Income Tax Rates Latest

Taxes on director s fee consultation fees and all other income.

Income tax rates latest. The finance act 2020 has inserted a new section 115bad in income tax act to provide an option to the co operative societies to get taxed at the rate of 22 plus 10 surcharge and 4 cess. Have a look at revised income tax slabs and know how much will you save in new tax regime. This is to maintain parity between the tax rates of non resident individuals and the top marginal tax rate of resident individuals. It continues to exist with the existing tax regime.

This was with a caveat that if opted then the employee would have to forego all the exemptions and deductions which he she otherwise. The special income tax rates applicable in case of domestic companies for assessment year 2020 21 and 2021 22 are as follows. Income tax budget 2020 proposes crucial changes in income tax rates 2020 21. 1 crore to rs.

2 crores to rs. This is subject to further notification 1 18 these rates will. From ya 2017 the tax rates for non resident individuals except certain reduced final withholding tax rates has been raised from 20 to 22. A common misunderstanding which is worth explaining is that once your income hits a tax bracket your whole income is taxed at that rate.

Income tax slabs tax rate in india for fy 2020 21 budget 2020 revised slabs. Know all about new income. Surcharge is levied on the amount of income tax at following rates if total income of an assessee exceeds specified limits rate of surcharge assessment year 2021 22 assessment year 2020 21 range of income range of income rs. On 20th september 2019 the president of india has promulgated an ordinance taxation laws amendment ordinance 2019 through which income tax rates on domestic companies and domestic manufacturing companies reduced to 22 per cent and 15 per cent respectively by introducing section 115baa and section 115bab.

Fm has announced a new income tax regime following which individuals will have to pay lower taxes for fy 2020 21 onwards as compared the current tax laws. Given below are the latest income tax slabs and rates applicable for the financial year 2019 20 and 2020 21. For the financial year 2020 21 a new tax regime with concessional tax rates has been introduced. New income tax rates for domestic companies from ay 2020 21.

Income tax slab 2020 21 with new slabs and rates. Under the new tax rates there will be 10 tax levied for incomes between 5 7 5 lakh per annum 15 for 7 5 10 lakh per annum bracket 20 for 10 12 5 lakh per annum 25 tax for income between 12 5 lakh to 15 lakh 30 tax for income above 15 lakh.