Tuesday, September 24, 2019

How to calculate Income-tax and Surcharge for the Assessment Year 2020-21?

The Government has introduced two new tax regimes for the domestic companies in Section 115BAA and Section 115BAB to reduce the corporate tax rate to 22% and 15% respectively. Further, the enhanced surcharge has been withdrawn in respect of income chargeable to tax under section 111A, 112A and 115AD(1)(b).

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