Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU T S Khurana, a fellow member of The Institute of Cost Accountants of India, will answer them.
Suresh: Suppose my taxable income is 13L, what will be my tax? Will 15% be only on 100000 under new tax regime?
Your tax liability under new tax regime would be as under:
- 0-4 lakh Nil
- 4-8 lakh Rs 0.20 lakh @5%
- 8-12 lakh Rs 0.40 lakh @10%
- 12-13 lakh Rs 0.15 lakh @15%
- Total tax: Rs 75,000
PREM: Dear sir as per the new tax regime announced today, my salary is 66lakh/year. Is any tax saving will be for me? Regards
In view of your income, I feel there is not much scope for tax savings, affecting your tax liability, specifically under new tax regime.
Anirban: If we need not pay any taxes for earnings up to 12.75 lakh per annum, what are tax the slabs being flashed are there for?
Tax slabs are there to calculate income tax in all cases. Thereafter eligible Tax Rebate would be given, if applicable.
Tax Income falling above this limit of Rs 12,00,000 would be covered under Marginal Tax Relief. Cases, where even marginal tax relief is not applicable, tax calculation would be made from these tax slabs, starting from Rs 4,00,000 onwards.
Hope this clarifies.
SUJAY: I have responded to one tax demand for which I disagree as calculation under 234B seems to be incorrect. Should IT dept correct it if it is really wrong? If i don't get any response from them what should i do to remove the tax demand? plz advise
Section 234B of IT Act deals with payment of interest for delay in payment of Advance Tax, if applicable.
Please check your ITR to confirm, if you have paid the Tax & Advance Tax, in time. If not you are liable to pay Interest on it.
If the IT Department has correctly raised the demand, then it is better to pay the same and settle the issue. If it is not correct, then wait for response to your reply & then take action.
Susheel: My pension during financial year is 625,000/- plus tax saving FDs worth Rs 33 lakh plus mutual fund of Rs 4 lakh for 3 years. How much tax is payable for the financial year 2025-26?
Your income for the year 2025-26 seems to be as under:
- Pension: Rs 625,000.00
- Interest FDs (Estimated @ 8%): Rs 2,64,000
- Income from MFs: Nil
- TOTAL Rs 889,000
Since you are not selling your MFs, so no income would be there from MFs.
If you file your ITR under New Tax Regime, there will not be any tax payable, as it will be covered under Tax Rebate (u/s 87-A)
- You can ask rediffGURU T S Khurana your questions HERE.
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