INCOME TAX SLAB FY 20-21 & 21-22 & 22-23 & 23-24

                                                                                          .

                                                                                          NEW TAX REGIME    Vs.    OLD TAX REGIME

Also employer has to collect FORM 12BB from employee and collect details of

[a] House Rent paid to name , PAN if exceeds 1 Lakh. Also this details will have to be furnished in Form 24q of qtry. return

For New Income TAX Rate u/s. 115 BAC : Exemption Not available:-

* Std.Deduction (Salary), Profession Tax, Interest on Housing Loan, Chapter VI deductions like 80C, 80 D, 80 G , LTA, HRA not available.

* Exemption deductions U/s. 10 , 32, 33 35 ,57 not available.

* Carried Forward Loss or depreciation from any earlier year is not allowed.

* Loss U/s. "Income from House Property" is not allowed to be set off against income under any other head. 

- Assessee who has Business Income - has chance to opt for Old Tax Regime back One Time.

- Individual / HUF does not have Business Income , the option New/Old regime can be exercised every year.

_____________________________________________________________________________________________________________________________

# Deduction U/s. 80 C to 80 U not allowed on STCG ( U/s. 111A ) and any LTCG .

_____________________________________________________________________________________________________________________________

<*>Income tax Rate for Partnership / LLP : 30 %

Add : Surcharge @ 12% above Income of Rs. 1 Crore.             +                     Health & Education Cess @ 4% of Income Tax

For Companies Income Tax rates : >

   

INCOME TAX CALCULATOR FOR AY 2016-17, 17-18, AY 2018-19

http://www.incometaxindia.gov.in /pages/tools/income-tax-calculator-234abc.aspx

Tax Rates from FY.08-09 onwards with several other details available in "ALL IN ONE TAX STRUCUTURE.PDF " . >> CLICK INCOME TAX AY09-10 TO 12-13

Courtesy :ICAI

[b] Interest paid for home loan - Lender Name, PAN to be collected and furnished in Form24 q  of qtrly. return.

TCS applicable from          1st October 2020

# Section 194 (Q)

# Gross Turnover of Seller above Rs. 10 Crore

# Sale to a Customer for the year above Rs. 50 Lakhs

# Receipt after 1st Oct. TCS  on Gross Receipt Less Rs.50 Lakhs.

# To be deducted and deposited on or before 7th of each month.

# TCS is on Amount Received , irrespective of Sale bill Value.

       TCS TAX RATES :

                                   UPTO 31 MARCH 2021     FROM 1st APRIL 2021

PAN / AADHAR                   0.075%                                  0.1%

without PAN/AADHAR      0.75%                                     1.0%

TDS RATES

            SECTION   NATURE                                                                  TAX SLAB      14/05/2020 to          01/04/20 to

                                                                                                                                                          31/03/2020              13/05/20  &

                                                                                                                                                                                                     FY 21 - 22 >> Onwards

_____________________________________________________________________________________________________________________________

 192 SALARY           AS PER SLAB 7.5 % 10 %

193 INTEREST ON SECURITIES 10,000 7.5 % 10 %

194 DIVIDEND   5,000 7.5 % 10 %

194 A INTEREST ( SENIOR 50,000 ) 40,000 7.5 % 10 %

194 C PAYMENT TO CONTRACTOR to Indl. / HUF 0.75%     1 %

PAYMENT OTHER THAN Indl. / HUF     2 %

194 D INSURANCE COMMISION / INDL. 15,000 3.75 %   5 %

194 D INSURANCE COMMISION / COMPANY 10 %

194 E PAYMENT TO NON RESIDENT 20 %

194 H COMMISSION /  BROKERAGE 15,000 3.75 %   5 %

194 I RENT PLANT / MACHINERY 240,000 1.50 %   2 %

194 IB RENT INDL. NOT LIABLE FOR TAX 50,000 P.M. 3.75 %   5 %

194 IA TRANSFER  /  SALE OF IMMOVABLE

      PROPERTY   50,00,000       1 %

194 IC JOINT DEVELOPOMENT AGREEMENT 7.5 % 10 %

194 J FEES FOR TECHNICAL SERVICES             30,000    1.5 %   2 %

     FEES FOR PROFESSIONAL 30,000             7.5 %             10 %

194 M COMMISSION , BROKERAGE, CONSULTANCY BY INDIVIDUAL WHO

ARE NOT LIABLE TO  DEDUCT TDS 50,00,000 3.75 % 5 %

194 N CASH WITHDRAWL FROM BANK 100,00,000   2 % 

FROM 1st OCTOBER 2024 - FOLLOWING RATES CHANGE :

194 M COMMISSION , BROKERAGE, CONSULTANCY BY INDIVIDUAL WHO

ARE NOT LIABLE TO  DEDUCT TDS 50,00,000 3.75 % 2%

194 IB RENT INDL. NOT LIABLE FOR TAX 50,000 P.M. 3.75 %     2 %


CAPITAL GAIN INDEX 


COST INFLATION INDEX

F.Y.       | C.I.Index |  F.Y.                |   C.I. Index

 _____________________________________  

                                         2012-13  200           2024-25  363         

2001-02    100  |    2013-14   220

2002-03  105  |    2014-15   240                          Indexed Cost = Cost x Index of sale Year / Index of Purchase Year

2003-04    109  |    2015-16   254    

2004-05  113  |    2016-17   264

2005-06    117 |    2017-18   272

2006-07 122  |   2018-19   280

2007-08 129  |    2019-20   289

2008-09 137  |    2020-21   301

2009-10 148  |    2021-22   317

2010-11 167  |    2022-23   331

2011-12   184   |     2023-24  348         

_______________________________________________________________________________________________________________________________________________________________________

Sl.No Financial Year Cost Inflation Index Sl.No Financial Year Cost Inflation Index

1 1981-82 100 23 2003-04 463

2 1982-83 109 24 2004-05 480

3 1983-84 116 25 2005-06 497

4 1984-85 125 26 2006-07 519

5 1985-86 133 27 2007-08 551

6 1986-87 140 28 2008-09 582

7 1987-88 150 29 2009-10 632

8 1988-89 161 30 2010-11 711

9 1989-90 172 31 2011-12 785

10 1990-91 182 32 2012-13 852

11 1991-92 199 33 2013-14 939

12 1992-93 223 34 2014-15 1024

13 1993-94 244 35 2015-16 1081

14 1994-95 259 36 2016-17 1125

15 1995-96 281 37 2017-18 1159

16 1996-97 305 38 2018-19 1193

17 1997-98 331 39 2019-20 1232

18 1998-99 351 40 2020-21 1283

19 1999-00 389 41 2021-22 1351

20 2000-01 406 42 2022-23 1410

21 2001-02 426 43 2023-24 1483

22 2002-03 447                                        


We Are

CA Nipun D. Mehta 

   CA  Ullas R. Sanghvi           

 CA  Krishna Kumar Desai 

NUK ASSOCIATES                                                    

                                311, CITY CENTER,    186, PURUSWAKKAM HIGH ROAD,  CHENNAI 600010

Directions  

^NUKCA07 is  our  Pataa 

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 and more. 

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