What is the rate of Service Tax in 2011 12?
The rate of Service Tax is 14% (including education cess), payable on the “gross value of taxable service”. In addition to this, Swach Bharat Cess at the rate of 0.5% and Krishi Kalyan Cess at the rate of 0.5 and is payable on the Service Tax amount.
What is income-tax slab for AY 2020 21?
Also Read: Income Tax Slab for FY 2020-21 Part 2:
| Income Tax Slabs | Tax Rates |
|---|---|
| Up to ₹3,00,000 | Nil |
| Within the tax bracket of ₹3,00,000 to ₹5,00,000 | 5% |
| Within the tax bracket of ₹5,00,001 to ₹10,00,000 | ₹10,000 + 20% of total income exceeding ₹5,00,000 |
| Above ₹10,00,000 | ₹1,10,000 + 30% of total income exceeding ₹10,00,000 |
What is the tax slab for 2019 2020?
Tax Rates for Individuals as per budget 2019-2020
| Income Tax Slab (in Rupees) | Tax Rate for Individual Below the Age Of 60 Years |
|---|---|
| 0 to 2,50,000* | Nil |
| 2,50,001 to 5,00,000 | 5% of total income exceeding 2,50,000 |
| 5,00,001 to 10,00,000 | Tax Amount of 12,500 for the income up to 5,00,000 + 20% of total income exceeding 5,00,000 |
What is the exemption limit for income tax 2020-21?
Summary of Slab & Deductions under Income Tax AY 2020-21
| CATEGORY | <60 | <80 |
|---|---|---|
| Basic Exemption Limit | ₹ 2,50,000 | ₹ 3,00,000 |
| Recalculating The Maximum Total Income At Which , There Is No Tax | ||
| Total Income After Deductions | ₹ 5,00,000 | ₹ 5,00,000 |
| Tax On Total Income | ₹ 12,500 | ₹ 10,000 |
What is the basic exemption limit for AY 2020-21?
₹2,50,000
Income Tax Slab FY 2020-21 for a non-resident taxpayer who is 35 years of age with an income of ₹ 15,00,000. The no-tax limit or the basic exemption limit for non-residents is ₹2,50,000 irrespective of their age.
What is the new income tax slab for 2022-23?
1.2 Individuals or HUF opting for Alternate Tax Regime *(Section 115BAC)
| Net Income Range | Rate of Income-tax | |
|---|---|---|
| Assessment Year 2022-23 | Assessment Year 2023-24 | |
| Up to Rs. 2,50,000 | – | – |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 10% | 10% |
What is the income tax slab for AY 2022-23?
Income Tax Slab Rate for FY 2021-2022- Applicable for New Tax Regime
| Income Slab (in Rs.) | Income Tax Rate |
|---|---|
| 7,50,000- 10,00,000 & above | 15% of the amount exceeding Rs. 7,50,000 + Rs. 37,500 |
| 10,00,000 – 1,250,000 | 20% of the amount exceeding Rs. 10,00,000 + Rs. 75,000 |
What are current tax slabs?
Income Tax Slabs & Rates
| Income Tax Slab | Tax rates as per new regime |
|---|---|
| ₹0 – ₹2,50,000 | Nil |
| ₹2,50,001 – ₹ 5,00,000 | 5% |
| ₹5,00,001 – ₹ 7,50,000 | ₹12500 + 10% of total income exceeding ₹5,00,000 |
| ₹7,50,001 – ₹ 10,00,000 | ₹37500 + 15% of total income exceeding ₹7,50,000 |
Does ay 2020/21 have standard deduction?
Standard deduction means a flat deduction to individuals earning salary or pension income. It was introduced back in Budget 2018 in lieu of exemption of transport allowance and reimbursement of miscellaneous medical expenses. FY 2020-21 the limit of the standard deduction is Rs 50,000.
What was the Service Tax rate in 2010 11?
10%
The Finance Minister Shri Pranab Mukherjee while presenting the Union Budget 2010-11 in Lok Sabha today announced that rate of tax on services will be retained at 10% to pave the way forward for Goods and Services Tax (GST).
What was the Service Tax rate in 2013 14?
In Budget 2013 ,No change has been proposed to amend basic Service Tax rates it remains at 12% plus 3 % surcharge. However there are amendment in Negative list (addition /deletions) and abatement rates,penalties and a new Amnesty Scheme for service Tax defaulters has been proposed.
Is there any standard deduction for AY 2021 22?
For FY 2021-22, the limit of the standard deduction is Rs 50,000. In this guide, let’s cover what deductions are available from the salary and pension income of an individual.
What is the income tax slab for AY 2021/22 for senior?
How is slab rate calculated?
House Rent Allowance (HRA)…3. For Super Senior Citizens (more than 80 years)
| Range | Tax Rates | Tax Amount |
|---|---|---|
| From Rs 5,00,000 to Rs 10,00,000 | 20% | 42,560 (20% of(Rs7,12,000- Rs 5,00,000)) |
| More than Rs 10,00,000 | 30% | Nil |
| Cess | 4% | 2202.4 (4% of(( Rs 12,500+Rs 42,560)) |
| Total Income Tax | Rs 56,711.80 (Rs 12,500+Rs 42,560+ 1651.8)) |
What is the income tax slab for AY 2021/22 for seniors?