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HSN Code List & GST Rate Finder

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The Harmonized Commodity Description and Coding System generally refers to “Harmonized System of Nomenclature” or simply “HSN”. It is a multipurpose international product nomenclature developed by the World Customs Organization (WCO). It first came into effect in 1988.

It has about 5,000 commodity groups, each identified by a six-digit code, arranged in a legal and logical structure. It is supported by well-defined rules to achieve uniform classification.

The main purpose of HSN is to classify goods from all over the World in a systematic and logical manner. This brings in a uniform classification of goods and facilitates international trade.

TDS RATE CHART

TDS RATE CHART FOR THE FY-2019-2020 (AY: 2020-2021)

S.N. Nature of Payment Section Basic Cut-off (Rs.) p.a. TDS rate for
Individual and HUF Other than Individual/HUF without pan

1

Payment of Salaries by Employers

192

Slab rate

Slab rate

Not applicable

30%

2

Premature payment by PF Organization from EPF A/c
(i.e. before 5 Years).

192A

50,000.00

10%

Not applicable

20%

3

Payment of Interest on Securities by company.

193

10,000.00

10%

10%

20%

4

Payment of Dividend other than dividend as referred to Section 115O by company (i.e. Dividend on which Dividend Distribution Tax is not
paid)

194

2,500.00

10%

10%

20%
5 Payment of Interest by 5 bank 194A 40,000.00(Non Sr.Citizen),
50,000.00 (Sr. Citizen) 		10% 10% 10%
6 Payment of Interest by others 194A 5,000.00 10% 10% 10%
7 Payment of prize from Wining from Lotteries by any person. 194B 10,000.00 30% 30% 30%

8

Payment of prize from Wining from Horse Race by
any person.

194B

10,000.00

30%

30%

30%

9

Payment to Contractors by any person.

194C

30,000.00
(Single bill) or 1 Lakh aggregate bills
during the year.

1%

2%

20%

10

Payment to Transporter Covered u/s. 44E and submit declaration in prescribed format. (i.e. owning less than 10
goods carriages)

194C

-

0

0

20%

11

Payment to Transporter not covered u/s. 44E (i.e. owning more than 10 goods carriages)

194C

30,000.00 (Single bill ) or 75,000.00 aggregate bills during the year.

1%

2%

20%

12

Payment of Insurance Commission to agents by Insurance Company.

194D

15,000.00

5%

10%

20%

13

Payment in respect of maturity of Life Insurance Policy by Life Insurance Company.

194DA

1 Lakh

1%

1%

20%

14

Payment to NRI sportsman or association by any person or organization

194E

-

20%

20%

20%

15

Payment out of deposit under National Saving Scheme (NSS)

194EE

2,500.00

10%

10%

20%

16

Payment with respect to repurchase of units by Mutual Fund Companies.

194F

-

20%

20%

20%

17

Payment of Lottery Commission

194G

15,000.00

5%

5%

20%

18

Payment of commission or Brokerage

194H

15,000.00

5%

5%

20%

19

Payment of rent on land, building, furniture and fittings.

194I

240,000.00

10%

10%

20%

20

Payment of rent on plant, machinery or equipments.

194I

240,000.00

2%

2%

20%

21

Payment made on account of transfer of immovable property other than agriculture land.

194IA

50 Lakh

1%

1%

20%

22

Rent payable by individual not covered u/s. 194I for land, building, furniture and fittings

194IB

50,000.00 PM

5%

5%

20%

23

Payment of Professional Fees other than call centers

194J

30,000.00

10%

10%

20%

22

Payment of Professional Fees to call centers.

194J

30,000.00

2%

2%

20%

25

Compensation on transfer of certain immoveable property than Agriculture Land

194LA

250,000.00

10%

10%

20%

RATES OF INCOME TAX

LATEST NEWS Budget 2020

(1). In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person

Assessment Year 2021-22 (FY 2020-21)
Taxable income New Tax Rate Existing Tax Rate
Upto Rs 2.5 Lakhs Exempt Exempt
Rs 2.5- Rs 5 Lakhs 5% 5%
Rs 5- Rs 7.5 Lakhs 10% 20%
Rs 7.5 -Rs 10 Lakhs 15% 20%
Rs 10 - Rs 12.5 Lakhs 20% 30%
Rs 12.5 - Rs 15 Lakhs 25% 30%
Above Rs 15 Lakhs 30% 30%

Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]

If you go by new slab rates as announced in today's Budget then, you will not be eligible to claim the following tax benefits:

  • Leave travel concession as contained in clause (5) of section 10
  • House rent allowance as contained in clause (13A) of section 10;
  • Some of the allowance as contained in clause (14) of section 10;
  • Standard deduction of Rs. 50,000 u/s 16;
  • Employment/professional tax deduction as contained in section 16;
  • Interest under section 24 in respect of self-occupied or vacant property referred to in sub-section (2) of section 23. (Loss under the head income from house property for rented house shall not be allowed to be set off under any other head and would be allowed to be carried forward as per extant law);
  • Any deduction under chapter VI-A ; [except 80CCD(2) - NPS Contribution by the employer]
  • Others as prescribed

The option shall be exercised for every previous year where the individual or the HUF has no business income, and in other cases the option once exercised for a previous year shall be valid for that previous year and all subsequent years.

(2). Income Tax Slab for Individuals less than 60 years of age (For Male & Female both)

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 2,50,000 Nil Nil Nil Nil
From 2,50,001- 5,00,000 5% Nil 4%  For income upto Rs 5 lakhs Tax Rebate upto  Rs 12,500
From 5,00,001-10,00,000 12,500 + 20% Nil 4%  Nil
From 10,00,001-50,00,000 1,12,500/- + 30% Nil 4%  Nil
From 50,00,001-1,00,00,000 13,12,500 + 30% 10% 4%  Nil
Above 1,00,00,000 but upto 2,00,00,000 28,12,500 + 30% 15% 4%  Nil
Above 2,00,00,000 but upto 5,00,00,000 58,12,500 + 30% 25% 4% Nil
Above 5,00,00,000  1,48,12,500 + 30% 37% 4% Nil

(3). Income Tax Slab for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens for F.Y. 2019-20 (Both Male and Female)

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge  Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 3,00,000 Nil Nil Nil Nil
From 3,00,001- 5,00,000 5% Nil 4%  For income upto Rs 5 lakhs Tax Rebate upto Rs 12,500
From 5,00,001-10,00,000 10,000 + 20% Nil 4%  Nil
From 10,00,001-50,00,000 1,10,000/- + 30% Nil 4%  Nil
From 50,00,001-1,00,00,000 13,10,000 + 30% 10% 4%  Nil
Above 1,00,00,000 28,10,000 + 30% 15% 4%  Nil
Above 2,00,00,000 but upto 5,00,00,000 58,10,000 + 30% 25% 4% Nil
Above 5,00,00,000  1,48,10,000 + 30% 37% 4% Nil

Assessment Year 2019-20

1. Surcharge: 10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore, and 15% for Individual having taxable Income exceeding 1 Crore

2. Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

3. Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

4. Rebate under Section 87A: For AY 2019-20, resident individuals are allowed rebate (if their taxable income does not exceed Rs. 3.5 lakh) equal to 100% of income tax or Rs. 2,500 whichever less.

Partnership Firm

For the Assessment Year 2019-20 and 2018-19, a Partnership firm (including LLP) is taxable at 30%.

Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

Local Authority

For the Assessment Year 2019-20 and 2018-19, a local authority is taxable at 30%.

Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

Education Cess : The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

Secondary and Higher Education Cess : The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

Domestic Company

For the Assessment Year 2019-20, a domestic company is taxable at 30% (25% if turnover or gross receipt does not exceed Rs.50 Crore).

Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as

1. Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

2. Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

Local Authority

For the Assessment Year 2019-20 and 2018-19, a local authority is taxable at 30%.

Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.