Question

1. List 10 businesses subject to other percentage taxes.
2. Identify the rates of other percentage taxes on those businesses listed.

Answer 1

This question is going to be answered on the basis on Income Tax Act, 1961 and AY 20-21.

1.

i) Domestic Company

ii) Partnership Firm

iii) Propreitorship

iv) Foreign Company

v) Assocaition of persons/ Body of individuals

vi) Hindu Undivided Family

vii) Mutual Funds

viii) Securitization Trusts

ix) Investment Funds

x) Real Estate Investment Trust

2.

i) Rate varies according to different sections and conditions on incorporation - 30%, 25%, 22%, 15%

ii) 30%

iii) Slab rates ranging from 5% to 30%

iv) 40%

v) Varies on income of members - Slab rates, 42.744%

vi) Slab rates ranging from 5% to 30%

vii) Taxable in the hands of investors and exempt in hands of Mutual funds

viii) Taxable in the hands of investors and exempt in hands of Securitization Trusts

ix) Varies on type of income - 30%, 42.744%

x) Varies on type of income - 15%, 20%, 42.744%