TMI BlogRates of income-tax in respect of income liable to tax for the assessment year 2021-22.X X X X Extracts X X X X X X X X Extracts X X X X ..... ions or in the First Schedule. The rates provided in sections 115BAA or 115BAB or 115BAC or 115BAD for the assessment year 2021-22 would be same as already enacted. Similarly rates laid down in Part III of the First Schedule to the Finance Act, 2020, for the purposes of computation of advance tax , deduction of tax at source from Salaries and charging of tax payable in certain cases for the assessment year 2021-22 would now become part I of the first schedule. Part III would now apply for the assessment year 2022-23 and would remain unchanged except that it would also apply to proposed section 194P. (1) Tax rates under section 115BAC and section 115BAD- From the assessment year 2021-22 (FY 2020-21), individual and HUF tax payers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dule to the Bill provides following rates of income-tax:- (i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or HUF or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act (not being a case to which any other Paragraph of Part III applies) are as under:- Up to ₹ 2,50,000 Nil. ₹ 2,50,001 to ₹ 5,00,000 5 percent. ₹ 5,00,001 to ₹ 10,00,000 20 percent. Above ₹ 10, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income-tax in the case of every local authority has been specified in Paragraph D of Part I of the First Schedule to the Bill. They remain unchanged at 30%. e. Companies The rates of income-tax in the case of companies have been specified in Paragraph E of Part I of the First Schedule to the Bill. In case of domestic company, the rate of income-tax shall be twenty five per cent. of the total income, if the total turnover or gross receipts of the previous year 2018-19 does not exceed four hundred crore rupees and in all other cases the rate of Income-tax shall be thirty per cent. of the total income. In the case of company other than domestic company, the rates of tax are the same as those specified for the FY 2019-20. (3) Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome (including the income by way of dividend or income under the provisions of section 111A and 112A of the Act) exceeding two crore rupees, but is not covered under clause (iii) or (iv) above, at the rate of fifteen per cent of such incometax: Provided that in case where the total income includes any income by way of dividend or income chargeable under section 111A and 112A of the Act, the rate of surcharge on the amount of income-tax computed in respect of that part of income shall not exceed fifteen percent; However, surcharge shall be at the rates provided in (i) to (v) above for all category of income without excluding dividend or capital gains in case if the income is taxable under section 115A, 115AB, 115AC, 115ACA and 115E. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dend or income chargeable under clause (b) of sub-section (1) of section 115AD of the Act, the rate of surcharge on the income-tax calculated on that part of income shall not exceed fifteen percent; (b) in the case of every co-operative society (except resident co-operative society opting under section 115BAD) or firm or local authority, at the rate of twelve per cent of such income-tax, where the total income exceeds one crore rupees; (c) In case of resident co-operative society opting under section 115BAD, at the rate of ten percent of such income tax. (d) in the case of every domestic company, except such domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Act,- (i) at the rate of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
