MMR RATE
This query is : Resolved
16 October 2010
In case charitable trust who receives annoynomus sonation will be taxed at MMR rate?
Such MMR tax is include surchare or not?
Whether tax is 30.9% or 33.9%?
Such MMR tax is include surchare or not?
Whether tax is 30.9% or 33.9%?
18 October 2010
According to section 115BBC, Anonymous donations received by Charitable Trust are taxable at MMR.
and
According to Section 2(29C) of IT Act, 1961, "maximum marginal rate” means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an individual, association of persons or, as the case may be, body of individuals] as specified in the Finance Act of the relevant year"
Further, there is no surcharge on individuals, AOP or BOI, therefore, MMR shall be without surcharge i.e. 30.90% only.
and
According to Section 2(29C) of IT Act, 1961, "maximum marginal rate” means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an individual, association of persons or, as the case may be, body of individuals] as specified in the Finance Act of the relevant year"
Further, there is no surcharge on individuals, AOP or BOI, therefore, MMR shall be without surcharge i.e. 30.90% only.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- TDS on rent received on hardship compensation being rent on redevelopment of building
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Gst on travel by air for business purposes
- Missed TDS
- IT returns for fresh job holders
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
