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.
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