Basic Rates

Question 1

Basic rates for indv/GUF/AOP/BOI/AJP

Answer 1

Basic exemption is 2,50,000
2.5L to 5L - 5%
5L - 10L - 20%
>10 L - 30%

Question 2

Basic rates indv - senior citizen

Answer 2

SC>= 60 yrs in PY
Basic exemption is 3,00,000
3L to 5L - 5%
5 L to 10L - 20%
>10L - 30%

Question 3

Basic Rates -Super senior citizen

Answer 3

SSC>= 80 yrs in PY
Basic exemption is 5,00,000
5- 10L - 20%
>10 L - 30%

Question 4

H&E Cess

Answer 4

4% on total tax liability

Question 5

Surcharge for indv

Answer 5

> 50L upto 1 cr - 10%
1cr to 2cr - 15%
2cr upto 5 cr - 25%
5 cr- 37%

Question 6

Tax rate for domestic and foreign co.

Answer 6

Foreign co. - 40%
Domestic co. - 30%
(Except if domestic co. T/O during PY 18-19 is upto 400 cr. - then 25%)

Question 7

Surcharge for domestic co.

Answer 7

> 1cr upto 10 cr - 7%

> 10 cr. - 12%

Question 8

Surcharge for foreign cos.

Answer 8

> 1 cr upto 10 cr - 2%

>10 cr - 5%

Question 9

Basic rate for firm/ local authority/ LLP

Answer 9

30%

Question 10

Surcharge for firm/ LLP/Local authority

Answer 10

Net total income> 1 cr - 12%

Question 11

What are the specific types of income on which max surcharge is 15%

Answer 11

1. Dividend income
2. LTCG 112A
3. STCG 111A