Income Tax Rates

Tax Rate announced in Budget- Applicable to which year

Income Tax - Why Rates of Income tax to be announced in February 2020 budget will be  applicable for Income Earned in Financial Year (F.Y.) 2020-21 and not for F.Y. 2019-20?...

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Section 115BAB – An Analysis

Income Tax - Author discusses Which Company eligible for claiming lower Income tax rate, Meaning of Manufacture or Production for section 115BAB, Anti Abuse Provisions under Section 15BAB, Related Party Transactions & Transfer Pricing with reference to Section 15BAB and Taxability at higher Income Tax rates....

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Changes in Tax Rate of Domestic Company in India

Income Tax - In this article attempt is made to discuss and summarise the changes in the Tax Rate for Domestic Companies after introduction of The Taxation Law (Amendment) Act 2019 which received the assent of the President on 11th December 2019. Detailed discussion of the newly incorporated provisions and existing provisions has been done in the subs...

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Rebate U/s. 87A of the Income Tax Act, 1961

Income Tax - Section that Section 87A is applicable to Individuals who is resident in India. Total Income shall mean Total Income from various Sources less deductions under Chapter VIA which should be less than or equal to 3,50,000/- Rebate under section 87A is applied on total tax before adding Education Cess and Secondary Higher Education Cess / Hea...

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Corporate Tax Rate Applicable for AY 2019-2020 & AY 2020-2021

Income Tax - Income tax rates are decided and governed by Income Tax Act 1961 and are subject to change every year. This article will cover the income tax rates applicable to Domestic Companies for the Assessment Year 2019-2020 and Assessment Year 2020-2021 (As per the Taxation Laws (Amendment) Act, 2019) respectively, also cover Minimum Alternate Tax...

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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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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"

Tax Rate announced in Budget- Applicable to which year

Why Rates of Income tax to be announced in February 2020 budget will be  applicable for Income Earned in Financial Year (F.Y.) 2020-21 and not for F.Y. 2019-20?...

Read More
Posted Under: Income Tax |

Section 115BAB – An Analysis

Author discusses Which Company eligible for claiming lower Income tax rate, Meaning of Manufacture or Production for section 115BAB, Anti Abuse Provisions under Section 15BAB, Related Party Transactions & Transfer Pricing with reference to Section 15BAB and Taxability at higher Income Tax rates....

Read More
Posted Under: Income Tax |

Changes in Tax Rate of Domestic Company in India

In this article attempt is made to discuss and summarise the changes in the Tax Rate for Domestic Companies after introduction of The Taxation Law (Amendment) Act 2019 which received the assent of the President on 11th December 2019. Detailed discussion of the newly incorporated provisions and existing provisions has been done in the subs...

Read More
Posted Under: Income Tax |

Rebate U/s. 87A of the Income Tax Act, 1961

Section that Section 87A is applicable to Individuals who is resident in India. Total Income shall mean Total Income from various Sources less deductions under Chapter VIA which should be less than or equal to 3,50,000/- Rebate under section 87A is applied on total tax before adding Education Cess and Secondary Higher Education Cess / Hea...

Read More
Posted Under: Income Tax |

Corporate Tax Rate Applicable for AY 2019-2020 & AY 2020-2021

Income tax rates are decided and governed by Income Tax Act 1961 and are subject to change every year. This article will cover the income tax rates applicable to Domestic Companies for the Assessment Year 2019-2020 and Assessment Year 2020-2021 (As per the Taxation Laws (Amendment) Act, 2019) respectively, also cover Minimum Alternate Tax...

Read More
Posted Under: Income Tax |

Tax Benefits From LIC Life Insurance Plans (F.Y. 2019-20)

This articles explains Income-Tax Rates For Assessment Year 2020-21, some important Income Tax benefits available under various plans of Life Insurance such as deduction under section 80C, Section 80D, section 80DD, etc. also explains Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D)....

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Posted Under: Income Tax |

Income tax slab rates in India – AY 2020-21 (FY 2019-20)

Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2019-20 (relevant to Assessment Year 2020-21) for Resident Individual (Below 60 Years Old), HUF and AOP/BOI/Artificial juridical person, Senior Citizens (60 Years Or More [&h...

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Taxation of Dividend

Dividend is said to be the return or reward or profit sharing (i.e. distribution of profit) to shareholders on their investment in the company. In the Income Tax Act, Company is liable to pay tax while distributing its profits to the shareholder and such profits are exempt in the hand of shareholder.  Any amount declared, […]...

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Posted Under: Income Tax |

Background material for study of Taxation Law Amendment Act, 2019

Author in this article makes available relevant material so as to enable the reader analyse the impact of the Taxation Laws (Amendment) Act, 2019 which sets to replace the Taxation Laws (Amendment) Ordinance, 2019....

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Posted Under: Income Tax |

Concessional tax rates for Domestic Companies for FY 2019-20

The new Section 115BAA and 115BAB has been inserted in the Income tax Act vide Taxation Laws (Amendment) Ordinance, 2019 to give the benefit of a lower corporate tax rate for all the domestic companies. They have the option to pay tax at a rate of 22% and 15% respectively from the FY 2019-20 onward. Also […]...

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Posted Under: Income Tax |

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