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There are many sections in the Indian income tax act 1961 under which if your income exceeds the tax slab limit, then along with regular income, business income, and any profit from other sources are taxable under this act if this exceeds the income tax slab.
Income sources that are taxable under the Indian income tax act 1961 in 2023?
A list of income sources is given below that are taxable under the Indian income tax act 1961 in 2023.
- Capital Gain tax.
- Tax on profit upon house/plots, and other types of property.
- Corporate taxes (including both Indian and foreign companies) – Minimum Alternative tax (MAT), Security transaction tax (STT), Fringe Benefits tax (FBT), etc.
- Income tax on Gambling.
- Income tax on Dividends.
- Lottery prize income tax.
- Wealth income taxes – HUFs (Hindu Undivided families), Residential status tax liabilities, Companies, and Individuals.
Indian Income Tax and budget 2022-23 few questions
If anyone whose income crosses the Indian income tax slab limit then, you should aware of paying income tax to the government.
The income tax slabs are changed with the phase of time for an upcoming financial year. The rights to change something in income tax slabs are in hands of the finance ministry of that particular country.
The Finance minister of that country announced any income tax exemption or increase when representing the union budget on a particular date and time in the first quarter of the year.
The current union budget of India for the year 2022-23 was represented by Indian finance minister Smt Nirmala Sitharaman on 1 February 2022 in the parliament house of India. The total expenditures expected by the Indian government to spend for the year 2022-23 is around 39, 44, 909 Crore INR.
Disclaimer – All information given above is only for educational purposes. Here, we are not giving any suggestions or financial advice.