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The old tax regime has four tax slabs: Income Slab Tax rate Up to Rs. 2.5 Lakh No tax Rs. 2.5 to 5 Lakh 5% Rs. 5 to 10 Lakh 20% Above Rs. 10 Lakh 30% If net income after all deductions and exemptions does not exceed Rs. 5 lakh, there is full tax relief …
It is usual for parents to invest in their minor kid’s name, whether it is through a fixed deposit (FD), stocks, an insurance policy, or the Sukanya Samriddhi Scheme for a female child, etc. But what if any of these assets generate income, such as interest on a fixed-term deposit? So, let’s quickly look at the tax consequences for …
We would have been seeing in newspapers and hearing about stories from our friends, relatives, and others on how people are stressed out when insistent creditors come knocking on their doors, when their parents or their dear ones have passed away, and they have left out some outstanding loans. Unfortunately, it is typical for descendants to …
Many individuals believe that transactions between spouses are tax-free. But the truth is bit more complex. While certain measures exist to avoid the application of taxes on asset transfers between spouses, there are also laws in place to discourage the abuse of these exceptions for tax evasion. Individuals must understand both sides of the income tax equation …