income tax rate chart

RESIDENTIAL STATUS OF INDIVIDUAL AND INCOME TAX RATE OF INDIVIDUAL. RESIDENTIAL STATUS OF INDIVIDUAL The Residential Status of a Individual / HUF earning income is very much relevant for determining the tax liability of such income in his/her hands. Taxability of any Income depends on the two things, i.e. Residential Status of Individual ...

TAX RATES APPLICABLE FOR CERTAIN DOMESTIC COMPANIES (SECTION.115BAA) & FOR CERTAIN NEW MANUFACTURING COMPANIES (SECTION.115BAB) key changes to corporate tax rates in the income tax act, 1961: In Brief: > Existing domestic companies have been provided an option to pay tax at a concessional @22%, > New domestic companies set up on...

In this Article we updates about the normal and Special Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 and 2020-21 i.e. for assessment year 2020-21 and 2021-22. Article compiles Normal Income Tax rates for Individual & HUF, Special Income Tax Rate for Individual and HUFs, Normal Income Tax Rate ...

Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates. However, companies are taxed at fixed rate, except for certain specified incomes. This write-up will provide you the information on tax rates applicable to vari...

Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or as per the rates prescribed under the DTAAs, whichever is more beneficial to such non-resident. ...

Changes in Tax Rates of Domestic Companies for the Assessment Year (A.Y 2020-21) / Financial Year (F.Y) 2019-20 vide Sections 115BAA & Section 115BAB -Inserted vide Finance Act, 2019 New Sections 115BAA & section 115BAB which got introduced by Finance Act, 2019 has eliminated the concept of MAT under section 115JB for the Domestic...

This article unwinds the features of the new tax structure,compares the new tax scheme v/s the old to provide you with relief from the dilemma. The tax regime to choose to pay the minimum tax will depend upon individuals and is purely based on income and investments made by the taxpayer....

The Finance Minister Nirmala Sitharaman in Union Budget, 2020 introduced new Income Tax regime. In New Income Tax regime, there is an option for individuals and HUF (Hindu Undivided Family) to pay taxes at lower rates. They have to select the Tax regime for the year in the beginning of the Financial Year (FY). Now, many are confused [&...

A New section, 115BAC has been introduced vide clause 53 of the Finance Act, 2020 with respect to tax on Individuals and HUF. The said section will apply from AY 21-22 and subsequent AY’s. The said scheme provides for concessional rate of tax as follows: Sl. No Income New Rate – 115BAC Existing Rates 1 […]...

Similar to benefit of the concessional new tax regime for companies introduced in the Finance Act 2019, the Government came up with the concessional tax provisions for Individuals and HUFs by inserting a new Section 115BAC under the Income Tax Act, 1961 (‘Act’) with effect from FY 2020-21. The broad provisions are enumerated below: El...