Reduction and elimination of Super Tax
[Division IIA, Part I of the First Schedule]
Reduction and elimination of Super Tax: Super Tax was levied through the Finance Act, 2015 @ 4% on the income of banking companies and @ 3% on the income of persons other than banking companies.
Rate of 3% was only applicable if the income was above Rs. 500 million in a year. Through the Finance Act, 2018, Super Tax has been omitted in a phased manner, as depicted here under:-
|Tax year 2018||Tax year 2019||Tax year 2020||Tax year 2021|
|Person other than a banking company having income of Rs.500 million||3||2||1||0|