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Q: 1. What are tax rates?

Ans. Tax rates refer to the percentage at which an individual or business is taxed on their income or profits. It determines the amount of tax that needs to be paid to the government based on the taxable income or profits earned.

Q: 2. How are tax rates determined?

Ans. Tax rates are determined by the government through the legislative process. The government analyzes various factors such as economic conditions, fiscal policies, and revenue requirements to set tax rates that are deemed appropriate for the given period.

Q: 3. What factors influence tax rates?

Ans. Tax rates can be influenced by several factors. These may include the country's economic situation, government spending priorities, political decisions, social policies, and the need to generate revenue to fund public services and infrastructure.

Q: 4. How do tax rates affect individuals and businesses?

Ans. Tax rates directly impact individuals and businesses as they determine the amount of money they need to pay in taxes. Higher tax rates can reduce disposable income for individuals and lower the profitability for businesses, while lower tax rates may stimulate economic growth and provide incentives for investment and consumption.

Q: 5. Can tax rates change over time?

Ans. Yes, tax rates can change over time. Governments often review and revise tax rates periodically to align with evolving economic conditions, fiscal policies, and social priorities. Changes in tax rates can be implemented through legislative amendments or budgetary measures. It is important for individuals and businesses to stay informed about any changes in tax rates to ensure compliance with tax laws and regulations.

TAX ON TOTAL INCOME
Special Income		Casual Income		Normal Income [NI = TI – SI – CI]
LTCG	20% flat	Lottery Income etc	30% flat	Indian Company / Firm	Foreign Company	Ind / HUF / AOP / BOI
				30% flat	30% flat	Slab rate
STCG STT	15% flat	Surcharge (Tax on Tax)		See the last table
Basic exemption allowed from SI if NI < BE. But 1st allowed from NI & then from SI. Rebate u/s 87A is available.		Education cess & SHEC		3%	3%	3%

	Domestic Company	Foreign Company	Firm / LLP	Ind / HUF/ AOP / BOI / AJP	Local Authority	Co-operative society
• Total Income exceeds Rs. 1 Cr.	7%	2%	12%	15%	12%	12%
• Total Income exceeds Rs. 10 Cr.	12%	5%	NA	NA	NA	NA

SLAB RATE
Income	Rate of Tax (Method 1)	Amount of Tax (Method 2)
Upto Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs.5,00,000	10% of (NI – 2,50,000) – upto Rs. 5,000 for resident individual. S 87A	10% of NI – 25,000 – upto Rs. 5,000 for resident individual. S 87A
Rs. 5,00,001 to Rs.10,00,000	20% of (NI – 5,00,000) + 25,000	20% of NI – 75,000
Exceeds Rs. 10,00,000	30% of (NI – 10,00,000) + 1,25,000	30% of NI – 1,75,000

Tax Concession
	Person	Age	Basic Exemption	Tax concession
1.	Resident senior citizen	atleast 60 years at any time during the relevant PY.	3,00,000	5,000
2.	Resident super senior citizen	atleast 80 years at any time during the relevant PY	5,00,000	25,000
3.	Woman (R / NR)	less than 60 years	2,50,000	nil
4.	Non resident senior citizen / super senior citizen	Any age	2,50,000	nil
5.	HUF / AOP / BOI / AJP	NA	2,50,000	nil

		Domestic Company	Foreign Company	Firm / LLP	Individual / HUF / AOP / BOI / AJP
Tax on Long Term Capital Gain		20% flat	20% flat	20% flat	20% flat
Tax on Short Term Capital Gain (STT paid)		15% flat	15% flat	15% flat	15% flat
Tax on Lottery Income. (Casual Y)		30% flat	30% flat	30% flat	30% flat
Tax on Normal Income		30% flat	40% flat	30% flat	slab rate with rebate u/s 87A (R Ind).
Surcharge	• TI exceeds Rs. 1 Cr. and upto 10 Cr.	7%	2%	12%	15%
Surcharge	• TI exceeds Rs. 10 Cr.	12%	15%	NA	NA
Whether marginal relief available		Yes	Yes	Yes	Yes
Education cess & SHEC		3%	3%	3%	3%

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FAQs on Rates of Tax - Fast Track Quick Revision Income Tax - Taxation

1. What are tax rates?

Ans. Tax rates refer to the percentage at which an individual or business is taxed on their income or profits. It determines the amount of tax that needs to be paid to the government based on the taxable income or profits earned.

2. How are tax rates determined?

Ans. Tax rates are determined by the government through the legislative process. The government analyzes various factors such as economic conditions, fiscal policies, and revenue requirements to set tax rates that are deemed appropriate for the given period.

3. What factors influence tax rates?

Ans. Tax rates can be influenced by several factors. These may include the country's economic situation, government spending priorities, political decisions, social policies, and the need to generate revenue to fund public services and infrastructure.

4. How do tax rates affect individuals and businesses?

Ans. Tax rates directly impact individuals and businesses as they determine the amount of money they need to pay in taxes. Higher tax rates can reduce disposable income for individuals and lower the profitability for businesses, while lower tax rates may stimulate economic growth and provide incentives for investment and consumption.

5. Can tax rates change over time?

Ans. Yes, tax rates can change over time. Governments often review and revise tax rates periodically to align with evolving economic conditions, fiscal policies, and social priorities. Changes in tax rates can be implemented through legislative amendments or budgetary measures. It is important for individuals and businesses to stay informed about any changes in tax rates to ensure compliance with tax laws and regulations.

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