1. What are the types of assesse other than Individuals?
The following are the types of assesse other than Individuals: -
- Hindu Undivided Family (HUF).
- Partnership Firm.
- Company.
- Association of Persons (AOP) or Body of Individuals (BOI).
- Local Authority.
- Artificial Juridicial Body (not covered under any of the above – mentioned categories).
2. Slab rate for HUF under old and new scheme?
Slab rate for HUF under old scheme is as follows: -
|
Annual Taxable Income |
Tax Rate |
|
Upto Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000 to Rs. 5,00,000 |
5% |
|
Rs. 5,00,000 to Rs. 10,00,000 |
10% |
|
Above Rs. 10,00,000 |
30% |
Slab rate for HUF under new scheme is as follows: -
|
Annual Taxable Income |
Tax Rate |
|
Upto Rs. 4,00,000 |
Nil |
|
Rs. 4,00,000 – Rs. 8,00,000 |
5% |
|
Rs. 8,00,000 – Rs. 12,00,000 |
10% |
|
Rs. 12,00,000 – Rs. 16,00,000 |
15% |
|
Rs. 16,00,000 – Rs. 20,00,000 |
20% |
|
Rs. 20,00,000 – Rs. 24,00,000 |
25% |
|
Above Rs. 24,00,000 |
30% |
Surcharge for HUF
|
Net Taxable Income |
Surcharge under new scheme |
Surcharge under old scheme |
|
Less than Rs. 50,00,000 |
Nil |
Nil |
|
More than Rs. 50,00,000 less than Rs. 1,00,00,000 |
10% |
10% |
|
More than Rs 1 crore less than Rs. 2 crores |
15% |
15% |
|
More than Rs. 2 crores less than Rs. 5 crores |
25% |
25% |
|
More than Rs. 5 crores. |
25% |
37% |
In addition to tax and surcharges CESS of 4% is applied to HUF.
For Dividends and Capital Gain taxable under 111A, 112A and 115D highest rate of surcharge will be 15%.
3. Slab rates for Companies?
Tax slab for domestic company is as follows: -
|
Condition |
Slab Rate |
|
Total turnover or gross receipts during the previous year does not exceeds Rs. 400 crores |
25% |
|
If opted for Section 115BAA |
22% |
|
If opted for Section 115BAB |
15% |
|
Any other company |
30% |
Surcharge: -
In case company is opting for Section 115BAA & 115BAB the surcharge will be 10% irrespective of the income.
In any other cases Surcharge will be as follows: -
|
Company Income |
Rate |
|
If income is more than Rs. 1 crore and less than Rs. 10 crores |
7% |
|
If income is more than Rs. 10 crores |
12% |
In addition to this CESS will be applicable @ 4%.
Tax slab for foreign companies
|
Nature of Income |
Tax Rate |
|
Royalty received or fees for technical services from government or any Indian concern under an agreement made before April 1, 1976, and approved by central government |
50% |
|
Any other income earned |
35% |
Surcharge: -
|
Company Income |
Rate |
|
If income is more than Rs. 1 crore and less than Rs. 10 crores |
2% |
|
If income is more than Rs. 10 crores |
5% |
In addition to this CESS will be applicable @ 4%.
4. Slab rate in case of Partnership Firms, LLP & Local Authority?
Tax rate will be flat 30% on income except special rate incomes.
Surcharge: -
Surcharge @ 12% if total income is more than Rs. 1 crore.
In addition to this CESS will be applicable @ 4%.
5. Slab Rate for Association of Persons?
There is no slab rate under new regime for Association of Persons, the slab rate for Association of Persons under old scheme is as follows: -
|
Annual Taxable Income |
Tax Rate |
|
Upto Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000 to Rs. 5,00,000 |
5% |
|
Rs. 5,00,000 to Rs. 10,00,000 |
10% |
|
Above Rs. 10,00,000 |
30% |
Surcharge
|
Annual Taxable Income |
Surcharge under new scheme |
Surcharge under old scheme |
|
Less than Rs. 50,00,000 |
Nil |
Nil |
|
More than Rs. 50,00,000 less than Rs. 1,00,00,000 |
10% |
10% |
|
More than Rs 1 crore less than Rs. 2 crores |
15% |
15% |
|
More than Rs. 2 crores less than Rs. 5 crores |
25% |
25% |
|
More than Rs. 5 crores. |
25% |
37% |
In addition to tax and surcharges CESS of 4% is applied.
For Dividends and Capital Gain taxable under 111A, 112A and 115D highest rate of surcharge will be 15%.
6. Slab rate for Co. operative society?
Slab for Co. operative society is as follows: -
|
Annual Taxable Income |
Rate |
|
Upto Rs. 10,000 |
10% |
|
Above Rs. 10,000 – Rs. 20,000 |
20% |
|
Above Rs. 20,000 |
30% |
Surcharge: -
|
Annual Taxable Income |
Rate |
|
If income is more than Rs. 1 crore and less than Rs. 10 crores |
7% |
|
If income is more than Rs. 10 crores |
12% |
In addition to this CESS will be applicable @ 4%.
7. Slab Rate for Body of Individuals?
There is no slab rate under new regime for Body of Individuals, the slab rate for BOI under old scheme is as follows: -
|
Annual Taxable Income |
Tax Rate |
|
Upto Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000 to Rs. 5,00,000 |
5% |
|
Rs. 5,00,000 to Rs. 10,00,000 |
10% |
|
Above Rs. 10,00,000 |
30% |
Surcharge
|
Annual Taxable Income |
Surcharge under new scheme |
Surcharge under old scheme |
|
Less than Rs. 50,00,000 |
Nil |
Nil |
|
More than Rs. 50,00,000 less than Rs. 1,00,00,000 |
10% |
10% |
|
More than Rs 1 crore less than Rs. 2 crores |
15% |
15% |
|
More than Rs. 2 crores less than Rs. 5 crores |
25% |
25% |
|
More than Rs. 5 crores. |
25% |
37% |
In addition to tax and surcharges CESS of 4% is applied.
For Dividends and Capital Gain taxable under 111A, 112A and 115D highest rate of surcharge will be 15%.
8. Slab Rate for Artificial Juridical Person?
There is no slab rate under new regime for Artificial Juridical Person, the slab rate for Artificial Juridical Person under old scheme is as follows: -
|
Annual Taxable Income |
Tax Rate |
|
Upto Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000 to Rs. 5,00,000 |
5% |
|
Rs. 5,00,000 to Rs. 10,00,000 |
10% |
|
Above Rs. 10,00,000 |
30% |
Surcharge
|
Annual Taxable Income |
Surcharge under new scheme |
Surcharge under old scheme |
|
Less than Rs. 50,00,000 |
Nil |
Nil |
|
More than Rs. 50,00,000 less than Rs. 1,00,00,000 |
10% |
10% |
|
More than Rs 1 crore less than Rs. 2 crores |
15% |
15% |
|
More than Rs. 2 crores less than Rs. 5 crores |
25% |
25% |
|
More than Rs. 5 crores. |
25% |
37% |
In addition to tax and surcharges CESS of 4% is applied.
For Dividends and Capital Gain taxable under 111A, 112A and 115D highest rate of surcharge will be 15%.