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How is sales tax similar to a flat tax2/20/2024 ![]() ![]() Social Security Administration has provided benefits to retired or disabled individuals and their family members. If the individual is above 60 years of age and earns more than Rs 2.5 lakhs, he/she will have to pay taxes to the Government of India. ![]() ![]() Who are the Tax Payers? Any Indian citizen aged below 60 years is liable to pay income tax, if their income exceeds Rs 2.5 lakhs. 2.5 Lakhs and 5 Lakhs are subject to 5 per cent tax those earning between 5 Lakhs and 10 lakhs rupees, 20 percent tax and those above 10 lakhs, a 30 percent rate. Under Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income tax.ΔΆ.5 Lakhs annually (which cover the overwhelming majority of the country) are exempt for paying any income tax. Examples include exemption of charitable organizations from property taxes and income taxes, veterans, and certain cross-border or multi-jurisdictional scenarios. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items. You might be interested: How Long Do You Have To Keep Your Tax Returns? What is tax exemption example? ![]()
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