Article explains Income Tax Rate For A.Y. 2019-20 Company, Minimum Alternate Tax for Assessment year 2019-20, Income Tax Rate For A.Y. 2019-20 for Co-operative Society and Special Tax Rates Under Chapter XII.

Income Tax Rate For A.Y. 2019-20 Company

Domestic Company Rate of  income tax
Total turnover or gross receipt for F.Y. 2016-17 < Rs. 250 crore 25%
Total turnover or gross receipt for F.Y. 2016-17 > Rs. 250 crore 30%
Foreign Company
[A](i) Income from Royalty from Government/ Indian concern in pursuance of an agreement (Approved by the Central Government) made by it with the Indian concern between  01.04.1961 to  31.03.1976 50%
(ii) Income from fees for technical services rendered in pursuance of an agreement approved by Central Government made after February 29, 1964 but before April 01, 1976. 50%
[B] Other income of foreign company 40%

Surcharge

If net income
does not exceeds
Rs. 1 crore
If net income
exceeds Rs. 1crore
but does not
exceed Rs. 10 crore
If net income
exceeds Rs. 10
crore
Domestic Company NIL 7% 12%**
Foreign Company NIL 2%* 5%**

Marginal relief — Total income exceeding Rs. 1 crore but not

exceeding Rs. 10 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.

* * Marginal relief — Total income exceeding Rs. 10 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs. 10 crore more than the amount of income that exceeds Rs. 10 crore.

Health & Education cess — @4 % of (income-tax and surcharge).

Minimum Alternate Tax for Assessment year 2019-20 

Period of carried forward of MAT credit has now been increased from 10 years to 15 years in Finance Act 2017. The following rate of Minimum Alternate Tax shall be applicable:

If book profit does not exceed Rs. 1 crore If book profit is in the
range of Rs. 1 crore – Rs. 10 crore
If book profit exceeds Rs. 10 crore
Domestic Company Foreign Company Domestic
Company
Foreign
Company
Domestic Company Foreign Company
IT 18.5 18.5 18.5 18.5 18.5 18.5
SC 1.295 0.37 2.22 0.925
H&EC 0.74 0.74 0.7918 0.7548 0.8288 0.777
Total 19.24 19.24 20.688 19.6248 21.5488 20.202

Income Tax Rate For A.Y. 2019-20CO-OPERATIVE SOCIETY

Total Income Tax Rate
i. upto 210,000/- 10%
ii. Rs. 10,000/- to Rs. 20,000/- Rs. 1,000/- + 20% on income in excess of 210,000/-
iii. Above Rs. 20,000/- amount Rs. 3,000/- + 30% on income in excess of 220,000/-
  • Surcharge: @12% of tax where total income > Rs. 1 crore.(Subject to marginal relief)
  • Health & Education Cess: @ 4% of (Income Tax & Surcharge).

Income Tax Rate For A.Y. 2019-20LOCAL AUTHORITIES

♦ Local authorities are taxable at the rate of 30 per cent.

Surcharge: @12% of tax where total income > Rs. 1 crore. (Subject to marginal relief)

Health & Education Cess: @4% of (Income Tax & Surcharge).

SPECIAL TAX RATES UNDER CHAPTER XII

Section Applicable To Particulars of Income Rate
111A All Categories of Tax Payers Short Term Capital Gain arising on transfer of equity share, equity oriented fund, unit of a business trust on or after 01.04.2005 which have been charged to Security Transaction Tax. 15%
112 All Taxpayers except Non-residents Capital Gain arising on transfer of Long Term Capital Assets 20%
112 Non- residents Capital Gain arising on transfer of Long Tenn Capital Assets:

(i) In case the long term capital asset
includes unlisted securities or shares of a private company then LTCG is chargeableat.

(ii) Otherwise LTCG is chargeable at

10%

20%

112A All categories of Tax payers w.e.f. 01.04.2019. Capital Gain arising on transfer of Long Term Capital Assets (being equity share, equity oriented fund, unit of a business trust upon which Security Transaction T. is paid) if it exceeds Rs. one lakh, then it is taxable at 10%
115A

 

 

 

 

 

 

 

(i) Dividend [other than dividend referred in Section 115(0)] 20%
(ii) Interest received from Govt. of
India/Indian Concern in foreign currency
20%
(iii) Interest received from Infrastructure
Debt Fund referred in Section 10(47)
5%
(iv) Interest on money borrowed in foreign currency by an Indian Company or the business trust 5%
(v) Distributed Income being interest
received by a unit holder from a business trust specified in section 10(23FC) or (FCA) of the Income Tax Act
5%
(vi) Income received in respect of units purchased in foreign currency, of a Mutual Fund specified ufs 10(23D) or UTI 20%
(vii) Royalty/Fees for Tech. Services (other than as specified u/s 44DA(1) received from Govt. of India/ Indian concern in pursuance of an agreement 10%
Note:

(i) No deduction, expenditure or allowance is allowed u/s 28 to 44C and 57 of the Income T.Act, 1961.

(ii) The person Is not required to file return of income if total income consists of only incomes stated above and correct TDS is made on such income.

1158 All categories of Tax Payer. Profit 8 Gain arsing from life Insurance business. 12.50%
115BB All categories of Tax payers Income from winning of lottery, crossword puzzle, race, horse race, card or Other games, gambling/betting of any nature 30%
115 BBE All categories of Tax payers Income referred to in Sec 68,59,69A,698, 69C and 696 declared in retum of income or added bythe Assessing Officer

Note: No deduction, expenditure, allowance, set off of loss is allowed on such income

60%
115BBG All categories of Tax payers Income by way of transfer of “Carbon Credit”

Note: No deduction in respect of any expenditure or  allowance is allowed while computing such income

10%
115AD

 

 

 

Foreign Institutional Investors

 

 

 

(i) Income from securities, (other than dividend refereed u/s 115-0) @20%

Note: (@5% on interest income referred u/s 194LD)

(ii ) Short term and long term capital gain
arising on transfer of such securities
Short term capital gain@ 30% Long term capital gain @ 10%
(iii) Long term capital gain on transfer of asset referred in section 112A @10% on income exceeding Rs. 1 lakh
Note:

(i) No deduction u/s 28 to 44C, 57(1), and (ill) or chapter VIA is allowed on income from securities

(ii) No benefit of
conversion of foreign currency and the benefits of Indexation of cost are allowed on such capital gain.

115BA

 

Domestic company, which is

(i) registered after 28.02.2018,

(ii) engaged in manufacture, production, research  and distribution of any article.

(iii) The total income has been computed as mentioned In 115BA(2)(c).

Note:

(i) An option needs to be exercised in the prescribed manner (fond 10-IB) along with return of Income.

(ii) Applicable with effect from 01.04.2017

115BBD Indian Company Divided received from a foreign company in which the Indian company holds 26% or more in nominal value of equity share capital

Note: No other deduction under Income tax Act is allowable

Source-https://www.incometaxindia.gov.in
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