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    Withholding Tax For 2020-21

    Uploaded by

    Rana Inam
    The document outlines the tax rates for rental income and salary income in India. For rental income, there are 8 slabs with tax rates ranging from nil for income up to 200,000 to 35% for income over 8,000,000. An example calculation for rental income of 3,500,000 is provided. For salary income, there are 12 slabs with tax rates ranging from nil for income up to 600,000 to 35% for income over 75,000,000. An example calculation for salary income of 8,500,000 is also given.

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    © All Rights Reserved
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    Withholding Tax For 2020-21

    Uploaded by

    Rana Inam
    17 views2 pages
    The document outlines the tax rates for rental income and salary income in India. For rental income, there are 8 slabs with tax rates ranging from nil for income up to 200,000 to 35% for income over 8,000,000. An example calculation for rental income of 3,500,000 is provided. For salary income, there are 12 slabs with tax rates ranging from nil for income up to 600,000 to 35% for income over 75,000,000. An example calculation for salary income of 8,500,000 is also given.

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    Finance

    Original Title

    Withholding Tax for 2020-21

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    The document outlines the tax rates for rental income and salary income in India. For rental income, there are 8 slabs with tax rates ranging from nil for income up to 200,000 to 35% for income over 8,000,000. An example calculation for rental income of 3,500,000 is provided. For salary income, there are 12 slabs with tax rates ranging from nil for income up to 600,000 to 35% for income over 75,000,000. An example calculation for salary income of 8,500,000 is also given.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    17 views2 pages

    Withholding Tax For 2020-21

    Uploaded by

    Rana Inam
    The document outlines the tax rates for rental income and salary income in India. For rental income, there are 8 slabs with tax rates ranging from nil for income up to 200,000 to 35% for income over 8,000,000. An example calculation for rental income of 3,500,000 is provided. For salary income, there are 12 slabs with tax rates ranging from nil for income up to 600,000 to 35% for income over 75,000,000. An example calculation for salary income of 8,500,000 is also given.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 2

    Tax on Rent u/s.

    155

    Slab Annual Income Rate of Tax


    1 Tax on 1st 200,000 Nil
    2 Tax on income from 200,001 to 600,000 5%
    3 Tax on income from 600,001 to 1,000,000 10%
    4 Tax on income from 1,000,001 to 2,000,000 15%
    5 Tax on income from 2,000,001 to 4,000,000 20%
    6 Tax on income from 4,000,001 to 6,000,000 25%
    7 Tax on income from 6,000,001 to 8,000,000 30%
    8 Tax on income above 8,000,000 35%

    Example

    Annual Rental Income 3,500,000.00

    1 Tax on 1st 200,000 200,000.00 Nil -


    2 Tax on from 200,001 to 600,000 400,000.00 5% 20,000.00
    3 Tax on from 600,001 to 1,000,000 400,000.00 10% 40,000.00
    4 Tax on above 1,000,000 to 2,000,000 1,000,000.00 15% 150,000.00
    5 Tax on above 2,000,000 to 4,000,000 1,500,000.00 20% 300,000.00
    Total Annual Tax 510,000.00
    Tax on Salary income u/s.149

    Taxable Income
    Slab Income From To Tax
    1 0 600,000.00 - Plus -
    2 600,001.00 1,200,000.00 0 Plus 5% on above 600,000
    3 1,200,001.00 1,800,000.00 30,000.00 Plus 10% on above 1.2M
    4 1,800,001.00 2,500,000.00 90,000.00 Plus 15% on above 1.8M
    5 2,500,001.00 3,500,000.00 195,000.00 Plus 17.5% on above 2.5M
    6 3,500,001.00 5,000,000.00 370,000.00 Plus 20% on above 3.5M
    7 5,000,001.00 8,000,000.00 670,000.00 Plus 22.5% on above 5M
    8 8,000,001.00 12,000,000.00 1,345,000.00 Plus 25% on above 8M
    9 12,000,001.00 30,000,000.00 2,345,000.00 Plus 27% on above 12M
    10 30,000,001.00 50,000,000.00 7,295,000.00 Plus 60% on above 30M
    11 50,000,001.00 75,000,000.00 13,295,000.00 Plus 32.5% on above 50M
    12 Above 75,000,000 21,420,000.00 Plus 35% on above 75M

    Example

    Slab Gross Annual Salary 8,500,000.00 % Tax

    1 Tax on 1st 600,000.00 0 -


    2 Tax on 600,000.00 5% 30,000.00
    3 Tax on 600,000.00 10% 60,000.00
    4 Tax on 700,000.00 15% 105,000.00
    5 Tax on 1,000,000.00 17.50% 175,000.00
    6 Tax on 1,500,000.00 20% 300,000.00
    7 Tax on 3,000,000.00 23% 675,000.00
    8 Tax on 500,000.00 25% 125,000.00
    Total Annual Tax 1,470,000.00

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