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TAXATION, TDS, DEFERRED TAX, INCOME TAX
What is the basic exemption limit for individual income tax in India for FY 2024-25 under the old tax regime?
The basic exemption limit is Rs. 2,50,000 for individuals below 60 years under the old tax regime.
What is the surcharge applicable on income tax for individuals with total income exceeding Rs. 50 lakhs but up to Rs. 1 crore?
Surcharge of 10% on income tax is applicable.
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 to ensure a steady revenue flow to the government and reduce tax evasion.
What is the health and education cess levied on income tax and surcharge in India?
Health and education cess is levied at 4%.
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