Minimum alternate tax rate for fy 2020-20
The alternative minimum tax (AMT) uses certain calculations to ensure certain people pay a minimum amount of tax. AMT rates are 26% or 28%. This write-up will provide you the information on Income Tax tax rates applicable to various taxpayers for AY 2020-21/FY 2019-20. Income Tax Rates for Assessment Year 2020-21 / Financial Year 2019-20. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a Partnership. Income Tax Rate for LLP FY 2019-20 AY 2020-19 is 30%. Under Income Tax Act 1961 separate Tax rate is given for LLP. On addition to this tax rate there is Health & Education Cess on LLP.