2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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22
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24.5
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12
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15
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Detailed explanation-1: -The taxation laws Ordinance, 2019, passed on September 20, 2019, has inserted Section 115BAB of the Income Tax Act, offering you a low tax rate of 15% to new manufacturing companies.
Detailed explanation-2: -Income between ₹5 and ₹7.5 lakh, reduced to 10% tax from 20% Income between ₹7.5 lakh to ₹10 lakh, reduced to 15% from the current 20% Income between ₹10 lakh to ₹12.5 lakh, reduced to 20% from the current 30% Income between ₹12.5 lakh to ₹15 lakhs, reduced to 25% from the current 30%
Detailed explanation-3: -A beneficial CIT rate of 15% (plus surcharge of 10% and applicable health and education cess of 4%) with effect from tax year 2019/20 for newly set-up domestic manufacturing companies can be availed.
Detailed explanation-4: -A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year.