The slab rates applicable to individuals for tax year 2024/22 are as follows: The basic exemption limit for resident individuals who are 60 years of age or more but less than 80 years of age at any time during the tax year is INR 300,000. For resident individuals who are 80 years of age or more, it is INR 500,000. Zobraziť viac Effective 1 April 2024, an optional APTR, devoid of any deductions or exemptions, has been introduced with lower tax rates spread across six income levels as provided below: However, if the APTR is not opted, the … Zobraziť viac Resident individuals are eligible for a tax rebate of the lower of the income-tax or INR 12,500 where the total income does not exceed INR … Zobraziť viac In addition to the income-tax, a surcharge is to be levied where the total income of individuals exceeds INR 5 million, as follows: However, … Zobraziť viac Health and education cess at the rate of 4% of the income tax and surcharge (if applicable) will be levied to compute the effective tax rate of individuals. Zobraziť viac WebPraveen P. Chartered Accountant Author has 246 answers and 667.9K answer views 5 y. Income tax bare act is the best book for learning. However for a person who does not …

Ch. 1 Introduction To Taxation PDF Taxpayer Income Tax

WebThe tax policies of Nigerian Governments are to: pursue a low tax regime which aims at reducing individual tax burden and thereby encouraging savings and investments; move from the traditional coercive method of taxation to voluntary compliance; engage in tax payer education through public enlighten; deliberate movement of emphasis from income … Webincome taxes are levied on net income (i.e. from labour and capital) over an annual tax period, consumption taxes operate as a levy on expenditure relating to the consumption … executive leasing mn

TAXATION I LESSON 1&2 Introduction to taxation, classifications ...

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