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TAXATION (INCOME TAX _ TDS _ DEFFERED TAX)
What is the basic exemption limit for individual income tax for the financial year 2024-25 under the new tax regime?
Under the new tax regime for FY 2024-25, the basic exemption limit is Rs. 3 lakh for all individual taxpayers irrespective of age.
What is the surcharge rate applicable on income tax for individuals with income exceeding Rs. 50 lakh but up to Rs. 1 crore?
Surcharge rate is 10% on income tax payable.
What does TDS stand for and what is its primary purpose?
TDS stands for Tax Deducted at Source; its primary purpose is to collect tax at the point of income generation, ensuring regular tax flow to the government and minimizing tax evasion.
What is Health and Education Cess levied on income tax in India?
4% cess levied on income tax plus surcharge.
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