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Paying Taxes in India - Income that is exempt from taxes in India
Who must file a tax return in India
Every person, whose total income for the previous year is more than the tax free income allowed for their category, is required to file Income Tax Returns in India, under the provisions of the I.T. Act, 1961. Tax free income allowed for each category is called a 'slab' in India. The Income Tax Slabs show the amount of income that is exempt from taxes for an individual, in a particular financial year.Tax Slabs for the Financial Year 2023/2024
Tax Slabs for the Financial Year 2023/2024 A significant change was the introduction of a new tax regime in 2020, which brought about modifications to the existing tax slabs. Under the old tax regime, which was in effect before the introduction of the new tax structure, individuals were taxed based on specific tax slabs determined by their income level. The tax rates were progressive, meaning that the tax rate increased as the income bracket increased. The old tax slabs for individuals and Hindu Undivided Families (HUFs) for the financial year 2019-20 (assessment year 2020-21) were as follows: Up to Rs.2, 50,000: No tax Rs. 2, 50,001 to Rs. 5, 00,000: 5% tax Rs. 5, 00,001 to Rs. 10, 00,000: 20% tax Above Rs. 10, 00,000: 30% tax In addition to the income tax, a cess of 4% was levied on the total tax liability. THIS PAGE BEING UPDATED
Financial year in India
The financial year in India, is not January to December as in some western countries. In India the financial year for taxation purposes, begins on 1st of April every year and ends on 31st March of the subsequent year. The financial year in which the income is earned is known as the previous year. The financial year, following a previous year is known as the assessment year. The assessment year is the year, in which the salary earned in the previous year is taxable.
NRI - OCI - PIO Guide & Information
Financial year in India
The financial year in India, is not January to December as in some western countries. In India the financial year for taxation purposes, begins on 1st of April every year and ends on 31st March of the subsequent year. The financial year in which the income is earned is known as the previous year. The financial year, following a previous year is known as the assessment year. The assessment year is the year, in which the salary earned in the previous year is taxable.
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