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The team of Chartered Accountants and Tax Specialists of "India Firm Filings" are efficiently dealing the process of your entire Income tax applicability in a legal framework.
1. TDS Quarterly Return Filings
2.TDS Yearly Return Filings
3. Issuing Form 16 – Part A
4. Issuing Form 16 – Part B
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They are the excellent corporate lawyers/advocates/attorneys who are handling our client's company's legal processes such as Mergers, Lawsuit, Compliances, Partnership and Transactions.
They are providing Legal consultation and Law opinions as part of our services in which we make you comply with the appropriate laws and regulations for preventing your possible legal risks and violations.
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Please upload the required documents for immediate action on “Income Tax Return Filings” Kindly provide your email here! Hence, after the submission, we shall send you the acknowledgement of same.
Income tax in India is a tax paid by individuals or entities depending on the level of income or gains during a financial year.
The types of income is classified as Income from salary, Income from house property, Income from business or profession, Income from capital gains and Income from other sources
Income Tax Return is the form in which individual or entity files information of income and tax to the Income Tax Department
Filing of Income Tax Return is compulsory for earning individuals or entities depending on the earning ranges
The due date for filing the income tax return to the Tax Department of India is 31July of every year.
Income tax rates of Non Senior Citizen - FY 2020-21
|
Income Tax Slab |
Tax Rates As Per New Regime |
Tax Rates As Per Old Regime |
|
₹0 - ₹2,50,000 |
Nil |
Nil |
|
₹2,50,001 - ₹ 5,00,000 |
5% |
5% |
|
₹5,00,001 - ₹ 7,50,000 |
₹12500 + 10% of total income exceeding ₹5,00,000 |
₹12500 + 20% of total income exceeding ₹5,00,000 |
|
₹7,50,001 - ₹ 10,00,000 |
₹37500 + 15% of total income exceeding ₹7,50,000 |
₹62500 + 20% of total income exceeding ₹7,50,000 |
|
₹10,00,001 - ₹12,50,000 |
₹75000 + 20% of total income exceeding ₹10,00,000 |
₹112500 + 30% of total income exceeding ₹10,00,000 |
|
₹12,50,001 - ₹15,00,000 |
₹125000 + 25% of total income exceeding ₹12,50,000 |
₹187500 + 30% of total income exceeding ₹12,50,000 |
|
Above ₹ 15,00,000 |
₹187500 + 30% of total income exceeding ₹15,00,000 |
₹262500 + 30% of total income exceeding ₹15,00,000 |
Income Tax Slab for Senior Citizen (Above age 60 year and within 80 years)
|
Income Tax Slabs |
Tax Rate for Senior cetizens aged 60 Years But Less than 80 Years |
|
Income up to Rs 3,00,000* |
No Tax |
|
Income from Rs 3,00,000 – Rs 5,00,000 |
5% |
|
Income from Rs 5,00,000 – 10,00,000 |
20% |
|
Income more than Rs 10,00,000 |
30% |
|
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above. |
|
Income Tax Slab for Senior Citizen (Above age 80 years)
|
Income Tax Slabs |
Tax Rate for Super Senior Citizens (Aged 80 Years And Above) |
|
Income up to Rs 5,00,000* |
No Tax |
|
Income from Rs 5,00,000 – 10,00,000 |
20% |
|
Income more than Rs 10,00,000 |
30% |
Income tax rates of Senior Citizen - FY 2020-21
Cess at 4% of tax applicable in all cases. Surcharge at 10% for income above ₹ 50 Lakh and at 15% for income above ₹ 1 Cr.
A rebate of ₹ 12,500 is available under the old income tax regime, whereas the same rebate is available in the new income tax regime if the annual taxable income does not exceed ₹ 5 Lakh.
The total reduction in tax liability will range from ₹ 25,000 for a person earning ₹ 7.50 Lakh per annum to ₹ 75,000 for a person earning ₹ 15 Lakh or more per annum under the new tax slabs. However, the actual savings will be lower if one were to include the impact of fore-going exemptions under the new tax regime.
New Income Tax Slab for Firms and Domestic Companies FY 2019-20
|
Tax Head |
Firms |
Domestic Companies |
|
Income Tax for turnover upto ₹ 400 Cr |
30% |
25% |
|
Income Tax for turnover above ₹ 400 Cr |
30% |
30% |
|
Surcharge as % of income tax |
12% of tax in case the total income exceeds ₹ 1 Cr |
7% of tax in case income is more than ₹ 1 Cr but less than ₹ 10 Cr. |
|
10% of tax in case income is more than ₹ 10 Cr. |
||
|
Cess as % of tax and surcharge |
3% of tax plus surcharge |
3% of tax plus surcharge |
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