Employer’s (company)contribution to (12% (10% nps) basic salary + DA)Employees’ Provident Fund (EPF), superannuation fund and NPS above Rs 7.5 lakh year 62500/pm toproposed be taxed in the hands of employer.
section 80CCD (2) for the employee subject to maximum deduction of 10 percent of basic salary + DA.
₹30 lakh, aggregate amount of employer contribution could be:
PF employers contribution: 3.60 lakh (12%)
NPS: ₹3 lakh (10%)
Superannuation Fund: (pension fund by employer) ₹1.50 lakh
Total investment: ₹8.10 lakh (EET Status to tax)*
Rs 60,000 – the difference between Rs 8.1 lakh and Rs 7.5 lakh – based on the proposal.
Income tax slab for 2021-22 HUF & Individuals without deductions
Income
Individual (all 60,80+)
Up to 2.5 Lakhs
Nil
2.5 to 5 Lakhs
5%
5-7.5 lakhs
10%
7.5-10 lakhs
15%
10 to 12.5 lakhs
20%
12.5 to 15 lakh
25%
Above 15 lakhs
30%
you can choose either new slab or old slab with exemptions (so who wants to buy insurance & invest in elss if there is no tax benefit)
Budget 2020: some directions: 50,000 standard deduction, 80c (1.5 lakhs) HRA, LTA (Home loan interest rate upto 2 lakhs , health insurance, ) upto 70 deductions donation to trust ,will be removed.
Dviddens now taxed in the hands tax prayer. according income tax slab.
Income tax slab for 2020-21 HUF & Individuals (with deductions)
Income
Individual (Age less than 60 Years)
Senior Citizen (Age above 60 Years)
Super Senior Citizen (Age above 80 Years)
Up to 2.5 Lakhs
Nil
Nil
Nil
2.5 to 3 Lakhs
5%
Nil
Nil
3-5 lakhs
5%
5%
Nil
5-10 lakhs
20%
20%
20%
10 lakhs above
30%
30%
30%
Section 87A rebate 12,500 if taxable income upto 5 lakhs.
Standard deduction: 50,000
health & education cess 4% income tax + surcharge
Difference between assessment year and FInancial Year
Ex: this financial years starts from April 1st 2020 and End in March 2021.
The assessment year (AY) is the year that comes after the FY. This is the time in which the income earned during last Financial Year is assessed and taxed.
Assessment year will be 2021 to 22 march 31st. ( from AY April 2020 – 21 we have pay tax for april FY 2019 april to march 31st 2020.
Income tax slab for 2019-20 HUF & Individuals
Income
Individual (Age less than 60 Years)
Senior Citizen (Age above 60 Years)
Super Senior Citizen (Age above 80 Years)
Up to 2.5 Lakhs
Nil
Nil
Nil
2.5 to 3 Lakhs
5%
Nil
Nil
3-5 lakhs
5%
5%
Nil
5-10 lakhs
20%
20%
20%
10 lakhs above
30%
30%
30%
Tax Rates* for Corporate Assessee for the A.Y. 2019-20
Status of Taxpayer
Rates of income-tax
Firms/Local Authority
30%
Domestic Company
30%/25% #
Foreign Company
40%
# Tax rate is 25% if turnover or gross receipts of the domestic company in the previous year 2016-17 doesn’t exceed Rs. 250 crore
Co-operatives Societies for the A.Y. 2019-20
Income
Rates of income-tax
Up to Rs. 10,000
10%
Rs.10,000 – Rs.20,000
20%
Above Rs. 20,000
30%
Surcharge for AY 2019-20
Particulars
Taxable Income
50 Lacs to 1 Crore
1 Crore to 10 Crores
Exceeding 10 Crores
Individuals/HUF
10%
15%
15%
Firm/ Local Authority/ Co-operative Society
Nil
12%
12%
Domestic Company
Nil
7%
12%
Foreign Company
Nil
2%
5%
Co-operative Societies
Nil
12%
12%
- The last date to file ITR Individual / LLP / partnership (Non – Audit cases) July 31st.
- Individual LLP PVT ltd ( Audit cases ) 30th September.
Income tax slab forAY 2018-19
Income Tax Slabs
Tax Rate
Income up to Rs 2,50,000*
No tax
Income from Rs 2,50,000 – Rs 5,00,000
5%
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000
30%
Senior Citizens (60 – 80 Years )
Income Tax Slabs
Tax Rate
Income up to Rs 3,00,000*
No tax
Income from Rs 3,00,000 – Rs 5,00,000
5%
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000
30%
Senior Citizens(80 Years Old Or More)
Income Tax Slabs
Tax Rate
Income up to Rs 5,00,000*
No tax
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000
30%
Domestic Companies for FY 2018-19
Turnover Particulars
Tax Rate
Gross turnover up to 250 Cr. in the previous year
25%
Gross turnover exceeding 250 Cr. in the previous year
29%
Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of the income tax, where the total income exceeds Rs.1 crore.
Individual Tax Payers & HUF (Below << 60) for FY 2017-18
Income Tax Slabs
Tax Rate
Income up to Rs 2,50,000*
No tax
Income from Rs 2,50,000 – Rs 5,00,000
5%
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000
30%
Senior Citizens (60 – 80 Years ) for FY 2017-18
Income Tax Slabs
Tax Rate
Income up to Rs 3,00,000*
No tax
Income from Rs 3,00,000 – Rs 5,00,000
5%
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000
30%
Senior Citizens (60 – 80 Years ) for FY 2017-18
Income Tax Slabs
Tax Rate
Income up to Rs 3,00,000*
No tax
Income from Rs 3,00,000 – Rs 5,00,000
5%
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000
30%
Senior Citizens(80 Years++) for FY 2017-18
Income Tax Slabs
Tax Rate
Income up to Rs 5,00,000*
No tax
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000
30%