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Nabhi s Income Tax Guidelines & Mini Ready Reckoner
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Description
???? Income Tax Guidelines & Mini Ready Reckoner
Stay informed and compliant with the latest tax rules! This comprehensive guide is your go-to resource for understanding the essentials of income tax in a simplified and quick-reference format.
???? What’s Inside?
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Updated Income Tax Slabs & Rates – For individuals, HUFs, companies, and firms under the old and new regimes.
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TDS/TCS Rates Chart – Quick lookup of applicable rates.
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Advance Tax & Interest Calculation – Guidelines for timely payments and interest provisions.
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Deductions & Exemptions – Section-wise breakdown (like 80C, 80D, 10(14), etc.).
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Capital Gains Taxation – Short-term and long-term capital gains simplified.
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Important Due Dates – A handy calendar of key compliance deadlines.
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PAN-Aadhaar Link, E-Filing Steps, and ITR Types – Quick FAQs for taxpayers.
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New Tax Provisions & Amendments – Highlights of the latest Finance Act.
???? Why You’ll Love It:
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Compact & Easy to Use – Designed as a mini reckoner for busy professionals.
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Ideal for Taxpayers & Professionals – Suitable for individuals, CA firms, consultants, and students.
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Pocket-Friendly Knowledge – Big value in a small format.
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Content
???? 1. Income Tax Slabs
???? Individuals & HUF (New Tax Regime – Optional)
| Income Range (?) | Tax Rate |
|---|---|
| 0 – 3,00,000 | NIL |
| 3,00,001 – 6,00,000 | 5% |
| 6,00,001 – 9,00,000 | 10% |
| 9,00,001 – 12,00,000 | 15% |
| 12,00,001 – 15,00,000 | 20% |
| Above 15,00,000 | 30% |
? Rebate u/s 87A available up to ?7 lakh taxable income (New Regime).
???? Individuals Below 60 (Old Regime)
| Income Range (?) | Tax Rate |
|---|---|
| 0 – 2,50,000 | NIL |
| 2,50,001 – 5,00,000 | 5% |
| 5,00,001 – 10,00,000 | 20% |
| Above 10,00,000 | 30% |
???? Higher exemption limits for senior and super senior citizens.
???? 2. Surcharge & Cess
| Income Level | Surcharge (%) |
|---|---|
| ?50 lakh – ?1 crore | 10% |
| ?1 crore – ?2 crore | 15% |
| ?2 crore – ?5 crore | 25%* |
| Above ?5 crore | 25%* |
In New Regime, surcharge capped at 25%. Health & Education Cess @ 4% on tax + surcharge.
???? 3. Common Deductions (Old Regime)
| Section | Deduction | Limit |
|---|---|---|
| 80C | LIC, PPF, ELSS, etc. | ?1,50,000 |
| 80D | Mediclaim Premium | ?25,000 / ?50,000 |
| 80TTA | Savings Bank Interest | ?10,000 |
| 24(b) | Interest on Home Loan | ?2,00,000 |
| 10(14) | HRA, Transport, etc. | As per rules |
? Deductions not allowed under New Tax Regime.
???? 4. TDS/TCS Rates at a Glance (FY 2024–25)
| Nature of Payment | TDS Rate (%) |
|---|---|
| Salary | As per slab |
| Interest (Bank) | 10% |
| Rent (Land/Building > ?2.4L) | 10% |
| Professional Fees (> ?30K) | 10% |
| Contractor (> ?30K) | 1%/2% |
???? PAN mandatory for lower TDS. Higher rate applies for non-filing cases.
???? 5. Advance Tax Payment Due Dates
| Due Date | Advance Tax Payable |
|---|---|
| 15th June | 15% |
| 15th September | 45% (cumulative) |
| 15th December | 75% (cumulative) |
| 15th March | 100% |
???? 6. Capital Gains Tax Summary
| Asset Type | Holding Period | Tax Rate |
|---|---|---|
| Equity Shares | > 1 year | 10% (above ?1L) |
| Debt Funds | Any | Slab Rate |
| Property | > 2 years | 20% with index |
???? 7. Important Compliance Dates
| Event | Due Date |
|---|---|
| PAN–Aadhaar Linking | 30th June |
| ITR Filing (Individuals) | 31st July |
| Tax Audit (Businesses) | 30th September |
| Belated/Revised ITR | 31st December |
???? 8. Common ITR Forms
| Form No. | For Whom |
|---|---|
| ITR-1 | Salaried individuals (Income < ?50L) |
| ITR-2 | Capital gains, more than one house property |
| ITR-3 | Business/Profession |
| ITR-4 | Presumptive income scheme |
???? 9. New Provisions Highlights (Finance Act)
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Updated slab benefit under New Regime made default.
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Leave encashment limit increased to ?25 lakhs for non-govt. employees.
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No LTCG indexation for debt mutual funds.
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New TDS provisions on online gaming and property purchases.
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| Nabhi s Income Tax Guidelines & Mini Ready Reckoner |
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