What is the maximum income tax rate for HUF?
What is the maximum income tax rate for HUF?
– 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore….Income tax slab for Individual aged below 60 years & HUF.
| Income Tax Slab | Tax Rates for Individual & HUF Below the Age Of 60 Years & NRIs |
|---|---|
| Up to ₹2,50,000* | Nil |
| ₹2,50,001 to ₹5,00,000 | 5% |
| ₹5,00,001 to ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Which is the assessment year the financial year 2012 2013?
Income Tax Rates: AY 2013-14 (FY 2012-13) – Smart Paisa.
What is HUF in income tax?
HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members. A Hindu family can come together and form a HUF. Buddhists, Jains, and Sikhs can also form a HUF.
What do you mean by clubbing of income?
As the term suggests, clubbing of income means adding or including the income of another person (mostly family members) to one’s own income. This is allowed under Section 64 of the IT Act.
What is Section 234A of Income Tax Act?
Section 234A: Interest for defaults in furnishing return of income. The interest levied for delay in filing the return of income comes under section 234A of the Income Tax Act. If the taxpayer files their income tax return after the due date specified by the authorities, an interest under this section will be levied.
Is there any surcharge on income tax payments during FY 2012-13 (AY 2013-14)?
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14). The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
What is the education tax surcharge for 2013-14?
For financial year 2013-14, additional surcharge called the “Education Cess on income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent. and one per cent. respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases.
What is the age limit for HUF in India?
A. HUF & Individual (Including Female Assessee ) who is of the age of sixty years or Less Where the total income does not exceed Rs. 2,00,000/-. Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-.
What are the tax rates for AY 2015-2016 and 2016-17?
Tax rates for AY 2015-2016 and 2016-17 have been increased to Rs 250000 for individuals below 60 years of age and Rs 300000 for individuals who are 60 years and below 80 years of age. The tax law also gives higher deductions for senior citizens who are 80 years or more of age.
