Table of Contents
What is the income tax slab for FY 2020 21?
New Tax regime Slab rates for domestic companies for FY 2020-21. h. Income tax rate for Partnership firm or LLP as per old/ new regime….
| Income Tax Slab | Individuals Below The Age Of 60 Years – Income Tax Slabs |
|---|---|
| Up to Rs 2.5 lakh | NIL |
| Rs. 2.5 lakh -Rs. 5 lakh | 5% |
| Rs 5.00 lakh – Rs 10 lakh | 20% |
| > Rs 10.00 lakh | 30% |
How do you calculate assessment year?
Assessment year is the year just succeeding the Financial Year. For e.g. Income earned in the current Financial Year 2020-21 (i.e. from 1st April 2020 to 31st March 2021) will become taxable in Assessment Year 2021-22 (i.e. from 1st April 2021 to 31st March 2022).
What is FY 2019/20 tax slab?
What are the Income Tax slab rates for AY 2019-20?
| Income | Tax |
|---|---|
| Up to Rs 2,50,000 | No tax |
| Rs 2,50,000 to Rs 5,00,000 | 5% on income more than Rs 2.5 lakh subject to a maximum of Rs 12,500 |
| Rs 500,000 to Rs 10,00, 000 | 20% on income exceeding Rs 500,000 subject to a maximum of Rs 1 lakh plus Rs 12,500 |
What is the old tax slab?
Tax Slabs and Rates under the New Regime
| Annual Income (Rs.) | Old Tax Rate | New Tax Rate |
|---|---|---|
| Up to Rs. 2.5 lakhs | Nil | Nil |
| Rs. 2.5 lakhs to Rs. 5 lakhs | 5% | 5% |
| Rs. 5 lakhs to Rs. 7.5 lakhs | 20% | 10% |
| Rs. 7.5 lakhs to Rs. 10 lakhs | 20% | 15% |
What is the assessment year for 2021?
What is the PF/ESIC rate of deduction for both employees?
PF / ESIC rate of deduction for both Employee & Employer contribution » Sensys Blog. The Provident Fund (PF) contribution is 12% of PF Wages from both employee and employer. For the calculation, the maximum limit of Basic is Rs 6500/-.
What is the PF contribution for an employee above Rs 6500?
It means even if the employee’s PF Wages is above Rs 6500/-, the employer is liable to contribute only on Rs 6500/-, that is Rs 780/-. However if an employee so desires he may voluntarily contribute more than 12%.
Where is the PF amount deposited in employee a/C?
View Answer. Normally whole share of Employee and Employer PF (EPF, EPS and Difference) is deposited with PF Department in Employee A/c. Whole amount is recovered on retirement of Employee or as pension. To cover salary and office expenses of PF Department, PF Admin Charges are also recovered from the employer.
What is the maximum amount of PF contribution in India?
The Provident Fund (PF) contribution is 12% of PF Wages from both employee and employer. For the calculation, the maximum limit of Basic is Rs 6500/-.