| Tax rate Men Very senior Citizen (Age above 80) | Nil 180000 500000 | 10% 180001 to 500000 – | 20% 500001 to 800000 500001 to 800000 | 30% Above 800000 Above 800000 |
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What was the tax rate in 2011?
| Single filers Married filing jointly or qualifying widow/widower | 10% Up to $8,500 Up to $12,150 | 15% $8,501 – $34,500 $12,151 – $46,250 | 25% $34,501 – $83,600 $46,251 – $119,400 | 28% $83,601 – $174,400 $119,401 – $193,350 |
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What is the rate of tax of male individual for the assessment year 2011-12?
| INCOME SLABS INCOME TAX RATES | Upto Rs.1,60,000 NIL | Rs.1,60,000 to 5,00,000 10% of the amount exceeding Rs.1,60,000 | Rs.5,00,000 to 8,00,000 Rs.34,000 + 20% of the amount exceeding Rs.5,00,000 | Rs.8,00,000 & above Rs.94,000 + 30% of the amount exceeding Rs.8,00,000 |
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What is the previous year if the assessment year is 2011 2012?
Under the Income Tax Act this period is called the previous year. Assessment Year: It is the twelve-month period 1st April to 31st March immediately following the previous year. In the assessment year a person files his return for the income earned in the previous year. For example for FY: 2011-12 the AY is 2012-13 .
What are the rates of tax for individual?
| Income Tax Slab New Regime Income Tax Slab Rates FY 2020-21 (Applicable for All Individuals & HUF) | Rs 0.0 – Rs 2.5 Lakhs NIL | Rs 2.5 lakhs- Rs 3.00 Lakhs 5% (tax rebate u/s 87a is available) | Rs. 3.00 lakhs – Rs 5.00 Lakhs | Rs. 5.00 lakhs- Rs 7.5 Lakhs 10% |
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How can I calculate my income tax?
| Individuals aged below 60years | Income Tax Rate | ₹ 2,50,001 to ₹ 5,00,000 5% | ₹ 5,00,001 to ₹ 10,00,000 ₹ 12,500 + 20% of Income exceeding ₹ 500,000. | Above ₹ 10,00,000 ₹ 1,12,500 + 30% of Income exceeding of ₹10,00,000. |
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Who is eligible for rebate under section 87A?
If you are filing income tax returns for FY 2017-18 or FY 2018-19, the eligibility criteria to claim tax rebate under section 87A are as follows: You are a resident individual . Your total income after deductions under chapter VI-A (Section 80C, 80D, 80E and so on) is less than Rs 3.5 lakh.
What was the highest tax rate in 2011?
- 10% on taxable income from $0 to $8,500, plus.
- 15% on taxable income over $8,500 to $34,500, plus.
- 25% on taxable income over $34,500 to $83,600, plus.
- 28% on taxable income over $83,600 to $174,400, plus.
- 33% on taxable income over $174,400 to $379,150, plus.
What was the tax rate in 2020?
| Tax rate Single Head of household | 10% $0 to $9,875 $0 to $14,100 | 12% $9,876 to $40,125 $14,101 to $53,700 | 22% $40,126 to $85,525 $53,701 to $85,500 | 24% $85,526 to $163,300 $85,501 to $163,300 |
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What was the highest tax rate in 1970?
| Tax Bracket Tax Rate | $70,000.00+ 66% | $80,000.00+ 68% | $90,000.00+ 69% | $100,000.00+ 70% |
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Can I take the standard deduction?
Even if you have no other qualifying deductions or tax credits, the IRS lets you take the standard deduction on a no-questions-asked basis. The standard deduction reduces the amount of income you have to pay taxes on. You can either take the standard deduction or itemize on your tax return — you can't do both.
What is Section 234A of Income Tax Act?
Section 234A of the income tax act provides for levy of interest against delay in filing the income tax return . The applicable interest rate is 1% per month or part of the month on the amount of tax payable by the taxpayer.
What is current slab rate in income tax?
12,500 + 20% of total income exceeding 5 ,00,000. Above 10,00,000. 1,12,500 + 30% of total income exceeding 10,00,000. Income Tax Slab.
What income is tax free?
STORY OUTLINE. The basic exemption limit for an individual depends on his/her age as well as his/her residential status. Individual taxpayers with net taxable income of up to Rs 5 lakh will continue to pay zero tax in both the tax regimes.
Which tax regime is better for 20 lakhs?
For a salary ranging between Rs 20 lakhs and Rs 25 lakhs, the applicable tax rate under the new tax regime would be the highest, that is 30% . Incidentally, this is the same tax slab that your salary would fall under according to the existing tax regime, that is 30%.
How much tax is deducted from KBC?
Income Tax @ 31.20% on Winnings from such TV Shows and Online Winnings. Income earned from winning KBC Game Show, Big Boss, Nach Baliye, India's Got Talent, Fear Factor and other game shows is taxable at a flat rate of 30%.
