Income Tax Rates

Faceless Assessments, Income Tax 2019 Rate & Developments

Income Tax - Faceless Assessments Authorities – A ‘National e-Assessment Centre’ to facilitate and centrally control the e-assessment. ‘Regional e-Assessment Centres’ under the jurisdiction of the regional Principal Chief Commissioner for making assessment. ‘Assessment units’ for identifying points or issues, material for the determi...

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Income Tax Slabs & Rates for A.Y 2020-21 [F.Y. 2019-20]

Income Tax - INCOME TAX SLABS & RATES : A.Y 2020-21 [F.Y. 2019-20] Income Tax Slab Rates for A.Y 2020-21 [F.Y. 2019-20] for Individual resident (Aged below 60 years) or Any NRI or HUF or  AOP or BOI or AJP, for Senior Citizen (Aged 60 years or more but less than 80 years),  for Very Senior Citizen (Aged […]...

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Various Threshold Limits under Income Tax Act [AY 2019-20]

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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Income Tax Rates for AY 2020-21 / FY 2019-20

Income Tax - 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. This write-up will provide you the information on Income Tax tax rates applica...

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Quarterly financial results – impact of reduced Income tax rates

Income Tax - a) How to compute the tax charge – current tax and deferred tax charge for the current quarter ending 30 Sep 2019 – Q2 (under the revised rate structure)? b) Will the tax charge for the preceding quarter ended 30 June 2019 (calculated under the then applicable income tax rate – base rate of 30%) need to be restated/revised for th...

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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"

Faceless Assessments, Income Tax 2019 Rate & Developments

Faceless Assessments Authorities – A ‘National e-Assessment Centre’ to facilitate and centrally control the e-assessment. ‘Regional e-Assessment Centres’ under the jurisdiction of the regional Principal Chief Commissioner for making assessment. ‘Assessment units’ for identifying points or issues, material for the determi...

Read More
Posted Under: Income Tax |

Income Tax Slabs & Rates for A.Y 2020-21 [F.Y. 2019-20]

INCOME TAX SLABS & RATES : A.Y 2020-21 [F.Y. 2019-20] Income Tax Slab Rates for A.Y 2020-21 [F.Y. 2019-20] for Individual resident (Aged below 60 years) or Any NRI or HUF or  AOP or BOI or AJP, for Senior Citizen (Aged 60 years or more but less than 80 years),  for Very Senior Citizen (Aged […]...

Read More
Posted Under: Income Tax |

Various Threshold Limits under Income Tax Act [AY 2019-20]

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 |

Income Tax Rates for AY 2020-21 / FY 2019-20

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. This write-up will provide you the information on Income Tax tax rates applica...

Read More
Posted Under: Income Tax | ,

Quarterly financial results – impact of reduced Income tax rates

a) How to compute the tax charge – current tax and deferred tax charge for the current quarter ending 30 Sep 2019 – Q2 (under the revised rate structure)? b) Will the tax charge for the preceding quarter ended 30 June 2019 (calculated under the then applicable income tax rate – base rate of 30%) need to be restated/revised for th...

Read More
Posted Under: Income Tax |

Taxation Structure in India on Various Assessees/ Entity

Hello Friends, in today’s time, taxation has become an integral part of our life. In almost every activity we have to pay tax. For example, if we purchase any goods/service for ultimate consumption purchase then we have to pay GST, if we owned a house then we have to pay house tax, if we are […]...

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Posted Under: Income Tax |

Set off of MAT credit against Total Income computed U/s. 115BAA

The Taxation Laws (Amendment) ordinance 2019 introduced the following New Section 115BAA and Section 115BAB. Section 115BAA is applicable for existing companies, Section 115BAB is applicable for companies formed on or after1st October 2019. Both the New sections did not permit the assesses to avail the benefits / incentives available in S...

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Posted Under: Income Tax |

Comparative Tax Rates post Taxation Laws (Amendment) Ordinance 2019

Article provides Comparative Tax Rates post Taxation Amendment Ordinance 2019 of Domestic Companies whose turnover in 2017-18 does not exceed 400 crores, Domestic Manufacturing Company registered on or after 01-03-2016, Any Domestic Company (incl. Mfg, Trading , Service) from AY 2020-21, Domestic Manufacturing Company registered on or af...

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Posted Under: Income Tax |

Income Tax Rates for Individual/HUF/AOP/BOI/Artificial Juridical Person/Firms/LLP for A.Y. 2019-20

Income Tax Rates for Individual/HUF/AOP/BOI/Artificial Juridical Person/Firms/LLP for Addessment Year 2019-20 Article explains Income Tax Rates for Resident Very Senior Citizen (Who is 80 years or more on the last day of the previous year), Income Tax Rates for Resident Senior Citizen (Who is more than 60 years but less than 80 years), In...

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Posted Under: Income Tax |

Income Tax Rates for Financial Year 2019-20

In this Article we updates about the normal Income tax rates applicable to different types of taxpayers for Financial Year 2019-20 . The Income tax rates discussed in this part are applicable for assessment year 2020-21 i.e. financial year 2019-20. In this part you can gain knowledge about the normal Income Tax tax rates applicable [&hell...

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Posted Under: Income Tax |

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