Income Tax Act 2024-25

Income Tax Act 2024-25. Highlights include revised tax slabs, increased deductions, and simplified taxation. Detailed analysis for businesses and professionals, including turnover and presumptive taxation rules.

As per section 2(22a), domestic company means an indian company, or any other company which, in respect of its income liable to tax under this act, has made the prescribed. In india, income tax is calculated using income tax slabs and rates for the applicable financial year (fy) and assessment year (ay).