Income Tax Rates

Marginal Relief required for those whose income exceeds marginally

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 […]...

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Income Tax Rates for FY 2021-22 (AY 2022-23) & FY 2022-23 (AY 2023-24)

Income 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...

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Income-tax rates for assessment year 2022-23 / Financial Year 2021-22

Income 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 […]...

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The Journey of Income Tax Slabs

Income 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 […]...

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Corporate Tax Rate Applicable for AY 2021-2022 & AY 2022-2023

Income 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 ...

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Rationalisation of Income Tax Slabs

Income 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....

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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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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 Calculator – Financial Year 2022-23

Article contains Automatic Income Tax Calculator in Excel Format for Financial Year 2022-23 (FY 22-23) i.e. Income Tax Assessment Year 2023-24. Income Tax Calculator is Useful for the salaried employees of government and private sector. “Let everyone be subject to the governing authorities, for there is no authority except that which Go...

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Marginal Relief required for those whose income exceeds marginally

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 More
Posted Under: Income Tax |

Rationalisation of Income Tax Slabs

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 More
Posted Under: Income Tax |

Income Tax Rates for FY 2021-22 (AY 2022-23) & FY 2022-23 (AY 2023-24)

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 More
Posted Under: Income Tax | ,

Income Tax Calculator for last 26 year from FY 1997-98 to 2022-23

We know the budget finance bill 2022 was presented on 1st February 2022. In this budget no changes was made in income tax slabs for individuals and it remains as below: Old Regime New Regime Assessment Year 2023-24 2023-24 Basic Exemption upto Rs Rs 2,50,000 Rs 2,50,000 Tax @ 5%  Rs 2.50 lac to 5 […]...

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Posted Under: Income Tax |

Income-tax rates for assessment year 2022-23 / Financial Year 2021-22

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 More
Posted Under: Income Tax |

The Journey of Income Tax Slabs

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 More
Posted Under: Income Tax |

Corporate Tax Rate Applicable for AY 2021-2022 & AY 2022-2023

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 More
Posted Under: Income Tax |

Surcharge & Marginal Relief Calculation (Individual, HUF, AOP, BOI, AJP)

Surcharge and Marginal Relief Calculation [Individual, HUF, AOP, BOI, Artificial Juridical Person (AJP)] The Article is confined to discuss the calculation of Surcharge and Marginal Relief thereon in case of Individual, HUF, AOP, BOI and Artificial Juridical person for AY 2022-23 and onwards One can refer to the following link of article ...

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Posted Under: Income Tax |

Rates of Surcharge in case of Individual, HUF, AOP, BOI and Artificial Juridical Persons and Surcharge on Dividend Income and Income under section 111A/112A ( AY 22-23)

Rates of Surcharge in case of Individual, HUF, AOP, BOI and Artificial Juridical Persons(AJPs) and Surcharge on Dividend Income and Income under section 111A/112A ( AY 22-23) If you fall on the privilege side of the society and in high income group , You are liable to pay additional tax on the tax you are […]...

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Posted Under: Income Tax |

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