Page 58 - DHC Budget Book 2021-22 Final

INDIA BUDGET 2021-22
4.1
Corporate Income Tax Rates [For AY 2022-23]
Sl. No.
A.
1. 2. 3. B.
Particulars Tax Surcharge# Health & (%) (%) Education
Cess (%)
Effective Tax
(%)
MAT Applicability [Rate @15%]
(%)
Applicable
15.60 16.69 17.47
Not Applicable
Domestic companies whose total turnover or gross receipts in FY 2019-20 is ≤ H 400 Crs & Domestic Manufacturing Companies covered u/s 115BA^
Total income ≤ H 1 Cr.
25
-
4
26.00
Total income > H 1 Cr. but ≤ H 10 Crs.
25
7
4
27.82
Total income > H 10 Crs.
25
12
4
29.12
Domestic companies covered u/s 115BAA^
All Domestic Companies
22
10
4
25.17
Domestic companies covered u/s 115BAB^
Income from manufacturing activities or incidental activities
15
10
4
17.16
Income other than from manufacturing activities or incidental activities
22
10
4
25.17
Excess Profits in arranged transactions determined by A.O.
30
10
4
34.32
Other Domestic companies
Total income ≤ H 1 Cr.
30
-
4
31.20
Total income > H 1 Cr. but ≤ H 10 Crs.
30
7
4
33.38
Total income > H 10 Crs.
30
12
4
34.94
Foreign Companies
Total income ≤ H 1 Cr.
40
-
4
41.60
Total income > H 1 Cr. but ≤ H 10 Crs.
40
2
4
42.43
Total income > H 10 Crs.
40
5
4
43.68
4. -
C. Not Applicable
5. -
6. -
7. -
D. Applicable
8. 15.60
9. 16.69
10. 17.47
E.
11. 15.60
12. 15.91
13. 16.38
^ Concessional tax rate as specified in Sec. 115BA, 115BAA and 115BAB is applicable only on income chargeable under these sections. For income covered by specific rates under other sections like Sec. 111A, 112 or 112A, rates specified therein shall be applicable to all domestic companies.
#Marginal relief shall be provided in all cases where surcharge shall be imposed.
4.2 Payment of employee’s contributions to a fund by employer on or before due date [Sec. 36(1)(va)] [w.r.e.f. AY 2021-22]
— Sec. 36(1)(va) provides for deduction of any
sum received by an assessee from any of his employees in respect of contribution to provident fund or superannuation fund or any other welfare fund if such sum is credited by the assessee to the employee's account in the relevant fund(s) on or before the ‘due date’.
— As per Explanation to the said clause, ‘due date’ is the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund
under any Act, rule, order or notification issued there-under or under any standing order, award, contract of service or otherwise.
— Further, clause (b) of Sec. 43B, provides
for deduction of any sum payable by an employer towards contribution to a provident, superannuation or any other welfare fund on payment basis, if the sum is paid on or before the due date for furnishing return of income u/s 139(1).
56 Building a Resilient and Confident India