MMR Rate on Accredited Income

503 views
User Avatar

CA Article Assistant
23 Points Posted on 23 August 2020
As per Section 115TD, accredited income is taxable at MMR. What is the rate application for AY 20-21 on which accredited income will be taxed?
0 Reply Share Follow
On 23 August 2020 at 13:00 Report
Replies (3)
Quick Summary
This discussion clarifies the tax rate applicable to accredited income under Section 115TD for Assessment Year 20-21. While the general Maximum Marginal Rate (MMR) for AY 20-21 is 42.744%, the specific rate for accredited income under Section 115TD is 34.944%. This rate comprises the base tax of 30%, a 12% surcharge, and a 4% cess.

User Avatar

Tax and Business Consultant
11616 Points Posted on 23 August 2020
Maximum Marginal Rate (42.744% for AY 2020-21)
Reply
On 23 August 2020 at 14:08
User Avatar

CA Article Assistant
23 Points Posted on 23 August 2020
No, MMR would be 34.944% for Accreted Income under 115TD (30%+12% surcharge +4% cess) just like dividend.
Reply
On 23 August 2020 at 14:13
User Avatar

Tax and Business Consultant
11616 Points Posted on 23 August 2020
Yes, Right...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) 
Reply
On 23 August 2020 at 14:45

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Upload Type - Correction. Not showing in TDS filli
  2. Partnership tax audit query
  3. ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
  4. Form 146 foreign remittance us citizen
  5. GST 16(2) notice
  6. Which GSTR-1 upload error do you hit most often?
  7. Need advice regarding accounting fees
  8. Is it possible to get a refund for an accidental o
  9. ITR-3 Section P&L - speculative income - no bo
  10. Foreign Assets reporting

More recent discussions | Post

Related Topics :

Loading