What to know?
Income tax: –
1. Individuals (below the age of 60 years) which includes residents as well as non-residents
2. Resident Senior citizens (60 years and above but below 80 years of age) 3. Resident Super senior citizens (above 80 years of age)
Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20 – Part I
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2019-20 – Part II
Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 – Part III
Income Tax Slabs for Domestic Companies for FY 2019-20 – Part IV
In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%
(Economy)(Indian express, cleartax)
Pic courtesy:TheFinancialExpress
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