Table of Contents
What is the assessment year 2013 14?
Income Tax Slab & Deductions FY 2013-14
| For Men below 60 years of age | For Senior Citizens (Age 60 years or more but less than 80 years) | |
|---|---|---|
| Income Level | Tax Rate | Income Level |
| Rs. 2,00,000 | Nil | Upto Rs. 2,50,000 |
| Rs. 2,00,001 – Rs. 500,000 | 10% | Rs. 2,50,001 – Rs. 500,000 |
| Rs. 500,001 – Rs. 10,00,000 | 20% | Rs. 500,001 – Rs. 10,00,000 |
What is surcharge and education cess on TDS?
In the case of non-resident person and company other than domestic company “Education Cess on Income-tax” and “Secondary and Higher Education Cess on Income-tax” shall be calculated at the rate of two percent. and one per cent. respectively, of income tax including surcharge, wherever applicable.
What is the exemption limit of income tax?
○ The exemption limit of income tax is up to ₹2.5 lakh for all Individuals, HUF below 60 years and NRIs for FY 2018-19. ○ An additional 4% health and education cess is applicable on the tax amount.
What is the TDS rate under section 195?
What is Section 195 TDS rate without PAN? All financial transactions liable for TDS will have tax deduction at a higher rate of 20% if the Permanent Account Number (PAN) of the payees is not available. This is also applicable to all non-residents in respect of payments/remittances liable to TDS.
How many slabs have been proposed in the new regime of income tax in the Union Budget 2020 21?
Under the old regime personal income above Rs 10 lakh is taxed at a rate of 30 per cent. However, under the new regime, there are three slabs above Rs 10 lakh. Personal income between Rs 10 lakh and Rs 12.5 lakh is taxed at a rate of 20 per cent under the new regime.
Which deductions are allowed in new tax regime?
Contribution By Employer Towards’ Employees NPS/EPF Account.
Who pays cess?
The cess is imposed on all taxpayers in India who pay taxes. If any tax is generated on income, regardless of the amount, he must pay a tax on that tax as well. Cess is paid to the Consolidated Fund of India, but it can only be used for particular purposes.