tax rates

Section 115BAA- Concessional Tax Rate for Domestic Company

Income Tax - New section 115BAA has been inserted by CBDT through the Taxation Law (Amendment) Act, 2019, providing for concessional rate of tax subject to the conditions as mentioned in succeeding paragraph and exemption from minimum alternate tax (MAT) in respect of domestic companies (any domestic company) with effect from A.Y. 2020-21(FY 2019-20)....

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Tax Rate announced in Budget- Applicable to which year

Income Tax - Why Rates of Income tax to be announced in February 2020 budget will be  applicable for Income Earned in Financial Year (F.Y.) 2020-21 and not for F.Y. 2019-20?...

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Time for Corporates to self-evaluate -Taxation Laws (Amendment) Act, 2019 –Part I

Income Tax - In this Article we would be discussing about the Applicability of the new provisions as introduced by The Taxation Laws (Amendment) Act, 2019; the different Structure of Companies and the options available to them. A. Tax rates of company is broadly divided in two categories i.e. turnover based and conditional based from AY 2020-2021:...

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Changes in Tax Rate of Domestic Company in India

Income Tax - In this article attempt is made to discuss and summarise the changes in the Tax Rate for Domestic Companies after introduction of The Taxation Law (Amendment) Act 2019 which received the assent of the President on 11th December 2019. Detailed discussion of the newly incorporated provisions and existing provisions has been done in the subs...

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Income tax slab rates in India – AY 2020-21 (FY 2019-20)

Income Tax - Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2019-20 (relevant to Assessment Year 2020-21) for Resident Individual (Below 60 Years Old), HUF and AOP/BOI/Artificial juridical person, Senior Citizens (60 Years Or More [&h...

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

Income Tax - 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

Income Tax - 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

Income Tax - 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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List of Changes in GST Rate on Goods in 28th GST Council Meeting

Income Tax - GST Council Recommends GST Rates Reduction on Several Goods & for specified handicraft items GST rates have been recommended to be brought down to Nil on Sanitary Napkins & Rakhi & more Goods GST Council recommends for allowing refund to fabrics on account of inverted duty structure Rate change made in respect of footwear The ...

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GST rate on Services- 27 Major Changes in 28th GST Council meeting

Income Tax - The GST Council in its 28th meeting took decisions relating to exemptions / changes in GST rates / ITC eligibility criteria, rationalization of rates / exemptions and clarification on levy of GST on services....

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Short term capital losses subject to STT can be set off against Short term capital gains not subject to STT

First State Investments (Hongkong) Ltd. [A/C First State Asia Innovation & Technology Fund] Vs. ADIT (ITAT Delhi) - The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short Term Capital Gains (STCG) arising from sale of shares on or after 1 October 2004 on a stock exchange which are subject to Securities Transaction Tax (STT)....

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If there is no revenue loss then department should not question the year of allowability of expenses

Commissioner Of Income Tax Vs M/s Vishnu Industrial Gases P. Ltd. (Delhi High Court) - CIT vs. Vishnu Industrial Gases (Delhi High Court) - Where the department had not disputed that the expenditure was deductible in principle but was only disputing the year in which the deduction could be allowed HELD, castigating the department, that as the tax rates were the same in both years, the...

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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 rates"

Section 115BAA- Concessional Tax Rate for Domestic Company

New section 115BAA has been inserted by CBDT through the Taxation Law (Amendment) Act, 2019, providing for concessional rate of tax subject to the conditions as mentioned in succeeding paragraph and exemption from minimum alternate tax (MAT) in respect of domestic companies (any domestic company) with effect from A.Y. 2020-21(FY 2019-20)....

Read More
Posted Under: Income Tax |

Tax Rate announced in Budget- Applicable to which year

Why Rates of Income tax to be announced in February 2020 budget will be  applicable for Income Earned in Financial Year (F.Y.) 2020-21 and not for F.Y. 2019-20?...

Read More
Posted Under: Income Tax |

Time for Corporates to self-evaluate -Taxation Laws (Amendment) Act, 2019 –Part I

In this Article we would be discussing about the Applicability of the new provisions as introduced by The Taxation Laws (Amendment) Act, 2019; the different Structure of Companies and the options available to them. A. Tax rates of company is broadly divided in two categories i.e. turnover based and conditional based from AY 2020-2021:...

Read More
Posted Under: Income Tax |

Changes in Tax Rate of Domestic Company in India

In this article attempt is made to discuss and summarise the changes in the Tax Rate for Domestic Companies after introduction of The Taxation Law (Amendment) Act 2019 which received the assent of the President on 11th December 2019. Detailed discussion of the newly incorporated provisions and existing provisions has been done in the subs...

Read More
Posted Under: Income Tax |

Income tax slab rates in India – AY 2020-21 (FY 2019-20)

Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2019-20 (relevant to Assessment Year 2020-21) for Resident Individual (Below 60 Years Old), HUF and AOP/BOI/Artificial juridical person, Senior Citizens (60 Years Or More [&h...

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Taxation of Dividend

Dividend is said to be the return or reward or profit sharing (i.e. distribution of profit) to shareholders on their investment in the company. In the Income Tax Act, Company is liable to pay tax while distributing its profits to the shareholder and such profits are exempt in the hand of shareholder.  Any amount declared, […]...

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Posted Under: Income Tax |

Concessional tax rates for Domestic Companies for FY 2019-20

The new Section 115BAA and 115BAB has been inserted in the Income tax Act vide Taxation Laws (Amendment) Ordinance, 2019 to give the benefit of a lower corporate tax rate for all the domestic companies. They have the option to pay tax at a rate of 22% and 15% respectively from the FY 2019-20 onward. Also […]...

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Posted Under: Income Tax |

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...

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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 […]...

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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...

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Posted Under: Income Tax | ,

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