TMI BlogRates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2021-22X X X X Extracts X X X X X X X X Extracts X X X X ..... These rates are also applicable for charging income-tax during the FY 2021-22 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to non-residents, 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. There is no change in the tax rates from last year. The salient features of the rates specified in the said Part III are indicated in the following paragraphs- A. Individual, HUF, association of persons, body of individuals, artificial juridicalperson. Paragraph A of Part-III of First Schedule to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 5,00,001 to ₹ 10,00,000 20 percent. Above₹ 10,00,000 30 percent. The amount of income-tax computed in accordance with the preceding provisions of this Paragraph (including capital gains under section 111A, 112 and 112A) as well as income tax computed under section 115BAC, shall be increased by a surcharge at the rate of,- (a) having a total income (including the income by way of dividend or income under the provisions of sections 111A and 112A of the Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (b) having a total income (including the income by way of d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total Income (Rs) Rate Upto 2,50,000 Nil From 2,50,001 to 5,00,000 5 per cent. From 5,00,001 to 7,50,000 10 per cent. From 7,50,001 to 10,00,000 15 per cent. From 10,00,001 to 12,50,000 20 per cent. From 12,50,001 to 15,00,000 25 per cent. Above 15,00,000 30 per cent. B. Co-operativeSocieties In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part III of the First Schedule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax in the case of every local authority has been specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the FY 2020-21. The amount of income-tax shall be increased by a surcharge at the rate of twelve per cent. of such income-tax in case of a local authority having a total income exceeding one crore rupees. However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. E. Companies The rates of income-tax in the case of companies have been specified in Para ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ees. Surcharge at the rate of five per cent shall continue to be levied, if the total income of the company other than domestic company exceeds ten crore rupees. Marginal relief is provided in surcharge in all cases. In other cases [including sub-section (2A) of section 92CE, sections 115-O, 115QA, 115R, 115TA or 115TD], the surcharge shall be levied at the rate of twelve per cent. For FY 2021-22, additional surcharge called the Health and Education Cess on income-tax shall be levied at the rate of four per cent on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. No marginal relief shall be available in respect of such cess. [Clause 2 the First Schedule] Full Text : ..... X X X X Extracts X X X X X X X X Extracts X X X X
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