Income Tax : Tax on dividends, interest, royalties and FTS earned by non-residents is governed by the more beneficial rate under the Income-tax...
Income Tax : The document explains tax rates applicable to individuals, HUFs, firms, companies, co-operative societies, foreign companies, and ...
Income Tax : The Finance Bill, 2026 continues the same tax slabs and rates as the previous year. Individuals, companies and other entities see ...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Earning ₹15 lakh? Know how new tax slabs work and why ₹12 lakh exemption doesn’t apply. Learn about rebates, slab-wise taxat...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...
Income Tax : The Finance Bill 2025 revises tax slabs, reducing the burden on middle-class taxpayers. The changes aim to boost savings and consu...
Income Tax : Union Budget 2025-26 introduces tax relief with no income tax up to Rs. 12 lakh, benefiting middle-class taxpayers and boosting co...
Income Tax : Union Budget 2025 expectations include tax relief, GST reforms, R&D support, and measures for MSMEs. Common demands focus on easin...
Income Tax : Higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and ...
Income Tax : CBDT issues Income Tax Circular 06/2022 | Dated: 17th March, 2022 to condone the default in filing Form 10-IC to avail lower tax r...
Income Tax : Circular 29/2019 – Clarifications on set off of brought forward loss due to additional depreciation & MAT credit if comp...
Goods and Services Tax : CBIC notifies concessional CGST rate on specified handicraft items vide Notification No. 21/2018-Central Tax (Rate), Dated: 26th J...
Goods and Services Tax : CBIC allows Refund of accumulated credit on account of inverted duty structure to fabric manufacturers vide Notification No. 20/20...
Goods and Services Tax : CBIC amends list of goods exempt from GST vide Notification No. 19/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect fr...
New income tax rates proposed in budget 2010 for senior citizens for assessment year 2011-12/ financial year 2010-11. In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, New income tax rates proposed in budget 2010 for assessment year 2011-12/ financial year 2010-11 is as follows:-
New income tax rates proposed in budget 2010 for resident woman below 65 years of age for assessment year 2011-12/ financial year 2010-11.Chart showing Tax impact for resident woman below 65 years of age
New income tax rates proposed in budget 2010 for male resident individual and Hindu undivided family for assessment year 2011-12/ financial year 2010-11. No Surcharge. Education and SHE cess will be applicable . Impact of Budget 2010 on taxation of resident individuals below the age of 65 years and HUF
On the Direct Tax side, goods concessions were announced for Individuals- the new rate of taxes shall be exempted till income of 1.6 lakhs, 10% upto 5 lakhs, 20% from 5 to 8 lakhs and 30% above 8 lakhs. Further additional tax deduction of 20K was announced on investment in long term infrastructure bonds. For corporates the surcharge was reduced from 10 to 7.5%. Minimum Alternate Tax (MAT) has been increased from 15 to 18%.
There is no change in the rates of Income Tax for Partnership firms, Limited Companies. But Current surcharge of 10 per cent on domestic companies reduced to 7.5 per cent and Minimum alternate tax on the book profits is increased from 15% to 18%. The Deduction u/s 80C has been increased by Rs. 20000 subject to the condition that the additional deduction of Rs 20000 shall be available if the investment is made in the Infrastructure bonds.
Finance Minister in his Finance Bill 2010 proposed to increase the maximum penalty, leviable under section 271 B for failure to get accounts audited under section 44AB or to furnish a report of such audit, from one lakh rupees to one lakh fifty thousand rupees.
In order to reduce compliance burden of small businesses and professionals, it is proposed to increase the aforesaid threshold limit from forty lakh rupees to sixty lakh rupees in the case of persons carrying on business and from ten lakh rupees to fifteen lakh rupees in the case of persons carrying on profession.
The existing provisions of section 40(a)(ia) of Income-tax Act provide for the disallowance of expenditure like interest, commission, brokerage, professional fees, etc. if tax on such expenditure was not deducted, or after deduction was not paid during the previous year.
These rates are also applicable for charging income-tax during the financial year 2010-11 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to nonresidents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc.
Section 9 provides for situations where income is deemed to accrue or arise in India. Vide Finance Act, 1976, a source rule was provided in section 9 through insertion of clauses (v), (vi) and (vii) in sub-section (1) for income by way of interest, royalty or fees for technical services respectively.
