Individual tax regime option: simplified slab structure introduced affecting taxpayer choices and surcharge applicability and cess treatment. An optional individual tax regime and a separate optional cooperative society regime take effect for the assessment year 2021-22 on satisfaction of ... Summary
Individual tax regime option: simplified slab structure introduced affecting taxpayer choices and surcharge applicability and cess treatment.
An optional individual tax regime and a separate optional cooperative society regime take effect for the assessment year 2021-22 on satisfaction of specified conditions, while Part I of the First Schedule preserves baseline rates for individuals by age categories, associations, firms, local authorities and companies (including a lower corporate rate for qualifying domestic companies). A graduated surcharge framework with marginal relief is specified across taxpayer classes, and a Health and Education Cess is levied on tax inclusive of surcharge with no marginal relief for the cess.
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TaxTMI 
TaxTMI 
