Income Tax Rates

Income Tax Rates for FY 2020-21 & FY 2021-22

Income Tax - Rates of Income Tax for Financial year (FY) 2020-21 i.e. Assessment Year (AY) 2021-22 and FY 2021-22 (AY 2022-23) 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...

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Income tax Rates for assessment year 2022-23

Income Tax - Rates of income-tax in respect of income liable to tax for the assessment year 2022-23 i.e. Financial Year 2021-22 The rates for deduction of income-tax at source from ‘Salaries’ or under section 194P of the Act during the FY 2021-22 and also for computation of ‘advance tax’ payable during the said year in the case...

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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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New tax regime vs old tax regime under Income Tax

Income Tax - New Tax regime vs Old Tax Regime: Till now i am writing Articles related to GST but today one of my friend asked me – Should I opt for New Scheme or Old Scheme for A.Y 2021-22 ?? So today I will discuss very interesting topic – New Tax regime vs Old tax regime– Answer […]...

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Remove your confusions regarding ‘New Income Tax Regime’

Income Tax - You all know that a ‘New Tax Regime’ has been introduced from FY 2020-21 that says individual can reduce their taxes if they are not availing deductions or exemptions. You are provided an option where you can either go for the old tax structure or choose the new tax structure. Now the people are confused […]...

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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"

Income Tax Rates for FY 2020-21 & FY 2021-22

Rates of Income Tax for Financial year (FY) 2020-21 i.e. Assessment Year (AY) 2021-22 and FY 2021-22 (AY 2022-23) 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...

Read More
Posted Under: Income Tax | ,

Income tax Rates for assessment year 2022-23

Rates of income-tax in respect of income liable to tax for the assessment year 2022-23 i.e. Financial Year 2021-22 The rates for deduction of income-tax at source from ‘Salaries’ or under section 194P of the Act during the FY 2021-22 and also for computation of ‘advance tax’ payable during the said year in the case...

Read More
Posted Under: Income Tax |

Income tax Rates for assessment year 2021-22

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 More
Posted Under: Income Tax | ,

New tax regime vs old tax regime under Income Tax

New Tax regime vs Old Tax Regime: Till now i am writing Articles related to GST but today one of my friend asked me – Should I opt for New Scheme or Old Scheme for A.Y 2021-22 ?? So today I will discuss very interesting topic – New Tax regime vs Old tax regime– Answer […]...

Read More
Posted Under: Income Tax |

Remove your confusions regarding ‘New Income Tax Regime’

You all know that a ‘New Tax Regime’ has been introduced from FY 2020-21 that says individual can reduce their taxes if they are not availing deductions or exemptions. You are provided an option where you can either go for the old tax structure or choose the new tax structure. Now the people are confused […]...

Read More
Posted Under: Income Tax |

Residential Status of Individual And Rate of Income Tax

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 ...

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Posted Under: Income Tax |

Opting New Tax Regime- Know the form You need to file

As we all aware that one of the most important amendment brought by Finance Act, 2020 is the New Tax Regime with lower rate of tax introduced mainly for individual, HUF and Co-operative Societies. Now CBDT by issuing notification has clarified regarding the compliance requirement to opt for this new tax regime. The Notification No [&helli...

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Posted Under: Income Tax | ,

Partnership Firm Vs Private Limited Company- Tax Comparison

It is best to decide the business structure before starting of a business. Every business setup must deal with a challenge to identify the most beneficial business entity registration type. There are several options but two of the most common considerations are Partnership Firm and Private limited company. Most of the Startup founders a...

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Posted Under: Income Tax |

Income Tax Compliance / Information at A Glance

I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Sch...

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Posted Under: Income Tax | ,

Old tax regime vs. New tax regime- which one is beneficial

Under new tax regime tax has been significantly reduced by forgoing certain exemptions and deductions. The rates of tax, amount of tax and savings under new regime is as follows-...

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Posted Under: Income Tax |

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