For ascertaining income tax, as a matter of first importance, actual yearly taxable income is determined and taxed as per Income Tax Slabs.
Income Tax Slab For Individuals Aged Less Than 60 Years
NOTE:
– The enhanced surcharge rates – 25% and 37% is not applicable to certain specified incomes i.e., Short Term Capital Gains under Section 111A, Long Term Capital Gain under Section 112A, Short Term or Long Term Capital Gain under Section 115AD(1)(b).
– Taxpayers will be entitled to rebate under Section 87A, if the total income does not exceed Rs. 5 lacs. The amount of rebate is 100% or Rs. 12,500, whichever is less.
Also Read: How to treat income from transfer of shares?
Tax Slab For Individuals Aged More Than 60 Years But Less Than 80 Years
NOTE:
– The enhanced surcharge rates – 25% and 37% is not applicable to certain specified incomes i.e., Short Term Capital Gains under Section 111A, Long Term Capital Gain under Section 112A, Short Term or Long Term Capital Gain under Section 115AD(1)(b).
– Taxpayers will be entitled to rebate under Section 87A, if the total income does not exceed Rs. 5 lacs. The amount of rebate is 100% or Rs. 12,500, whichever is less.
Tax Slab For Individuals Aged More Than 80 Years
NOTE:The enhanced surcharge rates – 25% and 37% is not applicable to certain specified incomes i.e., Short Term Capital Gains under Section 111A, Long Term Capital Gain under Section 112A, Short Term or Long Term Capital Gain under Section 115AD(1)(b).
Income Tax Slab Rates For HUF/AOP/BOI/Any Other Artificial Juridical Person:
income tax slabs for domestic companies
A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year.
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Income Tax Slabs for partnership firm
The partnership firms are taxed at a flat rate of 30%.
Income Tax Slabs for Local Authority
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Extension In Filing Of Income Tax Return
As per the Income Tax Act, the last date for filing TDS returns for an employer is May 31 of each financial year and Form 16 has to be issued latest by June 15 of that financial year, unless the date is extended by the government.
Due to the current situation of the economy and lockdown caused due to the pandemic COVID-19, the Government of India on 13th May, 2020 announced the extension of period in filing of income tax return. The date of filing income tax returns for the Financial Year 2019-2020 has been extended from #1st July, 2020 to 1st November, 2020
Before the extension of deadlines for Financial Year 2019-2020, the deadline for filing TDS returns for employers was May 31, 2020 and the date of issuing Form 16 was June 15, 2020.
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