tax rate changes

Section 115BAC- Tax on income of Individuals & HUF for FY 2020-21

Corporate Law - New Tax Regime under Section 115BAC- Tax on income of Individuals and Hindu Undivided Family for FY 2020-21 The Finance Act, 2020 has introduced a New Tax Regime (‘NTR’) by inserting a new Section 115BAC -Tax on income of Individuals and Hindu Undivided Family under Income Tax Act, 1961 (‘the Act’) w.e.f. 01.04.2021. Under the sa...

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Old vs New Income Tax Regime: Which one you should choose?

Corporate Law - From Financial year 2020-21, taxpayers (Individuals and HUFs) has an option to choose between Old Tax regime and the new Tax Regime.  The new tax regime is available with lower tax rates and almost zero deductions/exemptions. Here is the quick comparison table between tax rates at different slabs under Old Tax Regime vs. New Tax [&hellip...

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

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

Corporate Law - 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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TDS Rate Chart for FY 2021-22 / AY 2022-23 – Updated

Corporate Law - Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

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Income tax Rates for assessment year 2021-22

Corporate Law - 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 Optional Personal Income Tax Rate Slabs- Budget 2020

Corporate Law - Press Information Bureau Government of India Ministry of Finance 01-February-2020 14:43 IST New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New tax regime to be optional for the taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant ...

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Corporate tax rates slashed to 22% and 15% for domestic companies

Corporate Law - Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. This was announced by the Union Minister for ...

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CBIC issues 28 Notification Related to GST Rates on Goods & Services

Corporate Law - CBIC issues 28 Notification Related to GST Rates on Goods & Services on 26th July 2018 which are effective from 27th July 2018. Notifications include Notification No. 2/2018-Compensation Cess (Rate), Notification No. 13 to 21/2018-Central Tax (Rate), Notification No. 14 to 22/2018-Integrated Tax (Rate) and Notification No. 13 to 21/20...

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Quick Review on 28th GST Council meeting updates

Corporate Law - Quick note on 28th GST Council meeting, which has reviewed around 46 proposed amendments in GST Act 2017 and recommended the following amendments ;...

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Set off of BF loss & MAT credit adjustments under new tax regime

Circular No. 29/2019-Income Tax - (04/10/2019) - Circular 29/2019 – Clarifications on set off of brought forward loss due to additional depreciation & MAT credit if companies opt for new tax rate of 22% u/s 115BAA Domestic company which wants to opt for tax @22% for the FY 2019-20 is not eligible to claim: 1. Set off of any brought forwa...

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Concessional CGST rate on specified handicraft items WEF 27.07.2018

Notification No. 21/2018-Central Tax (Rate) [G.S.R. 695(E)] - (26/07/2018) - CBIC notifies concessional CGST rate on specified handicraft items vide Notification No. 21/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018 to give effect to recommendations of 28th GST Council meeting which was held on 21.07.2018....

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CBIC allows Refund of GST credit to fabric manufacturers

Notification No. 20/2018-Central Tax (Rate) [G.S.R. 694(E)] - (26/07/2018) - CBIC allows Refund of accumulated credit on account of inverted duty structure to fabric manufacturers vide Notification No. 20/2018-Central Tax (Rate), Dated: 26th July, 2018. ...

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Changes in List of goods exempt from CGST wef 27.07.2018

Notification No. 19/2018-Central Tax (Rate) [G.S.R. 693(E)] - (26/07/2018) - CBIC amends list of goods exempt from GST vide Notification No. 19/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018 to give effect to recommendations of 28th GST Council meeting which was held on 21.07.2018....

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Revised CGST rates on various Goods WEF 27th July, 2018

Notification No. 18/2018-Central Tax (Rate) [G.S.R. 692(E)] - (26/07/2018) - CBIC notifies reduced GST Rates on Several Goods vide Notification No. 18/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect from 27th of July, 2018....

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Recent Posts in "tax rate changes"

Section 115BAC- Tax on income of Individuals & HUF for FY 2020-21

New Tax Regime under Section 115BAC- Tax on income of Individuals and Hindu Undivided Family for FY 2020-21 The Finance Act, 2020 has introduced a New Tax Regime (‘NTR’) by inserting a new Section 115BAC -Tax on income of Individuals and Hindu Undivided Family under Income Tax Act, 1961 (‘the Act’) w.e.f. 01.04.2021. Under the sa...

Read More

Old vs New Income Tax Regime: Which one you should choose?

From Financial year 2020-21, taxpayers (Individuals and HUFs) has an option to choose between Old Tax regime and the new Tax Regime.  The new tax regime is available with lower tax rates and almost zero deductions/exemptions. Here is the quick comparison table between tax rates at different slabs under Old Tax Regime vs. New Tax [&hellip...

Read More

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

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

TDS Rate Chart for FY 2021-22 / AY 2022-23 – Updated

Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

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New Income Tax Regime vs Old Tax Regime

The new tax regime was seems to be a gift for the taxpayers by offering the lowest tax rates. But unfortunately it came with a  lots of drawbacks. It has created a lot of confusions among the tax payers to choose between these two schemes. However,Salaried and pensioners have the option to change according to […]...

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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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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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Income Tax Rates For Assessment Year 2021-22/Financial Year 2020-21

Income Tax Rates For Assessment Year (AY) 2021-22/Financial Year (FY)  2020-21 as applicable to Individual (Below 60 Years of Age) or Hindu Undivided Family (HUF), For Individual (Age 60 years or more but less than 80 Years, For Individual (Age 80 years or above at any time during the previous year), For AOP/BOI (other than […]...

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Income Tax Calculator – Financial Year 2021-22

On March 31, 2021, the Ministry of Finance released a notification on slashing the interest rates of all the Small Saving Schemes, and the same notification rolled back by the Ministry on April 1, 2021, by terming that the Order is issued by oversight! Whether it is a correction of an oversight error or a […]...

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