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BLOG on Income Tax Management for - AY 2022-23 & 2023-24

Income-Tax Rates applicable for A.Y. 2019-20 in case of ‘FIRM’

A Firm is taxable at the rate of 30% for the assessment years 2018-19 and 2019-20.
 

Surcharge on Income-Tax :

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every firm, having a total income exceeding Rs.1 crore, be increased by a surcharge for the purposes of the Union calculated @ 12% of such income-tax:

Provided that in the case of every firm mentioned above having total income exceeding Rs. 1 crore, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.

Surcharge:

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such income-tax in case of a firm having a total income exceeding Rs. 1 crore.

Marginal relief:

The total amount payable as income-tax and surcharge on total income exceeding Rs. 1 crore shall not exceed the total amount payable as income-tax on a total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.

Health and Education Cess:

'Health and Education Cess (H&EC) on Income Tax' @ 4% on income tax (inclusive of surcharge, wherever applicable) shall be levied.

 

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Basic Concepts on Tax Systems in India
Basis of Charge (Residential Status)
Capital & Revenue- A Distinction Between As Per Income Tax ACT. 1961
Exempted Incomes : www.IncomeTaxManagement.Com
Income Tax Rates / Tax Slabs (AY-2018-2019 & 2019-2020) : For Co-operative Society
Income Tax Rates / Tax Slabs (AY-2018-2019 & 2019-2020) : For Company
Income Tax Rates / Tax Slabs (AY-2014-2015 & 2015-2016) : For Individuals (Males and Females both below the age of 60 years), HUFs, AOPs, BOls
Income Tax Rates / Tax Slabs (AY-2018-2019 & 2019-2020) : For Minimum Alternate Tax [MAT]
Income Tax Rates / Tax Slabs (AY-2018-2019 & 2019-2020) : For Partnership Firm
Wealth Tax Rates for the (AY-2018-2019 & 2019-2020)
Income Tax Rates / Tax Slabs (AY-2018-2019 & 2019-2020)
Section-wise Other Income Tax Rates [AY-2018-2019 & 2019-2020] Specified In The Income Tax Act.
Tax Rates applicable under Sections 115-O and 115QA during A.Y. 2019-20
Tax Rates for Tax Collection at Source ( TCS) U/s 206C during the A.Y. 2019-20
Tax Rates for Tax Deduction at Source (TDS) during the A.Y. 2019-20
Tax on Income distributed by UTI / Mutual Fund under section 115R during A.Y. 2019-20
Tax Holiday - FREE TRADE ZONE (FTZ)[ Section 10A]
Tax Holiday : SPECIAL ECONOMIC ZONE [ SECTION 10AA]
Tax Holiday : 100% EXPORT ORIENTED UNDERTAKINS( 100% E.O.U.) [Section-10B]
Tax Holiday : INCOME FROM EXPORT OF ARTISTIC HANDMADE Wooden Articles[Section-10BA]
Tax Holiday- Deduction (Sections 80-IA)
Tax Holiday- Deduction (Sections -80-IAB)
Tax Holiday- Deduction (Sections - 80IB )
Tax Holiday- Deduction (Sections - 80IC)
FREE TRADE ZONE (FTZ)[ Section 10A] : Tax Holiday (Sections 10A, 10AA, 10B & 10BA)
SPECIAL ECONOMIC ZONE [ SECTION 10AA] : Tax Holiday (Sections 10A, 10AA, 10B & 10BA)
100% EXPORT ORIENTED UNDERTAKINS( 100% E.O.U.) : Tax Holiday (Sections 10A, 10AA, 10B & 10BA)
INCOME FROM EXPORT OF ARTISTIC HANDMADE : Tax Holiday (Sections 10A, 10AA, 10B & 10BA)
Taxation Systems in India

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