INCOME TAX SLABS & RATES : A.Y 2020-21 [F.Y. 2019-20] Individual resident (Aged below 60 …

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Further, new Sections 115BAA and 115BAB (discussed above) have been excluded from the purview of the MAT. (These provisions are applicable from AY 2020–21 and onwards.) Minimum Alternate Tax (MAT) Alternative Minimum Tax(MAT) applies to all persons other than companies. Income Tax Slab Rates for AY 2017-18 for Minimum Alternate Tax is available below. MAT Rate for AY 2016-17 are available here. Get MAT Calculation for AY 2016-17. Therefore, since Financial.

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Gratuity received due to death of an employee will remain tax-exempt in the new tax structure as well without any maximum limit," says Wadhwa. Also Read: How to calculate gratuity The Central Board of Direct Taxes (CBDT) has extended the income tax returns filing due date for FY20 or the ITR filing date for AY20-21 (the assessment year 2020-21) to December 31, 2020. S AY Convey a message.

For domestic companies, the tax-slabs depend on the turnover, and it is mentioned below: · Cess: 4% of corporate tax · Surcharge: In case the taxable income is

2021-04-07 · MAT shall be reduced to 15% from 18.5% w.e.f. the assessment year 2020-21. Note: Companies opting for the lower tax option u/s 115BAA/ 115BAB are exempted from MAT on book profit u/s 115JB. Income Tax Rates for FY 2018-19 (AY 2019-20) The government also reduced the basic MAT rate from 18.5% to 15%, which will benefit domestic companies that usually pay their tax under MAT provisions.

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30%. Super Senior Citizen (who is 80 years or more at any time during the previous year) Net Income Range. Rate of Income-tax: Assessment Year 2021-22: Assessment Year 2020-21 For provisions relating to AMT refer tutorial on “MAT/AMT” in tutorial section. However, w.e.f.

Advance tax applies to all taxpayers, salaried, freelancer 2020-12-27 (A) Individual, HUF, AOP, BOI. (a) in the case of every individual or HUF or association of persons or … These concessional rates of TCS were applicable till 31.03.2021 only. Hence old TCS rates (prior to 14/05/2020) would be applicable w.e.f 01.04.2021. Various TCS Rates applicable for FY 2021-2022 (AY 2022-2023) have been summarized above in this article. Note 4: TDS Rates applicable for FY 2021-22 (AY 2022-23) including Budget 2021 amendments 2020-05-31 Note: In AY 2019-20, Minimum Alternate Tax (MAT)will be levied @18.5% on Book profit II) Corporate Tax Rate Applicable for AY 2020-21: As per the Taxation Laws (Amendment) Bill, 2019, the amended slab rates for companies are as under: The tax liability of a company will be higher of: (i) Normal tax liability, or (ii) MAT. Normal tax rate applicable to an Indian company is 30%* (plus cess and surcharge as applicable).
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Changes in Budget 2020 of Income Tax Slabs Here are some changes with income tax slab ay 2021-22. Surcharge had been increased to 25% for income between 2 crore to 5 crore and to 37% for income above 5 crore annually. The TDS rate of 2% chargeable for cash withdrawals above Rs.1 Crore in a year.

29 Mar 2021 In addition, cess and surcharge are levied as follows: Cess: 3% of corporate tax Surcharge. Taxable income is more than 1Cr but less than 10 Cr-

Advance Tax Calculator to calculate & compare Advance Tax for New & Existing Tax Regimes for Individuals for AY 2022-23 (FY 2021-22). Due Dates & Rates Income Tax Slabs / Rates for AY 2021-22 / AY 2022-23. TDS Rates AY 2022-23 (FY 2021-22) TDS Rates for all Resident & Non-Resident payees for AY 2022-23. Tax Rate shall be charged at the rate of 30% on the Total Income. Surcharge: In addition to the above tax, an additional tax is levied called surcharge at the rate of 12% on the Income Tax payable for the cases where the total income exceeds Rs.1 Crore.

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