Description
Advocates at Mera Vakeelprovide advice on property taxation matters. They assist clients in understanding property tax laws, assess the applicability of tax exemptions or deductions, represent clients in property tax disputes or appeals, and ensure compliance with tax obligations.
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What is the current income tax slab in India?
As of my last training cut-off in September 2021, for individuals below 60 years, income up to ₹2.5 lakhs was exempt from tax. ₹2.5-5 lakhs was taxed at 5%, ₹5-10 lakhs at 20%, and above ₹10 lakhs at 30%. For senior citizens (60-80 years), the exemption limit was ₹3 lakhs, and for super senior citizens (above 80 years), it was ₹5 lakhs. There could be cess and surcharges as well. However, the slabs could have changed since then, so please refer to the latest guidelines.
How to file an income tax return in India?
Tax returns in India can be filed either online through the e-filing website of the Income Tax Department or offline. You'll need to choose the right form (ITR-1 to ITR-7, depending on the nature and source of income), fill in the necessary details, compute tax liability, make the payment if any tax is due, and then submit the form.
What are the consequences of late tax filing?
Late filing of income tax returns may attract a penalty in India. As per the rules in place up to September 2021, a late fee of up to ₹10,000 can be charged under section 234F of the Income Tax Act, 1961.
What is Goods and Services Tax (GST)?
GST is a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services at the national level. It replaces all indirect taxes levied on goods and services by central and state governments in India.
What are tax deductions and exemptions?
Tax deductions and exemptions are provisions that can reduce taxable income. Deductions are amounts that are subtracted from gross income based on certain expenses incurred or investments made, such as those under Section 80C, 80D, etc. Exemptions are income components that are entirely excluded from taxable income, like house rent allowance (HRA), leave travel allowance (LTA), etc.
