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MMR rate for sec 115TD

umang agarwal (64 Points)

09 June 2020

What will be the MMR rate for sec 115 TD???
Will it be 42.744% or 34.944% ???

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4 Replies

rama krishnan (12234 Points)
Replied 10 June 2020

Maximum marginal rate

"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 ;

RAJAT SHARMA (AUDIT ASSISTANT) (179 Points)
Replied 10 June 2020

For the purpose of tax on accreted income u/s 115TD the MMR will be 35.88% and in all other cases it will be 42.744%.

Padmanabhan (Student) (1321 Points)
Replied 10 June 2020

34.944% pertains to A.Y 18-19
for A.Y 20-21 42.744%.

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 23 August 2020

No, For all others purposes, Maximum Marginal Rate is 42.744% for AY 2020-21,
but for Section 115TD accreted income Maximum Marginal Rate is 34.944% (30%+12% surcharge +4% cess)