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of <h1>Tax Rates Set Annually by Finance Act; Calculate Liabilities Online; Corporate Tax Code 0020, Non-Corporate Code 0021.</h1> The applicable tax rates for income and corporate taxes are determined by the Finance Act passed annually by Parliament. Tax liabilities can be calculated using an online tax calculator on the official income tax website. In tax payment challans, corporate tax is referred to as 'Income-tax on Companies' with the code 0020, while tax for non-corporate entities is labeled as 'Income-tax (other than Companies)' with the code 0021.
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