Web22 hours ago · 2. Increase in basic exemption amount under new tax regime. The basic exemption level has increased as a result of adjustments made to the income tax slabs … WebSep 10, 2024 · Apart from work-related phone and WiFi bills the following tax exemptions can be used by salaried individuals to save taxes: 1. Standard Deduction. All taxpayers …
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WebThe higher VAT rate in India is a goods and services tax (GST) of 28% is 28%. ... VAT rate (12%) applies to restaurants (non-air conditioned), construction, intellectual property, some foodstuff, mobile phones. The reduced VAT rate (5%) applies to privately-provided transport, advertising, sugar, ... WebJul 21, 2024 · Above Rs 10,000 - Tax deducted at source; Related: Mobile games that will help you learn about stocks. Income from other sources. Income earned while playing online games is subject to tax under Section 115BB of the Income Tax Act, 1961, and is taxed under the head ‘Income from Other Sources’. the creel orkney for sale
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WebFeb 14, 2014 · Yes, telephone reimbursement provided to employees is not taxable. This is as per Rule 3 (7) (ix) (reproduced below) of the Income Tax Rules. The value of any other benefit or amenity, service, right or privilege provided by the employer shall be determined on the basis of cost to the employer under an arm’s length transaction as reduced by ... WebApr 12, 2024 · India was one of the last few countries to introduce VAT as a form of tax. The taxation process in India was believed to be exploited the most by businessmen and enterprises which had found loopholes for evading taxes. VAT was introduced to minimize this evasion and render transparency and uniformity to the tax payment process. WebHealth and education cess is levied at a rate of 4% on the tax payable and surcharge. The following are maximum marginal tax rates: if total annual income is INR 5 million or less, the maximum marginal tax rate is effectively 31.2% (30% + 4% health and education cess) if total annual income is more than INR 5 million but less than INR 10 ... the creeper cast