What is income tax slab rate for FY 2020-21?
» Points to remember while opting for the new tax regime:
Option to be exercised on or before the due date of filing return of income for AY 2021-22.
In case a taxpayer has a business income and exercised the option, he/she can withdraw from the option only once. A business taxpayer withdrawing from the optional tax regime has to follow the regular income tax slabs.
According to the current income tax laws in India, the income tax rate on resident individuals varies based on their age. There are different tax slabs applicable to the individuals for the financial year 2018-19 and 2019-20. For instance, a resident individual, aged below 60 years, with an income less than Rs 2.5 lacs is exempt from paying income tax.
Introduction and Basic Concept of Income Tax
What is Income Tax ? An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess ...
FAQs on Income Tax
FAQs 1. How much penalties for not filing ITR? The Penalties for not filing ITR are given in the table below: - E-filing date Income below Rs 5,00,000 Income above Rs 5,00,000 Up to 31st July 2020 0 0 Between 31st July to 31st December 2020 Rs ...
How to register on income tax portal?
You can follow below mentioned steps to register on Income Tax India e-Filing Government Website- • Prerequisite for Individual Users Before taxpayers start registration, ensure the following details should be hand-in-hand. ...
Corporates: Income Tax rate applicable and Deductions Available
Direct Tax levied on the income of a corporate can be a considerable amount of money that has to be paid by the assessee to the government every year. But if the business is conducted keeping in mind various exemptions and deductions available for ...
Section 206AA - TDS at a higher rate (Applicability and Withdrawal)
This article will explain the grounds where TDS is deducted at a higher rate as per section 206AA and not at the rate as prescribed by Income Tax Act. However, there are few exceptions where withdrawal of this section applies. Let us study the same. ...