Interest Income 20% 15% 2 Royalties 30% 20% 2 Technical Services 30% 20% 2 Other income 55% 55% 1. Inter-corporate rates where there is minimum holding. There tax rates are applicable under the India USA Tax Treaty. For other countries the tax rates are different under the tax treati...
As shown in the above image, the owner of a Residential property can also claim tax deductions on interest repayments done on a home loan, thus reducing your tax liability on income from house property. Kindly note that these tax benefits are not available for commercial properties. Under Sect...
Most of the other interest yielding instruments like bank deposits,company fixed deposits, NSC, Post Office Monthly Income Scheme, Sr. Citizen Savings Scheme,7.75% GoI Bondsetc., can attract tax on interest income. The Reserve Bank of India(RBI)has recently released its fifth bi-monthly rate r...
The article reports that a draft report released by the Indian government to simplify the provisions of the Income-tax Act, 1961. Several recommendations introduced in this new draft including characterisation of income from sale of shares, no disallowance of interest expenditure for earning exempt ...
Filing of ITR is a mandatory requirement under section 139 of the Income Tax Act,1961 and non-filing of the same attracts a penalty Up-to Rs. 5,000/-. This penalty is over and above the interest or other consequences on nonpayment of tax. However, if a genuine reason is shown to th...
In addition, the Indian Government decides the rate of income and relies on the union budget 2021. We have a progressive system of taxation in India. It simply means— higher the income, the higher the payable tax. Moreover, the income tax is dependent on a slab system defined by the T...
In India, the Corporate Income tax rate refers to the highest effective rate for Corporate Income for domestic companies. Its amount is based on the net income companies obtain while exercising their business activity, normally during one business year. Revenues from the Corporate Tax Rate are an...
The current corporate tax rate in India is 33.99% for domestic companies whose net income is more than ₹10 crore. When compared globally, this tax rate is among the higher ones, yet not the highest. Authors Written by Akash, Reviewed by Deepa Balakrishnan. Last updated on May 27 2024,...
A person resident of India who is an assessee and whose income is subject to tax under the proposed sub-section (1A) of section 115BAC from the assessment year 2024–25 onwards shall be entitled to a refund of 100% of the amount of income tax payable on a total income not exceeding ...
June 14, 2024CA VineetaIncome Tax News and Articles, Taxes in India 5 Minutes Read An employer usually refers to your initial base salary when discussing your pay. To form your complete ‘salary package,’ they incorporate different elements on top of this figure. These additions consist of ...