Company is not claiming any deduction u/s 10AA or 32(1)(iia) or 32AD or 33AB or 33ABA or 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB) or 35AD or 35CCC or 35CCD or section 80H to 80TT (Other than 80JJAA). Note 2: Section 115BAA - Total income of a company is taxable at the rate of 22% (from A.Y 2020-21), if the following conditions are satisfied: Company cannot claim any brought forwarded losses (if such loss is related to the deductions specified in above point). Note 1: Section 115BA - A domestic company which is registered on or after Maand engaged in the business of manufacture or production of any article or thing and research in relation to (or distribution of) such article or thing manufactured or produced by it and also It is not claiming any deduction u/s 10AA, 32AC, 32AD, 33AB, 33ABA, 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB), 35AC, 35AD, 35CCC, 35CCD, section 80H to 80TT (Other than 80JJAA) or additional depreciation, can opt section 115BA on or before the due date of return by filing Form 10-IB online. If company opted for section 115BAB (Note 3) If company opted for section 115BAA (Note 2) If turnover or gross receipt of the company does not exceed Rs. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. Income Tax Slab Rate for Local Authority:Ī local authority is Income taxable at 30%.Ī domestic company is taxable at 30%.1 croreĮducation cess: 4% of Income tax plus surcharge Surcharge: 12% of Income tax where total income exceeds Rs. 2.Income Tax Rates for AOP/BOI/Any other Artificial Juridical Person:Ī partnership firm (including LLP) is taxable at 30%.To know about this optional New Scheme which is optional for individual and HUF rebate under section 87A is available in both scheme I.e. The amount of rebate shall be 100% of income-tax or Rs. Note:A resident or Resident but not Ordinarily Resident individual is entitled to rebate under section 87A if his total income does not exceed Rs. short-term capital gain u/s 111A, long-term capital gain u/s 112A & short-term or long-term capital gain u/s 115AD(1)(b).Įducation cess: 4% of income tax plus surcharge Note: Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes I.e. A) 10% of Income tax where total income exceeds Rs.50 lakhī) 15% of Income tax where total income exceeds Rs.1 croreĬ) 25% of Income tax where total income exceeds Rs.2 croreĭ) 37% of Income tax where total income exceeds Rs.5 crore
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