Income Tax - Rate of Income Tax for Individuals (other than specified Individuals) and HUFs starts from Rs. 2,50,000/- @ 5% for the income from 2,50,001 to Rs. 5,00,000 and @ 20% for the income from Rs. 5,00,001 to Rs. 10,00,000 and for the income above Rs. 10,00,000 it is 30%. Though the tax on Rs. 5,00,000 is […]...
Read MoreIncome Tax - Rates of Income Tax for FY 2021-22 (AY 2022-23) and FY 2022-23 (AY 2023-24) applicable to various categories of persons viz. Individuals, Firms, companies etc. Introduction This article summarizes Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individual...
Read MoreIncome Tax - DIRECT TAXES A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2022-23. In respect of income of all categories of assessee liable to tax for the assessment year 2022-23, the rates of income-tax have either been specified in specific sections (like section 115BAA or section […]...
Read MoreIncome Tax - Budget is a document of expectations and hope for an Economy. It shows the intent and direction that the policy makers has decided for the economy of the nation. The people of the nation with every budget has lots of expectation especially relating to slab rates. From Highest income tax rate of 97.75% for individuals […]...
Read MoreIncome Tax - This article will cover the income tax rates applicable to Domestic Companies for the Assessment Year 2021-2022 and Assessment Year 2022- 2023 respectively, also cover Minimum Alternate Tax (MAT) provisions along with calculation of book profit under section 115JB. I. Corporate Tax Rate Applicable for AY 2021-2022 Companies with Turnover ...
Read MoreIncome Tax - India has progressive direct taxation system wherein an individual or Hindu undivided family (HUF) or an association of person or body of individuals is required to pay tax at a higher rate with an increase in income levels....
Read MoreIncome Tax - Rates of income-tax in respect of income liable to tax for the assessment year 2021-22 i.e. Financial Year 2020-21 In respect of income of all categories of assessee liable to tax for the assessment year 2021-22, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic [&h...
Read MoreIncome Tax - FICCI Recommends Cut in Corporate Tax Rate, Revision of It Slabs For Individual Taxpayers in Budget 2019-20 NEW DELHI, 13 January 2019: FICCI in its Pre-Budget recommendations for 2019-20 has suggested reduction in the corporate tax rate across the board to 25% (irrespective of turnover) to spur economic growth and increase overall tax co...
Read MoreIncome Tax - Domestic savings and not foreign investment can take Indian economy on a 10 per cent growth path, for which Income Tax must be abolished and interest rates on Fixed Deposits be raised to nine per cent along with the reduction in the banks' Prime Lending Rates (PLR), senior BJP leader and Member of Parliament (MP)...
Read MoreIncome Tax - FICCI has suggested Finance Minister Mr. Arun Jaitley to consider across the board tax rate cuts for businesses and individuals in the Budget for 2018-19 to spur domestic investment and demand....
Read MoreAir Force Navy Farm Owners Welfare Association Vs ITO (ITAT Delhi) - The issue under consideration is whether AOP is liable to tax at MMR if income of its members during relevant year exceeded basic exemption limit?...
Read MoreNotification No. 10/2020-Income Tax [G.S.R. 110(E)] - (12/02/2020) - CBDT notifies forms for exercising option u/s 115BAA and 115BAB – Notification No. 10/2020, dated 12-02-2020 Section 115BAA deals New tax rate for domestic companies and Section 115BAB deals with Corporate tax rate for new manufacturing companies for Financial Year 2019-20 onwards. Now CBDT has re...
Read MoreRelease ID: 1582824 - (24/08/2019) - In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in section 111A and section 112A of the Income-tax Ac...
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