RE: [AI] Looking for tax info in an easy-to-understand, accessible format

[Yamuna Jivana Dasa]

Hi PAUL MUDDHA

You wrote:

 

> No No dear you have understood wrongly Yjd.

After 5 lakhs straight away 10% and above 7 lakhs straight away tax applied. >

Ok, so what was meant then by the first tax slab in the case of both old and 
new regimes being free?

Prof Kumar wrote as follows, let’s just take the old regime as an example of 
what I’m asking. He wrote:

 

>> As per the old regime, there is no tax upt o an income of Rs. 50/-p.a. >>

But then he writes just after that:

 

>> Beyond this amount, tax is applicable as per the following:

Income up to Rs. 25 – no tax. >>

 

So it appears we are talking about to amounts untaxed: the 500,000 untaxed, and 
the 250,000 free first slab. If they do not add up as a collective free portion 
of 750,000 then how does this work?

Let’s say as an example the salary P/A was 1,000,000. Can you demonstrate how 
this would be taxed given the example of the two untaxed portions here?

 

Thanks.

 

Kind regards,

 

YJd

 

From: accessindia@accessindia.org.in  On Behalf 
Of Yamuna Jivana Dasa
Sent: 29 February 2024 00:57
To: accessindia@accessindia.org.in
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

 

CAUTION: This email is originated from outside Canara Bank. Do not click any 
links or open attachments unless you recognize the sender and know that the 
content is safe. 

Dear Professor Kumar

Thanks for this feedback.

If I understand correctly, are you saying that as per the new regime the first 
7 lakhs is not taxed, the first slab of 3 lakhs is also not taxed so that the 
first 10 lakhs is untaxed, but after this if one earns more than 10 Lakhs P/A 
then anything beyond that 10 Lakhs will immediately attract 25% tax to begin 
with and this will increase by 2.5% for every 3 Lakhs more earned?

 

Still clarifying: At the old regime the first 5 Lakhs is not taxed, the first 
tax slab of 2.5 lakhs is also not taxed so that the total of 7.5 lakhs of 
income will be untaxed, and thereafter the second tax slab of anything beyond 
this 7.5 Lakhs will be taxed only at 5 % starting, and plus there will be 
rebates and deductions allowed?

 

So it sounds like the new regime starts taking 25% taxes from anything beyond 
10 Lakhs of income without giving rebates, while the old regime takes only 5% 
taxes beyond 7.5 Lakhs, still offering various rebates and deductions, and 
thereafter increments as per the slabs.

 

The main difference here seems to be the whopping 25% tax that immediately hits 
the new regime beyond 10% of one's earnings, not to be 
protected/cooled/tempered by rebates and deductions.

 

Just checking if I'm understanding you correctly.

 

Also, please suggest where can we find this information from the Government, 
and where do we file taxes in India?

 

I am not employed but I depend on income from investments, which I hope to 
compound over the years. Does the same rules apply to me as they do to 
employees?

 

Thanks for all this advice.

Yamuna Jivana Dasa

 

From: accessindia@accessindia.org.in [mailto:accessindia@accessindia.org.in] On 
Behalf Of drbsmku...@gmail.com  
Sent: Wednesday, February 28, 2024 5:01 PM
To: accessindia@accessindia.org.in  
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

 

Hello Yamuna,

By default it is set to the new regime. At the start of each financial year, 
you need to inform your accounts section of the company where you are employed 
as to whether you opt the old regime or the new regime.

As per the old regime, there is no tax upt o an income of Rs. 50/-p.a. 
Beyond this amount, tax is applicable as per the following:

Income up to Rs. 25 – no tax.

Rs. 25-50 – tax rate is 5%

Rs. 50-100 – tax at the rate 10%

>Rs. 100 – tax at rate 20%

In case the salary is above Rs. 50 then tax rebate and exemptions can be 
availed under different sections.

 

New regime:

There is no tax for a salary of up to Rs. 70. For salary in excess of Rs. 
70, there are tax levied under different slabs:

No tax up to Rs 30.

Beyond Rs. 30 tax is collected starting from % up to around 25% with an 
increment of 2.5% for each salary range of Rs. 30.

In this new regime, no tax exemption or rebate is applicable.

Regards,

 

 

Prof. B.S.M. Kumar, M.Sc., M.Tech., PhD.

Content & Product Development Advisor, Continual Engine  

Email: drbsmku...@gmail.com   

Linkedin: https://in.linkedin.com/in/dr-kumar-bsm-39887864

Cell: +91-9840139849

https://continualengine.com   

Transforming Learning Using AI

 

From: accessindia@accessindia.org.in   
mailto:accessindia@accessindia.org.in> > On 
Behalf Of Yamuna Jivana Dasa
Sent: Wednesday, February 28, 2024 3:24 PM
To: accessindia@accessindia.org.in  

Re: [AI] Looking for tax info in an easy-to-understand, accessible format

[Sanjay Prasad]

It is compulsory for ITR 3 and ITR 4 but not for salaried individuals.
If you are claiming any exemption under new regime, then it is better
to file 10IE.

-- 
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1. Contents of the mails, factual, or otherwise, reflect the thinking of the 
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Re: [AI] Looking for tax info in an easy-to-understand, accessible format

[Ram]

Hi,

I have confusion over filing Form 10IE

I filed my ITR last year under new regime. This year too I plan to continue 
with the new regime.

Do I have to file Form 10IE every year? I file ITR form 2.

- Original Message - 
From: "Sanjay Prasad" 

To: 
Sent: Thursday, February 29, 2024 12:00 PM
Subject: Re: [AI] Looking for tax info in an easy-to-understand, accessible 
format



By default it is new regime.  But while filing ITR, you can choose old 
regime.


--
Disclaimer:
1. Contents of the mails, factual, or otherwise, reflect the thinking of 
the person sending the mail and AI in no way relates itself to its 
veracity;


2. AI cannot be held liable for any commission/omission based on the mails 
sent through this mailing list..



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--
Disclaimer:
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Re: [AI] Looking for tax info in an easy-to-understand, accessible format

[Sanjay Prasad]

By default it is new regime.  But while filing ITR, you can choose old regime.

-- 
Disclaimer:
1. Contents of the mails, factual, or otherwise, reflect the thinking of the 
person sending the mail and AI in no way relates itself to its veracity;

2. AI cannot be held liable for any commission/omission based on the mails sent 
through this mailing list..


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RE: [AI] Looking for tax info in an easy-to-understand, accessible format

['PAUL MUDDHA' via AccessIndia]

No No dear you have understood wrongly Yjd.
After 5 lakhs straight away 10% and above 7 lakhs straight away tax applied.


From: accessindia@accessindia.org.in  On Behalf 
Of Yamuna Jivana Dasa
Sent: 29 February 2024 00:57
To: accessindia@accessindia.org.in
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

CAUTION: This email is originated from outside Canara Bank. Do not click any 
links or open attachments unless you recognize the sender and know that the 
content is safe.
Dear Professor Kumar
Thanks for this feedback.
If I understand correctly, are you saying that as per the new regime the first 
7 lakhs is not taxed, the first slab of 3 lakhs is also not taxed so that the 
first 10 lakhs is untaxed, but after this if one earns more than 10 Lakhs P/A 
then anything beyond that 10 Lakhs will immediately attract 25% tax to begin 
with and this will increase by 2.5% for every 3 Lakhs more earned?

Still clarifying: At the old regime the first 5 Lakhs is not taxed, the first 
tax slab of 2.5 lakhs is also not taxed so that the total of 7.5 lakhs of 
income will be untaxed, and thereafter the second tax slab of anything beyond 
this 7.5 Lakhs will be taxed only at 5 % starting, and plus there will be 
rebates and deductions allowed?

So it sounds like the new regime starts taking 25% taxes from anything beyond 
10 Lakhs of income without giving rebates, while the old regime takes only 5% 
taxes beyond 7.5 Lakhs, still offering various rebates and deductions, and 
thereafter increments as per the slabs.

The main difference here seems to be the whopping 25% tax that immediately hits 
the new regime beyond 10% of one's earnings, not to be 
protected/cooled/tempered by rebates and deductions.

Just checking if I'm understanding you correctly.

Also, please suggest where can we find this information from the Government, 
and where do we file taxes in India?

I am not employed but I depend on income from investments, which I hope to 
compound over the years. Does the same rules apply to me as they do to 
employees?

Thanks for all this advice.
Yamuna Jivana Dasa

From: accessindia@accessindia.org.in 
[mailto:accessindia@accessindia.org.in] On Behalf Of 
drbsmku...@gmail.com
Sent: Wednesday, February 28, 2024 5:01 PM
To: accessindia@accessindia.org.in
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

Hello Yamuna,
By default it is set to the new regime. At the start of each financial year, 
you need to inform your accounts section of the company where you are employed 
as to whether you opt the old regime or the new regime.
As per the old regime, there is no tax upt o an income of Rs. 50/-p.a. 
Beyond this amount, tax is applicable as per the following:
Income up to Rs. 25 – no tax.
Rs. 25-50 – tax rate is 5%
Rs. 50-100 – tax at the rate 10%
>Rs. 100 – tax at rate 20%
In case the salary is above Rs. 50 then tax rebate and exemptions can be 
availed under different sections.

New regime:
There is no tax for a salary of up to Rs. 70. For salary in excess of Rs. 
70, there are tax levied under different slabs:
No tax up to Rs 30.
Beyond Rs. 30 tax is collected starting from % up to around 25% with an 
increment of 2.5% for each salary range of Rs. 30.
In this new regime, no tax exemption or rebate is applicable.
Regards,


Prof. B.S.M. Kumar, M.Sc., M.Tech., PhD.
Content & Product Development Advisor, Continual Engine
Email: drbsmku...@gmail.com
Linkedin: https://in.linkedin.com/in/dr-kumar-bsm-39887864
Cell: +91-9840139849
https://continualengine.com
Transforming Learning Using AI

From: accessindia@accessindia.org.in 
mailto:accessindia@accessindia.org.in>> On 
Behalf Of Yamuna Jivana Dasa
Sent: Wednesday, February 28, 2024 3:24 PM
To: accessindia@accessindia.org.in
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

Hi,
We have a fair non-taxable tax threshold in India then it seems, as you say 
500,000 per year. That’s around 41,600 per month gross income. I would assume 
once you exceed that threshold, then only the portion that exceeded the 
threshold will be taxed according to the first tax bracket (I think here these 
are called tax slabs)?

How do we know whether we belong to the old or new regime? Do all new tax 
accounts fall under new regime automatically or can we still choose which 
regime to join? What is the E-filing website URL?

Thanks.

Yamuna Jivana Dasa


From: accessindia@accessindia.org.in 
[mailto:accessindia@accessindia.org.in] On Behalf Of BHAWANI SHANKAR VERMA
Sent: Tuesday, February 27, 2024 6:49 PM
To: 

RE: [AI] Looking for tax info in an easy-to-understand, accessible format (please ignore my previous mail and read this one)

[Pranav Lal]

Dear Yamuna Jivana dasa,

 

In your case, since you are not employed by a company and are new to India, go 
for a qualified chartered accountant who will file your returns.

 

I do have one in Delhi and can refer him to you if needed. 

 

Please contact me privately if you need that reference.

Pranav

-- 
Disclaimer:
1. Contents of the mails, factual, or otherwise, reflect the thinking of the 
person sending the mail and AI in no way relates itself to its veracity;

2. AI cannot be held liable for any commission/omission based on the mails sent 
through this mailing list..


Search for old postings at:
http://www.mail-archive.com/accessindia@accessindia.org.in/
--- 
You received this message because you are subscribed to the Google Groups 
"AccessIndia" group.
To unsubscribe from this group and stop receiving emails from it, send an email 
to accessindia+unsubscr...@accessindia.org.in.
To view this discussion on the web visit 
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RE: [AI] Looking for tax info in an easy-to-understand, accessible format

[Yamuna Jivana Dasa]

Dear Professor Kumar

Thanks for this feedback.

If I understand correctly, are you saying that as per the new regime the first 
7 lakhs is not taxed, the first slab of 3 lakhs is also not taxed so that the 
first 10 lakhs is untaxed, but after this if one earns more than 10 Lakhs P/A 
then anything beyond that 10 Lakhs will immediately attract 25% tax to begin 
with and this will increase by 2.5% for every 3 Lakhs more earned?

 

Still clarifying: At the old regime the first 5 Lakhs is not taxed, the first 
tax slab of 2.5 lakhs is also not taxed so that the total of 7.5 lakhs of 
income will be untaxed, and thereafter the second tax slab of anything beyond 
this 7.5 Lakhs will be taxed only at 5 % starting, and plus there will be 
rebates and deductions allowed?

 

So it sounds like the new regime starts taking 25% taxes from anything beyond 
10 Lakhs of income without giving rebates, while the old regime takes only 5% 
taxes beyond 7.5 Lakhs, still offering various rebates and deductions, and 
thereafter increments as per the slabs.

 

The main difference here seems to be the whopping 25% tax that immediately hits 
the new regime beyond 10% of one's earnings, not to be 
protected/cooled/tempered by rebates and deductions.

 

Just checking if I'm understanding you correctly.

 

Also, please suggest where can we find this information from the Government, 
and where do we file taxes in India?

 

I am not employed but I depend on income from investments, which I hope to 
compound over the years. Does the same rules apply to me as they do to 
employees?

 

Thanks for all this advice.

Yamuna Jivana Dasa

 

From: accessindia@accessindia.org.in [mailto:accessindia@accessindia.org.in] On 
Behalf Of drbsmku...@gmail.com
Sent: Wednesday, February 28, 2024 5:01 PM
To: accessindia@accessindia.org.in
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

 

Hello Yamuna,

By default it is set to the new regime. At the start of each financial year, 
you need to inform your accounts section of the company where you are employed 
as to whether you opt the old regime or the new regime.

As per the old regime, there is no tax upt o an income of Rs. 50/-p.a. 
Beyond this amount, tax is applicable as per the following:

Income up to Rs. 25 – no tax.

Rs. 25-50 – tax rate is 5%

Rs. 50-100 – tax at the rate 10%

>Rs. 100 – tax at rate 20%

In case the salary is above Rs. 50 then tax rebate and exemptions can be 
availed under different sections.

 

New regime:

There is no tax for a salary of up to Rs. 70. For salary in excess of Rs. 
70, there are tax levied under different slabs:

No tax up to Rs 30.

Beyond Rs. 30 tax is collected starting from % up to around 25% with an 
increment of 2.5% for each salary range of Rs. 30.

In this new regime, no tax exemption or rebate is applicable.

Regards,

 

 

Prof. B.S.M. Kumar, M.Sc., M.Tech., PhD.

Content & Product Development Advisor, Continual Engine  

Email: drbsmku...@gmail.com   

Linkedin: https://in.linkedin.com/in/dr-kumar-bsm-39887864

Cell: +91-9840139849

https://continualengine.com   

Transforming Learning Using AI

 

From: accessindia@accessindia.org.in   
mailto:accessindia@accessindia.org.in> > On 
Behalf Of Yamuna Jivana Dasa
Sent: Wednesday, February 28, 2024 3:24 PM
To: accessindia@accessindia.org.in  
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

 

Hi,

We have a fair non-taxable tax threshold in India then it seems, as you say 
500,000 per year. That’s around 41,600 per month gross income. I would assume 
once you exceed that threshold, then only the portion that exceeded the 
threshold will be taxed according to the first tax bracket (I think here these 
are called tax slabs)?

 

How do we know whether we belong to the old or new regime? Do all new tax 
accounts fall under new regime automatically or can we still choose which 
regime to join? What is the E-filing website URL?

 

Thanks.

 

Yamuna Jivana Dasa

 

 

From: accessindia@accessindia.org.in   
[mailto:accessindia@accessindia.org.in] On Behalf Of BHAWANI SHANKAR VERMA
Sent: Tuesday, February 27, 2024 6:49 PM
To: accessindia@accessindia.org.in  
Subject: Re: [AI] Looking for tax info in an easy-to-understand, accessible 
format

 

As an individual, or firm or HUF or any organisation if your income is more 
than Rs.50/- in that case you should file income tax return. income taxx is 
a tax which you have to pay on your income with different stages and slabs. if 
it is less than rs.50/- you need not to worry about it.

Now their are 2 regimes  in income tax. most of the exemptions, rebaits and 
deductions you have mentioned are unavailable in 

RE: [AI] Looking for tax info in an easy-to-understand, accessible format

['PAUL MUDDHA' via AccessIndia]

Please clarify that you have mentioned tax at 20% above 10 lakhs? I feel it is 
30% above 10 lakhs.


From: accessindia@accessindia.org.in  On Behalf 
Of drbsmku...@gmail.com
Sent: 28 February 2024 17:01
To: accessindia@accessindia.org.in
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

CAUTION: This email is originated from outside Canara Bank. Do not click any 
links or open attachments unless you recognize the sender and know that the 
content is safe.
Hello Yamuna,
By default it is set to the new regime. At the start of each financial year, 
you need to inform your accounts section of the company where you are employed 
as to whether you opt the old regime or the new regime.
As per the old regime, there is no tax upt o an income of Rs. 50/-p.a. 
Beyond this amount, tax is applicable as per the following:
Income up to Rs. 25 – no tax.
Rs. 25-50 – tax rate is 5%
Rs. 50-100 – tax at the rate 10%
>Rs. 100 – tax at rate 20%
In case the salary is above Rs. 50 then tax rebate and exemptions can be 
availed under different sections.

New regime:
There is no tax for a salary of up to Rs. 70. For salary in excess of Rs. 
70, there are tax levied under different slabs:
No tax up to Rs 30.
Beyond Rs. 30 tax is collected starting from % up to around 25% with an 
increment of 2.5% for each salary range of Rs. 30.
In this new regime, no tax exemption or rebate is applicable.
Regards,


Prof. B.S.M. Kumar, M.Sc., M.Tech., PhD.
Content & Product Development Advisor, Continual Engine
Email: drbsmku...@gmail.com
Linkedin: https://in.linkedin.com/in/dr-kumar-bsm-39887864
Cell: +91-9840139849
https://continualengine.com
Transforming Learning Using AI

From: accessindia@accessindia.org.in 
mailto:accessindia@accessindia.org.in>> On 
Behalf Of Yamuna Jivana Dasa
Sent: Wednesday, February 28, 2024 3:24 PM
To: accessindia@accessindia.org.in
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

Hi,
We have a fair non-taxable tax threshold in India then it seems, as you say 
500,000 per year. That’s around 41,600 per month gross income. I would assume 
once you exceed that threshold, then only the portion that exceeded the 
threshold will be taxed according to the first tax bracket (I think here these 
are called tax slabs)?

How do we know whether we belong to the old or new regime? Do all new tax 
accounts fall under new regime automatically or can we still choose which 
regime to join? What is the E-filing website URL?

Thanks.

Yamuna Jivana Dasa


From: accessindia@accessindia.org.in 
[mailto:accessindia@accessindia.org.in] On Behalf Of BHAWANI SHANKAR VERMA
Sent: Tuesday, February 27, 2024 6:49 PM
To: accessindia@accessindia.org.in
Subject: Re: [AI] Looking for tax info in an easy-to-understand, accessible 
format


As an individual, or firm or HUF or any organisation if your income is more 
than Rs.50/- in that case you should file income tax return. income taxx is 
a tax which you have to pay on your income with different stages and slabs. if 
it is less than rs.50/- you need not to worry about it.

Now their are 2 regimes  in income tax. most of the exemptions, rebaits and 
deductions you have mentioned are unavailable in new regime. they are available 
in old regime.

If you are running a firm and having turnover above Rs.400/- then you 
should register your firm for GST. goods and service tax.


On 2/27/2024 6:30 PM, Yamuna Jivana Dasa wrote:
Hi friends,
I am newly wanting to learn everything I need to know about filing tax returns 
with the Indian tax authorities. I don't even know the name of such an 
authority.
In trying to read up on tax in general, I've come up with terminology which 
needs to be understood in general, as well as from the Indian legislation 
perspective. Then again perhaps India uses different designation terminology 
and methods of tax calculations.

Can someone suggest a good accessible starting point for dummies like me? Here 
are some of the concepts I'm grappling with:

1. Tax thresholds
2. Tax rebates
3. Tax exemptions (such as on local investments)
4. Tax deductions
5. Tax incentives (if they apply to individuals filing personal tax)
6. Specific priveleges from any or all of the above categories availed to 
people with 100% blindness, and those availed to their spouces and/or their 
parents/children Etc.
7. Differences between a tax practitioner and a tax consultant, and which is 
appropriate for an individual filer to use?
8. Why to use a professional to file on our behalf or why to file ourselves, 
over-and-above the obvious fact of the professional perhaps knowing the process 
more than we might before learning about such processes to maximize 

RE: [AI] Looking for tax info in an easy-to-understand, accessible format

[drbsmkumar]

Hello Yamuna,

One more information is one needs to file ITR irrespective of whether his 
salary is below or above the taxable limit. This is necessary, for availing any 
consumer/vehicle/home loan, as this ITR is required to be submitted to any loan 
providing authority to check your financial and tax credibility.

Regards,

 

 

Prof. B.S.M. Kumar, M.Sc., M.Tech., PhD.

Content & Product Development Advisor, Continual Engine  

Email: drbsmku...@gmail.com   

Linkedin: https://in.linkedin.com/in/dr-kumar-bsm-39887864

Cell: +91-9840139849

https://continualengine.com   

Transforming Learning Using AI

 

From: accessindia@accessindia.org.in  On Behalf 
Of Yamuna Jivana Dasa
Sent: Wednesday, February 28, 2024 3:24 PM
To: accessindia@accessindia.org.in
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

 

Hi,

We have a fair non-taxable tax threshold in India then it seems, as you say 
500,000 per year. That’s around 41,600 per month gross income. I would assume 
once you exceed that threshold, then only the portion that exceeded the 
threshold will be taxed according to the first tax bracket (I think here these 
are called tax slabs)?

 

How do we know whether we belong to the old or new regime? Do all new tax 
accounts fall under new regime automatically or can we still choose which 
regime to join? What is the E-filing website URL?

 

Thanks.

 

Yamuna Jivana Dasa

 

 

From: accessindia@accessindia.org.in   
[mailto:accessindia@accessindia.org.in] On Behalf Of BHAWANI SHANKAR VERMA
Sent: Tuesday, February 27, 2024 6:49 PM
To: accessindia@accessindia.org.in  
Subject: Re: [AI] Looking for tax info in an easy-to-understand, accessible 
format

 

As an individual, or firm or HUF or any organisation if your income is more 
than Rs.50/- in that case you should file income tax return. income taxx is 
a tax which you have to pay on your income with different stages and slabs. if 
it is less than rs.50/- you need not to worry about it.

Now their are 2 regimes  in income tax. most of the exemptions, rebaits and 
deductions you have mentioned are unavailable in new regime. they are available 
in old regime. 

If you are running a firm and having turnover above Rs.400/- then you 
should register your firm for GST. goods and service tax.

 

On 2/27/2024 6:30 PM, Yamuna Jivana Dasa wrote:

Hi friends,

I am newly wanting to learn everything I need to know about filing tax returns 
with the Indian tax authorities. I don't even know the name of such an 
authority.

In trying to read up on tax in general, I've come up with terminology which 
needs to be understood in general, as well as from the Indian legislation 
perspective. Then again perhaps India uses different designation terminology 
and methods of tax calculations.

 

Can someone suggest a good accessible starting point for dummies like me? Here 
are some of the concepts I'm grappling with:

 

1. Tax thresholds

2. Tax rebates

3. Tax exemptions (such as on local investments)

4. Tax deductions

5. Tax incentives (if they apply to individuals filing personal tax)

6. Specific priveleges from any or all of the above categories availed to 
people with 100% blindness, and those availed to their spouces and/or their 
parents/children Etc.

7. Differences between a tax practitioner and a tax consultant, and which is 
appropriate for an individual filer to use?

8. Why to use a professional to file on our behalf or why to file ourselves, 
over-and-above the obvious fact of the professional perhaps knowing the process 
more than we might before learning about such processes to maximize our tax 
returns.

 

Thanks to any and all of you who might have something to share on any of this.

 

Kind regards,

Yamuna Jivana dasa

-- 
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through this mailing list..
 
 
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person 

RE: [AI] Looking for tax info in an easy-to-understand, accessible format

[drbsmkumar]

Hello Yamuna,

By default it is set to the new regime. At the start of each financial year, 
you need to inform your accounts section of the company where you are employed 
as to whether you opt the old regime or the new regime.

As per the old regime, there is no tax upt o an income of Rs. 50/-p.a. 
Beyond this amount, tax is applicable as per the following:

Income up to Rs. 25 – no tax.

Rs. 25-50 – tax rate is 5%

Rs. 50-100 – tax at the rate 10%

>Rs. 100 – tax at rate 20%

In case the salary is above Rs. 50 then tax rebate and exemptions can be 
availed under different sections.

 

New regime:

There is no tax for a salary of up to Rs. 70. For salary in excess of Rs. 
70, there are tax levied under different slabs:

No tax up to Rs 30.

Beyond Rs. 30 tax is collected starting from % up to around 25% with an 
increment of 2.5% for each salary range of Rs. 30.

In this new regime, no tax exemption or rebate is applicable.

Regards,

 

 

Prof. B.S.M. Kumar, M.Sc., M.Tech., PhD.

Content & Product Development Advisor, Continual Engine  

Email: drbsmku...@gmail.com   

Linkedin: https://in.linkedin.com/in/dr-kumar-bsm-39887864

Cell: +91-9840139849

https://continualengine.com   

Transforming Learning Using AI

 

From: accessindia@accessindia.org.in  On Behalf 
Of Yamuna Jivana Dasa
Sent: Wednesday, February 28, 2024 3:24 PM
To: accessindia@accessindia.org.in
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format

 

Hi,

We have a fair non-taxable tax threshold in India then it seems, as you say 
500,000 per year. That’s around 41,600 per month gross income. I would assume 
once you exceed that threshold, then only the portion that exceeded the 
threshold will be taxed according to the first tax bracket (I think here these 
are called tax slabs)?

 

How do we know whether we belong to the old or new regime? Do all new tax 
accounts fall under new regime automatically or can we still choose which 
regime to join? What is the E-filing website URL?

 

Thanks.

 

Yamuna Jivana Dasa

 

 

From: accessindia@accessindia.org.in   
[mailto:accessindia@accessindia.org.in] On Behalf Of BHAWANI SHANKAR VERMA
Sent: Tuesday, February 27, 2024 6:49 PM
To: accessindia@accessindia.org.in  
Subject: Re: [AI] Looking for tax info in an easy-to-understand, accessible 
format

 

As an individual, or firm or HUF or any organisation if your income is more 
than Rs.50/- in that case you should file income tax return. income taxx is 
a tax which you have to pay on your income with different stages and slabs. if 
it is less than rs.50/- you need not to worry about it.

Now their are 2 regimes  in income tax. most of the exemptions, rebaits and 
deductions you have mentioned are unavailable in new regime. they are available 
in old regime. 

If you are running a firm and having turnover above Rs.400/- then you 
should register your firm for GST. goods and service tax.

 

On 2/27/2024 6:30 PM, Yamuna Jivana Dasa wrote:

Hi friends,

I am newly wanting to learn everything I need to know about filing tax returns 
with the Indian tax authorities. I don't even know the name of such an 
authority.

In trying to read up on tax in general, I've come up with terminology which 
needs to be understood in general, as well as from the Indian legislation 
perspective. Then again perhaps India uses different designation terminology 
and methods of tax calculations.

 

Can someone suggest a good accessible starting point for dummies like me? Here 
are some of the concepts I'm grappling with:

 

1. Tax thresholds

2. Tax rebates

3. Tax exemptions (such as on local investments)

4. Tax deductions

5. Tax incentives (if they apply to individuals filing personal tax)

6. Specific priveleges from any or all of the above categories availed to 
people with 100% blindness, and those availed to their spouces and/or their 
parents/children Etc.

7. Differences between a tax practitioner and a tax consultant, and which is 
appropriate for an individual filer to use?

8. Why to use a professional to file on our behalf or why to file ourselves, 
over-and-above the obvious fact of the professional perhaps knowing the process 
more than we might before learning about such processes to maximize our tax 
returns.

 

Thanks to any and all of you who might have something to share on any of this.

 

Kind regards,

Yamuna Jivana dasa

-- 
Disclaimer:
1. Contents of the mails, factual, or otherwise, reflect the thinking of the 
person sending the mail and AI in no way relates itself to its veracity;
 
2. AI cannot be held liable for any commission/omission based on the mails sent 
through this mailing list..
 
 
Search for old postings at:
http://www.mail-archive.com/accessindia@accessindia.org.in/
--- 
You received this 

RE: [AI] Looking for tax info in an easy-to-understand, accessible format

[Yamuna Jivana Dasa]

Hi,

We have a fair non-taxable tax threshold in India then it seems, as you say 
500,000 per year. That’s around 41,600 per month gross income. I would assume 
once you exceed that threshold, then only the portion that exceeded the 
threshold will be taxed according to the first tax bracket (I think here these 
are called tax slabs)?

 

How do we know whether we belong to the old or new regime? Do all new tax 
accounts fall under new regime automatically or can we still choose which 
regime to join? What is the E-filing website URL?

 

Thanks.

 

Yamuna Jivana Dasa

 

 

From: accessindia@accessindia.org.in [mailto:accessindia@accessindia.org.in] On 
Behalf Of BHAWANI SHANKAR VERMA
Sent: Tuesday, February 27, 2024 6:49 PM
To: accessindia@accessindia.org.in
Subject: Re: [AI] Looking for tax info in an easy-to-understand, accessible 
format

 

As an individual, or firm or HUF or any organisation if your income is more 
than Rs.50/- in that case you should file income tax return. income taxx is 
a tax which you have to pay on your income with different stages and slabs. if 
it is less than rs.50/- you need not to worry about it.

Now their are 2 regimes  in income tax. most of the exemptions, rebaits and 
deductions you have mentioned are unavailable in new regime. they are available 
in old regime. 

If you are running a firm and having turnover above Rs.400/- then you 
should register your firm for GST. goods and service tax.

 

On 2/27/2024 6:30 PM, Yamuna Jivana Dasa wrote:

Hi friends,

I am newly wanting to learn everything I need to know about filing tax returns 
with the Indian tax authorities. I don't even know the name of such an 
authority.

In trying to read up on tax in general, I've come up with terminology which 
needs to be understood in general, as well as from the Indian legislation 
perspective. Then again perhaps India uses different designation terminology 
and methods of tax calculations.

 

Can someone suggest a good accessible starting point for dummies like me? Here 
are some of the concepts I'm grappling with:

 

1. Tax thresholds

2. Tax rebates

3. Tax exemptions (such as on local investments)

4. Tax deductions

5. Tax incentives (if they apply to individuals filing personal tax)

6. Specific priveleges from any or all of the above categories availed to 
people with 100% blindness, and those availed to their spouces and/or their 
parents/children Etc.

7. Differences between a tax practitioner and a tax consultant, and which is 
appropriate for an individual filer to use?

8. Why to use a professional to file on our behalf or why to file ourselves, 
over-and-above the obvious fact of the professional perhaps knowing the process 
more than we might before learning about such processes to maximize our tax 
returns.

 

Thanks to any and all of you who might have something to share on any of this.

 

Kind regards,

Yamuna Jivana dasa

-- 
Disclaimer:
1. Contents of the mails, factual, or otherwise, reflect the thinking of the 
person sending the mail and AI in no way relates itself to its veracity;
 
2. AI cannot be held liable for any commission/omission based on the mails sent 
through this mailing list..
 
 
Search for old postings at:
http://www.mail-archive.com/accessindia@accessindia.org.in/
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 .

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through this mailing list..
 
 
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person sending the mail and AI in no 

Re: [AI] Looking for tax info in an easy-to-understand, accessible format (please ignore my previous mail and read this one)

[Saravanan K]

Hello,
Your IT returns purely based on your income. If you are a salaried
person & your income exceeds 5 lakhs, then you have to carry out this
process of filing. Then you want to think which regime you have to
step in.
Before that you want to know there are 2 types of regimes available
for filing income tax.
1. old regime:- It comprises of exemption & deductions. It seems to be
little bit complex.
New regime:- it is straight forward. It never comprises of exemption
or deductions.
For further more clarification you can keep in touch with me.

Regards.
Saravanan.k
+91 9916512402

On 2/28/24, Yamuna Jivana Dasa  wrote:
> Hi,
>
> Pranav wrote:
>
>
>
>> Many individuals however elect to file their returns themselves since they
>> have one source of income primarily salaries. >
>
>
>
> Understood. But if we have less experience as to what to file for in terms
> of rebates, reductions and exemptions, then we lose out on those anyway, not
> so? So unless we have enough experience I’m thinking this may also be why
> someone may not want to file themselves for the first time, until they have
> learnt all of the variables for claiming of returns.
>
> Personally I’m quite afraid of the process, until I actually do it I guess.
>
>
>
> Yamuna Jivana dasa
>
>
>
> From: accessindia@accessindia.org.in [mailto:accessindia@accessindia.org.in]
> On Behalf Of Pranav Lal
> Sent: Wednesday, February 28, 2024 6:47 AM
> To: accessindia@accessindia.org.in
> Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible
> format (please ignore my previous mail and read this one)
>
>
>
> Hi,
>
>  ourselves, over-and-above the obvious fact of the professional perhaps
> knowing the process more than we might before learning about such processes
> to maximize our tax returns.
>
> PL]  This depends on your source of income. If you are a business, you do
> not want to be spending time on returns filing. Many individuals however
> elect to file their returns themselves since they have one source of income
> primarily salaries.
>
>
>
> Pranav
>
> --
> Disclaimer:
> 1. Contents of the mails, factual, or otherwise, reflect the thinking of the
> person sending the mail and AI in no way relates itself to its veracity;
>
> 2. AI cannot be held liable for any commission/omission based on the mails
> sent through this mailing list..
>
>
> Search for old postings at:
> http://www.mail-archive.com/accessindia@accessindia.org.in/
> ---
> You received this message because you are subscribed to the Google Groups
> "AccessIndia" group.
> To unsubscribe from this group and stop receiving emails from it, send an
> email to accessindia+unsubscr...@accessindia.org.in
>  .
> To view this discussion on the web visit
> https://groups.google.com/a/accessindia.org.in/d/msgid/accessindia/069e01da69e3%24e44af020%24ace0d060%24%40gmail.com
> 
> .
>
> --
> Disclaimer:
> 1. Contents of the mails, factual, or otherwise, reflect the thinking of the
> person sending the mail and AI in no way relates itself to its veracity;
>
> 2. AI cannot be held liable for any commission/omission based on the mails
> sent through this mailing list..
>
>
> Search for old postings at:
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>


-- 
---
Regards
Saravanan.K
+919916512402

-- 
Disclaimer:
1. Contents of the mails, factual, or otherwise, reflect the thinking of the 
person sending the mail and AI in no way relates itself to its veracity;

2. AI cannot be held liable for any commission/omission based on the mails sent 
through this mailing list..


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RE: [AI] Looking for tax info in an easy-to-understand, accessible format (please ignore my previous mail and read this one)

[Yamuna Jivana Dasa]

Hi,

Pranav wrote:

 

> Many individuals however elect to file their returns themselves since they 
> have one source of income primarily salaries. >

 

Understood. But if we have less experience as to what to file for in terms of 
rebates, reductions and exemptions, then we lose out on those anyway, not so? 
So unless we have enough experience I’m thinking this may also be why someone 
may not want to file themselves for the first time, until they have learnt all 
of the variables for claiming of returns.

Personally I’m quite afraid of the process, until I actually do it I guess.

 

Yamuna Jivana dasa

 

From: accessindia@accessindia.org.in [mailto:accessindia@accessindia.org.in] On 
Behalf Of Pranav Lal
Sent: Wednesday, February 28, 2024 6:47 AM
To: accessindia@accessindia.org.in
Subject: RE: [AI] Looking for tax info in an easy-to-understand, accessible 
format (please ignore my previous mail and read this one)

 

Hi,

http://www.mail-archive.com/accessindia@accessindia.org.in/
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 .

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RE: [AI] Looking for tax info in an easy-to-understand, accessible format (please ignore my previous mail and read this one)

[Pranav Lal]

Hi,

http://www.mail-archive.com/accessindia@accessindia.org.in/
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Re: [AI] Looking for tax info in an easy-to-understand, accessible format

[BHAWANI SHANKAR VERMA]

As an individual, or firm or HUF or any organisation if your income is 
more than Rs.50/- in that case you should file income tax return. 
income taxx is a tax which you have to pay on your income with different 
stages and slabs. if it is less than rs.50/- you need not to worry 
about it.


Now their are 2 regimes  in income tax. most of the exemptions, rebaits 
and deductions you have mentioned are unavailable in new regime. they 
are available in old regime.


If you are running a firm and having turnover above Rs.400/- then 
you should register your firm for GST. goods and service tax.



On 2/27/2024 6:30 PM, Yamuna Jivana Dasa wrote:


Hi friends,

I am newly wanting to learn everything I need to know about filing tax 
returns with the Indian tax authorities. I don't even know the name of 
such an authority.


In trying to read up on tax in general, I've come up with terminology 
which needs to be understood in general, as well as from the Indian 
legislation perspective. Then again perhaps India uses different 
designation terminology and methods of tax calculations.


Can someone suggest a good accessible starting point for dummies like 
me? Here are some of the concepts I'm grappling with:


1. Tax thresholds

2. Tax rebates

3. Tax exemptions (such as on local investments)

4. Tax deductions

5. Tax incentives (if they apply to individuals filing personal tax)

6. Specific priveleges from any or all of the above categories availed 
to people with 100% blindness, and those availed to their spouces 
and/or their parents/children Etc.


7. Differences between a tax practitioner and a tax consultant, and 
which is appropriate for an individual filer to use?


8. Why to use a professional to file on our behalf or why to file 
ourselves, over-and-above the obvious fact of the professional perhaps 
knowing the process more than we might before learning about such 
processes to maximize our tax returns.


Thanks to any and all of you who might have something to share on any 
of this.


Kind regards,

Yamuna Jivana dasa

--
Disclaimer:
1. Contents of the mails, factual, or otherwise, reflect the thinking 
of the person sending the mail and AI in no way relates itself to its 
veracity;


2. AI cannot be held liable for any commission/omission based on the 
mails sent through this mailing list..



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[AI] Looking for tax info in an easy-to-understand, accessible format (please ignore my previous mail and read this one)

[Yamuna Jivana Dasa]

Looking for tax info in an easy-to-understand, accessible format

 

Hi friends,

I am newly wanting to learn everything I need to know about filing my own
tax returns with the Indian tax authorities. I don't even know the name of
such an authority.

In trying to read up on tax in general, I've come up with terminology which
needs to be understood in general, as well as from the Indian legislation
perspective. Then again perhaps India uses different designation terminology
and methods of tax calculations.

 

Can someone suggest a good accessible starting point for dummies like me?
Here are some of the concepts I'm grappling with:

 

1. Tax thresholds

2. Tax rebates

3. Tax exemptions (such as on local investments)

4. Tax deductions

5. Tax credits

6. Tax incentives (if they apply to individuals filing personal tax)

7. Specific priveleges from any or all of the above categories availed to
people with 100% blindness, and those availed to their spouces and/or their
parents/children Etc.

8. Differences between a tax practitioner and a tax consultant, and which is
appropriate for an individual filer to use?

9. Why to use a professional to file on our behalf or why to file ourselves,
over-and-above the obvious fact of the professional perhaps knowing the
process more than we might before learning about such processes to maximize
our tax returns.

 

Thanks to any and all of you who might have something to share on any of
this.

 

Kind regards,

Yamuna Jivana dasa

-- 
Disclaimer:
1. Contents of the mails, factual, or otherwise, reflect the thinking of the 
person sending the mail and AI in no way relates itself to its veracity;

2. AI cannot be held liable for any commission/omission based on the mails sent 
through this mailing list..


Search for old postings at:
http://www.mail-archive.com/accessindia@accessindia.org.in/
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[AI] Looking for tax info in an easy-to-understand, accessible format

[Yamuna Jivana Dasa]

Hi friends,

I am newly wanting to learn everything I need to know about filing tax
returns with the Indian tax authorities. I don't even know the name of such
an authority.

In trying to read up on tax in general, I've come up with terminology which
needs to be understood in general, as well as from the Indian legislation
perspective. Then again perhaps India uses different designation terminology
and methods of tax calculations.

 

Can someone suggest a good accessible starting point for dummies like me?
Here are some of the concepts I'm grappling with:

 

1. Tax thresholds

2. Tax rebates

3. Tax exemptions (such as on local investments)

4. Tax deductions

5. Tax incentives (if they apply to individuals filing personal tax)

6. Specific priveleges from any or all of the above categories availed to
people with 100% blindness, and those availed to their spouces and/or their
parents/children Etc.

7. Differences between a tax practitioner and a tax consultant, and which is
appropriate for an individual filer to use?

8. Why to use a professional to file on our behalf or why to file ourselves,
over-and-above the obvious fact of the professional perhaps knowing the
process more than we might before learning about such processes to maximize
our tax returns.

 

Thanks to any and all of you who might have something to share on any of
this.

 

Kind regards,

Yamuna Jivana dasa

-- 
Disclaimer:
1. Contents of the mails, factual, or otherwise, reflect the thinking of the 
person sending the mail and AI in no way relates itself to its veracity;

2. AI cannot be held liable for any commission/omission based on the mails sent 
through this mailing list..


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