Income Tax Rates

How Domestic Company can file Form 10-IC for opting concessional rate

Income Tax - FAQs on How Domestic Company can file Form 10-IC for opting concessional rate Q.1 Is it mandatory for all applicable taxpayers (Domestic Companies) to file Form 10-IC? Ans. No. This is optional. Form 10-IC is required to filed only if a Domestic Company chooses to pay tax at concessional rate of 22% under Section 115BAA […]...

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Income Tax Rates for Financial Year 2019-20 and 2020-21

Income Tax - 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 ...

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New Vs Old Tax Regime: What should you choose?

Income Tax - As per the demand of large taxpayers the finance minister Smt. Nirmala Sitharaman has brought the concept of new tax regime in the budget 2020. The finance minister gave taxpayers a choice between the new tax regime and existing one. In the new tax regime tax rates are lower as compared to old tax regime. […]...

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Various Threshold Limits under Income Tax Act

Income Tax - In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...

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Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Income Tax - 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. ...

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Income tax Rates for assessment year 2021-22

Income 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...

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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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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"

How Domestic Company can file Form 10-IC for opting concessional rate

FAQs on How Domestic Company can file Form 10-IC for opting concessional rate Q.1 Is it mandatory for all applicable taxpayers (Domestic Companies) to file Form 10-IC? Ans. No. This is optional. Form 10-IC is required to filed only if a Domestic Company chooses to pay tax at concessional rate of 22% under Section 115BAA […]...

Read More
Posted Under: Income Tax |

Income Tax Rates for Financial Year 2019-20 and 2020-21

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 ...

Read More
Posted Under: Income Tax | ,

New Vs Old Tax Regime: What should you choose?

As per the demand of large taxpayers the finance minister Smt. Nirmala Sitharaman has brought the concept of new tax regime in the budget 2020. The finance minister gave taxpayers a choice between the new tax regime and existing one. In the new tax regime tax rates are lower as compared to old tax regime. […]...

Read More
Posted Under: Income Tax |

Various Threshold Limits under Income Tax Act

In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...

Read More
Posted Under: Income Tax |

Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

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. ...

Read More
Posted Under: Income Tax |

Income Tax Rates for Financial Year 2021-22 / AY 2022-23

Income Tax Rates for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 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...

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Posted Under: Income Tax | ,

Making the Right Choice between New Tax Regime Vs. Old Tax Regime for FY 2020-21

The concept of OLD Vs New Tax regime = a dual tax regime was introduced by Finance Act-2020 for FY 2020-21. For FY 2020-21 corresponding to AY 2021-22, there are a Dual Tax regime as discussed in the one of article shared with you for TAX SAVINGS TIPS. Link is given below : – https://taxguru.in/income-tax/income-tax-savings-tips-hel...

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Posted Under: Income Tax |

Income Tax Slab rates for Individuals for FY 2020-21

Income Tax in India is imposed and collected by the Union Government of India. In India, tax on individual taxpayers are levied on the basis of a slab system. Slab rates are different for different categories of Income Tax taxpayers. The Income Tax Act, 1961 has divided individual taxpayers into three categories based on their […]...

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Posted Under: Income Tax |

Income tax Slab Rate For Financial Year 2020-21

Article compiles Income Tax Slab Rate For Financial Year 2020-21 ( A.Y.- 2021-22) for Individual and HUF as per Old Regime and as per new Regime. It further compiles Tax Rates for Co-Operative Society, Co-Operative Society, Domestic Company, Foreign Company, AOP/BOI or Every Artificial Judicial Person for Financial Year 2020-21. Income Ta...

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Posted Under: Income Tax |

Income Tax Rate for AY 2021-22 (Individual, HUF, AOP, BOI, AJP & Firms)

Know Your Income Tax Rate – for A.Y. 2021-22 (For Individual, HUF, AOP, BOI, AJP and Firms) 1. Income Tax Slab Rate for AY 2021-22 for Individuals: 1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year or (HUF or AOP […]...

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Posted Under: Income Tax |

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