What is the tax rate in India 2020?

What is the tax rate in India 2020?

Income tax slab rate applicable for New Tax regime – FY 2020-21.

Income Tax Slab New Regime Income Tax Slab Rates FY 2020-21 (Applicable for All Individuals & HUF)
Rs. 5.00 lakhs- Rs 7.5 Lakhs 10%
Rs 7.5 lakhs – Rs 10.00 Lakhs 15%
Rs 10.00 lakhs – Rs. 12.50 Lakhs 20%
Rs. 12.5 lakhs- Rs. 15.00 Lakhs 25%

What is the new tax slab for 2020 2021?

New Income Tax Slab for FY 2020-21 & AY 2021-22

Annual Income New Tax Regime Old Tax Regime
Rs.2.5 lakh – Rs.5 lakh 5%* 5%*
Rs.5 lakh – Rs.7.5 lakh 10% 20%
Rs.7.5 lakh – Rs.10 lakh 15% 20%
Rs.10 lakh – Rs.12.5 lakh 20% 30%

Which income tax slab is better Old or new?

Under the new tax regime tax is payable at lower slab rates on the income up to Rs. 15 lakh as compared to old regime. Under the new regime tax slabs rates of 5%, 10%, 15%, 20% and 25% are applicable on each successive increase of Rs. 2.50 lakh starting from the basic exemption of Rs.

Can I file my ITR for AY 2020/21 now?

Q- Can I file ITR for AY 2020-21 (FY 2019-20) now? Ans. Yes, the Income Tax Return for AY 2020-21 can be done now.

What is the corporate tax rate in India?

The corporate tax rate in India is at 30%, China 25%, US 35% and in some cases 47% while in the UK it is 20%.

Is corporate tax rate high in India?

Corporate tax rates in India are one of the highest in the world. According to an OECD report, of the 94 jurisdictions covered, 18 had statutory tax rates equal to or above 30 per cent in 2018 with India having the highest statutory tax rate at 48.3 per cent, which includes a tax on distributed dividends.

What are different types of tax deductions in India?

National Saving Certificate (NSC)

  • Senior Citizen Savings Scheme (SCSS)
  • Post Office Time Deposit (POTD)
  • Unit-linked Insurance Plans (ULIP)
  • When should I pay income tax in India?

    All taxpayers are expected to pay income tax at regular intervals. While the total tax liability for the year is payable by 31st March of each year, the government encourages installment payments of income tax throughout the year in order to ensure a regular inflow of money to fund its expenditure.

    Share this post