MMR under Income Tax

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self employed
377 Points Posted on 08 August 2020
What is the present MMR under Income Tax?
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On 08 August 2020 at 12:52 Report
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Quick Summary
The Maximum Marginal Rate (MMR) under Income Tax for AY 2020-21 stands at 42.74% for most purposes. However, for Section 115TD accreted income, a different rate applies. This specific rate is calculated as 34.944%, incorporating the base tax rate, surcharge, and cess.

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110 Points Posted on 08 August 2020
42.74%
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On 08 August 2020 at 21:18
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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)
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On 23 August 2020 at 15:24

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