5,00,000) can avail rebate under section 87A. (2)Ě resident individual (whose net income does not exceed Rs. (1) The Health and Education Cess is nil if the total income of a 'specified fund' as referred to section 10(4D) includes any income in respect of securities as given under section 115AD(1)(a).
2020 income tax brackets plus#
Health and Education Cess : Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge. 5 crore by more than the amount of income that exceeds Rs. 5 crore, marginal relief shall be available from surcharge in such a manner that the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 2 crore by more than the amount of income that exceeds Rs. 1 crore by more than the amount of income that exceeds Rs. 2 crore, marginal relief shall be available from surcharge in such a manner that the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs 50 Lakh by more than the amount of income that exceeds Rs 50 Lakhs. Marginal relief is available from surcharge in following manner. (3) The surcharge rate is nil if the total income of a ‘specified fund’ as referred to section 10(4D) includes any income in respect of securities as given under section 115AD(1)(a). (2) The surcharge rate for AOP with all members as a company, shall be capped at 15%. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.
(1) The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A,112 112A and 115AD. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:- Rate of Surcharge Hindu Undivided Family (Including AOP, BOI and Artificial Juridical Person)Ī.
(who is 80 years or more at any time during the previous year) (who is 60 years or more at any time during the previous year) (Other than senior and super senior citizen) In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Individuals
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