Income Tax Rates

Comparison of New Vs Old Tax Regime & Decoding Which One Is For You

Income Tax - Decoding the tax system in general can be daunting. Now with two tax regime choices offered, the old and the new, the taxpayers could be in a fix to understand which one is better for them. Since there is no one fit approach for all taxpayers, this article explains the two tax regimes with a […]...

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Income Tax Slab for Individuals for Financial Year 2019-20

Income Tax - Article contains Income Tax Slab Rates for Financial Year 2019-20 / Assessment Year 2020-21 for Individuals (resident or non-resident), Senior Citizens (60 years old or more but less than 80 years old) (only Residents) and Super Senior Citizens (80 years old or more) (only Residents) with Rates of Applicable Surcharge and Education Cess R...

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New Tax Rate for individual & HUFs- Who Should Opt?

Income Tax - NEW TAX RATE WHO SHOULD OPT? In the Finance Bill 2020, Hon’ble FM Smt.Nirmala Sitharaman introduce a new ‘OPTIONAL PERSONAL INCOME TAX RATE/REGIME’ with reduced rate of tax for individual & HUFs. This new tax rate looks very attractive but it has its own pros & corns and need application of mind to choose between [&h...

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Old Vs New Tax Regime: What Should Salaried People Opt For?

Income Tax - The new tax regime introduced by Budget 2020 for individual taxpayers provide for concessional tax rates with reference to tax rates in the old regime. The new tax regime has lower income tax rates for income up to 15 lakh but what needs to be focused upon is that lower income tax rates are available only if a taxpayer is willing to give ...

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New Exemptions for taxpayers opting to be governed by New Tax Regime

Income Tax - New Exemptions prescribed for taxpayers opting to be governed by New Tax Regime: The Finance Act 2020 introduced an optional new tax regime for individuals and Hindu Undivided Family (HUF) taxpayers, which is explained in my article dated 04 June, 2020. New personal concessional tax regime – is it a smart option? The taxpayers opting [&...

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FICCI Recommends Revision of IT Slabs For Individual Taxpayers

Income 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...

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Abolish Income Tax, raise banks’ rates to 9%: Dr Subramanian Swamy

Income 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)...

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FICCI demands across the board Income Tax rate cut in 2018-19 budget

Income 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....

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Tax Rate 5% for individual income between Rs 2.5 to Rs 5 lakh

Income Tax - FM reduced rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs. This would reduce tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability....

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Corporate Tax Should be Closer to 20%: CII

Income Tax - CII has noted that the current corporate tax rate is around 34% (including surcharge and education cess). The proposed corporate tax rate as stated by the Finance Minister is 25% which will effectively mean around 29% (inclusive of surcharge and education cess). The intent of the Finance Minister in the Budget Speech clearly highlighted (...

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If Income of Any Member is Higher than Basic Exemption Limit then Income of AOP Chargeable at MMR

Air 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?...

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Forms for exercise of Lower Income Tax rate option for Companies released

Notification 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...

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Govt withdraws enhanced surcharge on tax payable on transfer of certain assets

Release 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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Recent Posts in "Income Tax Rates"

If Income of Any Member is Higher than Basic Exemption Limit then Income of AOP Chargeable at MMR

Air 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 More

Comparison of New Vs Old Tax Regime & Decoding Which One Is For You

Decoding the tax system in general can be daunting. Now with two tax regime choices offered, the old and the new, the taxpayers could be in a fix to understand which one is better for them. Since there is no one fit approach for all taxpayers, this article explains the two tax regimes with a […]...

Read More
Posted Under: Income Tax |

Income Tax Slab for Individuals for Financial Year 2019-20

Article contains Income Tax Slab Rates for Financial Year 2019-20 / Assessment Year 2020-21 for Individuals (resident or non-resident), Senior Citizens (60 years old or more but less than 80 years old) (only Residents) and Super Senior Citizens (80 years old or more) (only Residents) with Rates of Applicable Surcharge and Education Cess R...

Read More
Posted Under: Income Tax |

New Tax Regime Versus Old Tax Regime – Tax Calculator

The Central Board of Direct Taxes (CBDT) vide Circular No. 8/2020 dated April 13,2020 has clarified that an employer will have to deduct TDS for FY 2020-21, from an employee’s salary on the basis of the tax regime chosen by the employee else by default TDS would be deducted as per Old Tax Regime Rates. The Union […]...

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Posted Under: Income Tax |

New Tax Rate for individual & HUFs- Who Should Opt?

NEW TAX RATE WHO SHOULD OPT? In the Finance Bill 2020, Hon’ble FM Smt.Nirmala Sitharaman introduce a new ‘OPTIONAL PERSONAL INCOME TAX RATE/REGIME’ with reduced rate of tax for individual & HUFs. This new tax rate looks very attractive but it has its own pros & corns and need application of mind to choose between [&h...

Read More
Posted Under: Income Tax |

Old Vs New Tax Regime: What Should Salaried People Opt For?

The new tax regime introduced by Budget 2020 for individual taxpayers provide for concessional tax rates with reference to tax rates in the old regime. The new tax regime has lower income tax rates for income up to 15 lakh but what needs to be focused upon is that lower income tax rates are available only if a taxpayer is willing to give ...

Read More
Posted Under: Income Tax |

New Exemptions for taxpayers opting to be governed by New Tax Regime

New Exemptions prescribed for taxpayers opting to be governed by New Tax Regime: The Finance Act 2020 introduced an optional new tax regime for individuals and Hindu Undivided Family (HUF) taxpayers, which is explained in my article dated 04 June, 2020. New personal concessional tax regime – is it a smart option? The taxpayers opting [&...

Read More
Posted Under: Income Tax |

Income tax rates for Individual for AY 2021-22 (Old Vs New)

Budget 2020 introduced a new personal income tax regime for individual taxpayers. However, the option for this concessional tax regime came with a cost, it required the taxpayer to forego certain specified deductions.The new lower income tax rates offered in the Budget 2020-21 will leave more cash in the hands of those who do not [&hellip...

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Posted Under: Income Tax |

Which scheme should an employee opt for Income Tax?

The dilemma of which scheme should an employee opt for Income tax in FY 20-21 Everything has been changed in the beginning of new FY 2020-21 like the new virus, lockdown, work from home and also popped up new question i.e.  ‘Which scheme should an employee opt for Income Tax ?’ A new section 115BAC […]...

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Posted Under: Income Tax |

New personal concessional tax regime – is it a smart option?

Finance Act 2020, has recently introduced new concessional personal tax regime, (New tax regime), by inserting Section 115BAC with effect from Financial year 2019-20....

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Posted Under: Income Tax |

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