Income tax notification for 25lakhs

This query is : Resolved

RAKESH A PATEKAR (Querist)
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16 July 2013 I want to know the Notification No. and date for individual and HUF having total income of Rs.25lakhs after deduction reply it as soon as possible.

Regards,
Rakesh

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 July 2013 Query in not clear. please elaborate

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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31 July 2024 To find the relevant notification for individuals and HUFs having a total income of ₹25 lakhs after deductions, you will typically be referring to tax notifications or amendments related to tax rates, slabs, or compliance requirements.

As of the latest available information, there is no specific notification or circular solely dedicated to income of ₹25 lakhs. Instead, the relevant notifications usually address income tax slabs, rates, and applicable sections in the Income Tax Act, which are updated periodically.

### **Key Notifications and Circulars:**

1. **Income Tax Slabs and Rates:**
- Income tax slabs and rates for individual taxpayers and HUFs are revised annually through the Finance Act passed in Parliament. This Act is effective from April 1st of each financial year.

2. **Finance Act 2024:**
- For the financial year 2023-24, which corresponds to the Assessment Year 2024-25, you should refer to the Finance Act, 2024, for the applicable income tax slabs and rates. This document is available on the official website of the Income Tax Department or through government publications.

3. **Notifications for Tax Compliance:**
- Any specific notifications regarding compliance, reporting requirements, or other details are usually published on the official website of the Income Tax Department or in the form of circulars.

### **Steps to Access Relevant Information:**

1. **Finance Act:**
- Check the latest Finance Act for the applicable tax slabs and rates. You can download it from the [official website of the Income Tax Department](https://www.incometax.gov.in/) or consult the Government of India’s publications.

2. **Income Tax Department Notifications:**
- Visit the [Income Tax Department’s notifications page](https://www.incometax.gov.in/pages/tax-information-services/notifications) to find relevant circulars and notifications.

3. **Consult a Tax Professional:**
- For specific cases or detailed guidance, consult a tax professional or Chartered Accountant who can provide information based on the latest updates and your unique situation.

### **General Information:**

For individuals and HUFs with a total income of ₹25 lakhs, the income tax calculation will depend on:
- The applicable tax slabs as defined in the Finance Act.
- Eligible deductions under sections such as 80C, 80D, etc.
- Taxable income after deductions and exemptions.

**Income Tax Slabs (for FY 2023-24, AY 2024-25):**

- **For Individuals and HUFs below 60 years:**
- Up to ₹2.5 lakhs: Nil
- ₹2.5 lakhs to ₹5 lakhs: 5%
- ₹5 lakhs to ₹10 lakhs: 10%
- ₹10 lakhs to ₹12.5 lakhs: 15%
- ₹12.5 lakhs to ₹15 lakhs: 20%
- ₹15 lakhs and above: 30%
- Plus applicable cess and surcharge.

### **Conclusion:**

To obtain the specific notification related to income tax for individuals and HUFs, consult the latest Finance Act and official Income Tax Department notifications. For the most accurate and detailed information, referring to the official government resources or seeking advice from a tax professional is recommended.

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