9911796707
TMI BlogRates of income-tax in respect of income liable to tax for the assessment year 2025-26.X X X X Extracts X X X X X X X X Extracts X X X X ..... ationalisation of various provisions. The Bill also seeks to amend the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 [UTI Repeal Act, 2002]. With a view to achieving the above, the various proposals for amendments are organized under the following heads:-- (A) Rates of income-tax; (B) Measures to promote investment and employment; (C) Simplification and Rationalisation; (D) Socio economic welfare measures (E) Tax administration; DIRECT TAXES Introduction The provisions of Finance Bill, 2025 (hereafter referred to as "the Bill"), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act'), to continue reforms in direct tax system through tax reliefs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x", deduction of tax at source from "Salaries" and charging of tax payable in certain cases for the assessment year 2025-26 would now become Part I of the First Schedule. Part III would now apply for the assessment year 2026-27. Tax rates under section 115BAC-- For assessment year 2025-26, as per the provisions of sub-section (1A) of section 115BAC of the Act, an individual or Hindu undivided family or association of persons [other than a co-operative society], or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, has to pay tax in respect of the total income at following rates: Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 3, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Act) exceeding two crore rupees, at the rate of 25% of such income-tax; (iv) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Act) exceeding two crore rupees, but is not covered under clause (iii) above, at the rate of 15% of such income-tax; 3.1 In case where the provisions of sub-section (1A) of section 115BAC are applicable and the total income includes any income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Act, the rate of surcharge on the income-tax in respect of that part of i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
