax:
 

1. Personal Income Tax: Both individuals and HUFs are subject to this kind of income tax. It is determined by adding up all of the taxpayer's taxable income, which comes from capital gains, wages, and other sources. 

2. Corporate Income Tax: Businesses registered under the Companies Act of 2013 are subject to this kind of income tax. It is determined using the net profit of the business, or the money made from its operations.
 

 Income Tax Slab Rates in India

The income tax slab rates in India are as follows:

• In India, the income tax slab rates are as follows:

• Old Tax Regime: There is no tax on income up to Rs. 2.5 lakhs for individuals. The tax rate is 5% on income that falls between Rs. 2.5 lakhs and Rs. 5 lakhs. The tax rate is 20% on income that falls between Rs. 5 lakhs and Rs. 10 lakhs. 30% of income over Rs. 10 lakhs is subject to taxation.

• The new tax regime has a zero percent tax rate for persons earning up to Rs. 7 lakhs. The tax rate is 5% on income that falls between Rs. 7 lakhs and Rs. 10 lakhs. The tax rate is 10% on income that falls between Rs. 10 lakhs and Rs. 12.5 lakhs. 20% of income over Rs. 12.5 lakhs is subject to taxes.

 To lower their taxable income, individuals and entities can take advantage of a number of deductions and exemptions offered under the Income-tax Act, 1961. Typical exclusions and deductions include the following:

Section 80C: Tax deduction on investments made in provident funds, life insurance, and other designated instruments.
Section 80D: Premium deduction for health insurance.
Section 80E: Interest paid on student loans is deductible.
Section 80G: Tax deduction for gifts to nonprofit organizations.
 

We offer tax education and training programmes for individuals and businesses who want to improve their tax knowledge and skills. Our courses are designed to be practical and relevant to current tax laws and regulations.

The Income-tax Department must receive income tax returns from both individuals and entities by the deadline, which is usually July 31 of the assessment year. Details on the income, deductions, and tax liability of the individual or entity must be included in the income tax return, which can be filed online or offline.

You can reach out to us to get your Income Tax Return Filed or you can schedule a meeting, and we will get in touch with us as soon as possible .