The rates of income tax excluding cess and surcharge if any applicable to a co-operative society for the assessment year 2020-21 where the total income exceeds ₹20,000 be ______.

CS Executive · Tax Laws and Practice · PYQS · December 2020
The rates of income tax excluding cess and surcharge if any applicable to a co-operative society for the assessment year 2020-21 where the total income exceeds ₹20,000 be ______.
(A) 10% of the total income
(B) ₹2,000 plus 20% of the amount by which the total income exceeds ₹20,000
(C) ₹3,000 plus 30% of the amount by which the total income exceeds ₹20,000
(D) ₹3,000 plus 25% of the amount by which the total income exceeds ₹20,000

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Rates of Tax

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