India income tax slab 2020

    • [PDF File]Toolkit – Tax & Regulatory laws of India - Invest India

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      Income Tax is levied under the Income-tax Act, 1961 (ITA), which is administered by Central Government. It applies to all individual, companies, firms, Limited Liability Partnerships (LLPs), association of persons and other artificial juridical persons. A tax year (referred to as FinancialYear [or

    • [PDF File]Tax Alert | Delivering clarity - Deloitte

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      Parliament, just before adjourning, enacted the Finance Bill 2020 (FB 2020) which contains the tax proposals for the coming Financial Year 2020-21. The Finance Act has now received Presidential assent on 27 March 2020. The provisions of the Finance Act 2020 (FA 2020) will now get incorporated in the Income-tax Act, 1961 (Act) from 1 April 2020.

    • [PDF File]INCOME TAX RATES

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      payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of Rs. 10 crore by more than the amount of income that exceeds Rs. 10 crore Health & Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge. Minimum Alternate Tax for A.Y. 2021-22 and A.Y. 2022-

    • [PDF File]Tax Rates - Central Board of Direct Taxes, Government of India

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      under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 12,500, whichever is less. Non-resident individual/HUF Net income range Income-tax rates Health and Education Cess Up to Rs. 2,50,000 Nil Nil

    • [PDF File]Tax Reckoner 2020-21 - Tata Mutual Fund

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      The rates are applicable for the financial year 2020-21 as perthe Finance Act,2020 Income-tax implications on income in respect of units of Mutual Fund Type of Investor Withholding tax rate Resident 10%* NRI 20%** The Finance Act, 2020 abolished income distribution tax and instead introduced taxing of income from mutual fund units in the hands ...

    • [PDF File]ANALYSIS OF TAX IMPACT ON INDIVIDUALS (With reference to changes in ...

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      (With reference to changes in income tax slab for FY 2020-21) Vishal Yadav, Mohit Tiwari Indira College of Engineering and Management ... The government has already defended its tax move and said 90 per cent income tax filers in India claim tax deductions less than Rs.2lakh. At least 5.3crore people of 5.78crore claimed deductions of less than ...

    • [PDF File]Income Tax Rates: For AY 2021 22 (New) & A.Y. 2020 21 (Old) - IRTSA

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      Income Tax Slab Rate for AY 2021-22 & AY 2020-21 for Individuals: 1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant ... being a resident in India, who is of the age of 80 years or more at any time during the previous year: Income-Tax rate AY 2021-22 Income-Tax rate AY 2020-21 Up ...

    • Income tax slab rates in India for FY 2020-21 i.e. AY 2021-22 for ...

      The Income tax slab rates for different types of Assessee’s for FY 2020-21 i.e. year ending 31.03.2021 is as under: Income Tax Slab Rate for resident Individual (i.e. men/women) below 60 Years of Age: Income Tax Slab Income Tax Slab Rate Income upto ₹ 2,50,000 Nil Income between ₹ 2,50,001 – ₹ 500,000 5% of Income exceeding ₹ 2,50,000

    • [PDF File]TAX ON LONG-TERM CAPITAL GAINS

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      May, 2020. Capital gain on such sale amounted to Rs. 8,40,000. In this case the house property is a short-term capital asset and, hence, gain of Rs. 8,40,000 will be charged to tax as short-term capital gain. Reason for bifurcation of capital gains into long-term and short-term gains :–

    • EY Tax Alert

      tax laws in India” dated 25 June 2020, (b) Tax alert titled as “COVID-19 impact – Government of India provides further extension in due date for filing returns for tax year 2018-19 and relief to ... Income Tax Laws and VSV Act, 2020” dated 1 January 2021 and (‘e)Tax alert titled as “CBDT ...

    • [PDF File]India Economic Survey 2019-20: Key highlights - KPMG

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      • The key to unleash the growth potential of India in 2020-21 depends highly on easing of financial stress in the economy. The government will have to support the financial sector ... to 2018-19 PA backed by improved corporate and personal income tax. On the indirect taxes front, the actual receipts fell short to budget expectations by 20.6 ...

    • [PDF File]THE FINANCE BILL, 2020

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      Income-tax Act: Provided further that in respect of any income chargeable to tax under section 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BA, 115BB, 115BBA, 115BBC, 115BBD, 115BBDA, 115BBF, 115BBG, 115E, 115JB or 115JC of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for the

    • [PDF File]Income Tax Slabs - IRTSA

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      Author: HARCHANDAN SINGH Created Date: 2/4/2020 12:10:26 PM

    • [PDF File]COMPARATIVE STUDY ON INCOME TAX PLANNING IN SLAB RATE 2019-20 & 2020-21

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      114 Inspira- Journal of Commerce, Economics & Computer Science: Volume 06, No. 01, January-March, 2020 Income tax slab rate for senior citizen (Age 60 years or more but less than 80 years ) Income Tax Slab Income Tax Rate Income upto 3,00,000 Nil ... Desai G.D., in her dissertation entitled ‘A Review of Direct Tax Reforms in India’ has took a

    • [PDF File]TAX TREATMENT OF DIVIDEND RECEIVED FROM COMPANY

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      Up to Assessment Year 2020-21, if a shareholder gets dividend from a domestic company ... deduction under any provisions of the Income-tax Act. However, dividend income of an ... credit of taxes paid by the assessee in the source country. Thus, the dividend income shall be taxable in India as per provisions of the Act or as per relevant DTAA ...

    • [PDF File]Range of Income Range of Income - Coal India

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      The Finance Act, 2020, has provided an option to Individuals and HUF for payment of taxes at the following reduced rates from Assessment Year 2021-22 and onwards: Total Income (Rs) Rate ... income-tax on total income of Rs. 5 crore by more than the amount of income that exceeds Rs. 5 crore. b. Health and Education Cess : Health and Education ...

    • [PDF File]TAX ON SHORT-TERM CAPITAL GAINS

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      Mr. Vikas is a salaried employee. In the month September, 2020 he purchased unlisted shares of ABC ltd. and sold the same in May 2021. (4) Mr. Vikas purchased shares in September 2020 and sold them May 2021, i.e. after holding them for a period of less than 24 months. Hence, shares will be treated as Short Term Capital Assets.

    • [PDF File]jftLVªh lañ Mhñ ,yñ ( ,u 04@0007@2003 20 - The Gazette of India

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      2 THE GAZETTE OF INDIA EXTRAORDINARY [P ART II— CHAPTER II RATES OF INCOME-TAX 2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment yearcommencing on the 1st day of April, 2020, income-tax shall be charged at the rates specified

    • [PDF File]Salary Income and Tax Implications For AY 2021-22

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      Perquisites allowed outside India by the Government to a ... The Rates for Charging Income Tax for Financial Year 2020–21 i.e. AY 2021–22 Other than Senior Citizen and Super Senior Citizen ... New Personal Income Tax Regime Income Slab Income Tax Upto 3,00,000 Nil Rs. 3,00,001 to Rs. 5,00,000 5%

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