TDS - Tax Deducted at Source (Taxation: Income Tax / TDS / Deferred Tax)
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Free sample — 8 of 94 rapid-fire Q&A cards.
From FY 2023-24, which tax regime is default for individuals/HUFs?
New Tax Regime under Section 115BAC; opt-out required for Old Regime.
Which Chapter VIA deductions are permitted under New Tax Regime Section 115BAC?
NPS employer contribution 80CCD(2), Agniveer Corpus 80CCH, family pension standard deduction only.
What is Section 87A rebate amount under New Tax Regime for FY 2025-26?
₹60,000; makes income up to ₹12,00,000 tax-free for residents.
What is break-even gross salary for zero tax under New Regime with Standard Deduction?
₹12,75,000 (including ₹75,000 Standard Deduction for salaried/pensioners).
What are New Tax Regime slabs for FY 2025-26 above ₹20 lakh?
25% (₹20–24L), 30% above ₹24L.
Under Section 115BAA, what is concessional rate for domestic companies and effective tax?
22% base rate; effective 25.17% with surcharge 10% and cess 4%.
Is Section 115BAA corporate tax option reversible once opted?
No; option is irreversible and cannot be withdrawn after opting.
Under Section 115BAB, what is concessional rate and effective tax for new manufacturing companies?
15% base rate; effective 17.16% with surcharge and cess.
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