Tax Practitioner Srinagar Kashmir
Income tax calculator
Your tax liability:
The is only a basic income tax calculator and does not include all the exemptions, deductions, and surcharges that you are eligible for and can benefit from. We need to consider these items as well. Also based on the financial year the slab changes.
It’s worth noting that, Indian tax system is a bit complicated so it’s always best to consult with an expert Tax Practitioner Srinagar Kashmir or refer official documentation while filing the taxes. Contact with one now or Make a call.
The following income tax rates apply to individuals under the age of 60
|Income Slab||Applicable Tax Rate|
|Up to Rs 2.50 lakh||Nil|
|Above Rs 2.50 lakh and up to Rs 5 lakh||5%|
|Above Rs 5 lakh and up to Rs 7.5 lakh||10%|
|Above Rs 7.5 lakh and up to Rs 10 lakh||15%|
|Above Rs 10 lakh and up to Rs 12.5 lakh||20%|
|Above Rs 12.5 lakh and up to Rs 15 lakh||25%|
|Above Rs 15 lakh||30%|
Total Price (with GST):
what is gst?
GST, or the Goods and Services Tax, is an indirect tax that has replaced many other indirect taxes in India, such as VAT, excise duty, and services tax. The GST Act was passed by Parliament on March 29, 2017 and came into effect on July 1, 2017.
The GST has two components, the Central GST (CGST) and the State GST (SGST) and it is levied on the value of the good or service, which is determined by the price charged by the supplier. Its a tax on consumption, not on production, connect with Tax Practitioner Srinagar Kashmir to know more.
Tax rates that hotels incur :
- Restaurants with a turnover of less than Rs 50 lakh will be imposed a tax rate of 5 per cent.
- Non-ac restaurants will have a tax imposition of 12%.
- AC restaurants will incur 18% tax.
- Five-star restaurants will have to impose a luxury tax of 28 per cent.
- Hotels, lodges and clubs having tariffs rates less than Rs 1,000 will be taxed at 5%.
- Hotel, lodges and clubs with tariffs between Rs 1,000- Rs 2,500 will be taxed at 12%
- Hotel, lodges and clubs with tariffs between Rs 2,500- Rs 5,000 will be taxed at 18%.
Luxury Tax Example
|Room Tariff per night (INR)||GST Applicable|
|Lesser than INR 1000||0% (no tax)|
|Greater than INR 1000 but lesser 2500||12%|
|Greater than INR 2500 but lesser than 7500||18%|
|Greater than INR 7500||28%|
What is income tax?
Income tax is a tax that is levied on the income of individuals, businesses, and other organizations
What is the professional tax in India?
Professional tax is a tax levied by the state governments in India on individuals who are engaged in any profession, trade, or employment.
What is gross income?
Gross income is the total amount of money that an individual earns in a year before any deductions or taxes are taken out. It includes all sources of income such as wages, salaries, tips, commission, bonuses, rental income, and income from self-employment.
How much tax should I pay on my salary?
The amount of tax that you are required to pay on your salary in India depends on your tax bracket, which is determined by your taxable income. Taxable income is your gross income minus any deductions and exemptions that you are entitled to claim.
What is the maximum non-taxable income limit?
The basic exemption limit for individuals below the age of 60 is INR 2,50,000. This means that if your taxable income (gross income minus deductions and exemptions) is INR 2,50,000 or less, you will not have to pay any income tax.
Who is supposed to pay Income-tax?
In India, income tax is payable by individuals, businesses, and other organizations that earn income within the jurisdiction of the government.
Is income tax is applicable on Agricultarist?
In India, agricultural income is generally not subject to income tax. Agricultural income is exempt from income tax because it is considered to be a basic source of livelihood in rural areas, and the government wants to encourage the development of the agricultural sector.
What is Luxury Tax?
Luxury tax is a tax imposed on the purchase of high-priced items or services that are considered luxury or non-essential. It is typically applied to luxury services such as spa treatments or luxury travel.
Which is the best tax practitioner is Srinagar J&K?
Tax Consultant srinagar is the best in giving proper advice on all financial matters.