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
- Section 54 f disallowed will be taxed at what rate
- TWO FIRM NAME IN ONE GST NUMBER
- ITR -1 Filing
- Transportation of Petrol, Diesel by GTA and Other than GTA
- IGST Refund pending since June 2022.
- Trust 10AB form required for old asst. years?
- Transfer of rectification rights to ao
- TDS whether applicable or not in case of Flat purchase
- SEA GOING ALLOWANCE
- Transfer of Rectification Rights to the Jurisdictional Assessing Officer
- Utilisation of cgst cash ledger balance first to pay cgst liability instead of cgst credit ledger ba
- Pension Misclassification and Correction in Filed ITRs
- Gratuity payment criteria
- Procedure and Documents Required for Release of FD from DVAT
- How to rectify gstr1 credit note
- Non- payment of GST on supply of services- reg
- Other party gstin shown on my login id
- Accumulated surplus exceeding 15%
- Different GST Number MEESHO
- Query on TDS Section 194H
Trending Online Classes
CAclubindia
