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Monthly Newsletter - Month Ending Jun 2023

on June 20, 2023

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Understanding New Income Tax Slab FY 2023-24 : AY 2024-25

Income tax return (ITR) is a crucial aspect of personal finance that individuals must understand and comply with. In India, the Income Tax Act, 1961 mandates that taxpayers file their ITR annually to report their income and pay taxes accordingly. The new Indian tax regime for the fiscal year 2023-24 brings about important changes in tax rules that individuals should be aware of. This article aims to explain the significance of filing income tax returns and shed light on the updates in the Indian tax regime. The new income tax slabs for the financial year 2023-24 in India have been announced in the Union Budget 2023-24. The new tax regime slabs for FY 2023-24 (AY 2024-25) are as follows: Income Range Tax Calculation Up to Rs. 3,00,000 Nil Rs. 3,00,001 to Rs. 6,00,000 5% on income which exceeds Rs. 3,00,000 Rs. 6,00,001 to Rs. 9,00,000 Rs. 15,000 + 10% on income more than Rs. 6,00,000 ...

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Monthly Newsletter - Month Ending Jun 2023

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