Income Tax Rates for Firms

Income tax rate for firms applies on total income, with surcharge and cess additions and AMT affecting book profit cases.

Corporate firms are subject to a flat income tax rate on the whole of total income, with surcharge added above a prescribed income threshold subject to marginal relief and a health and education cess levied on tax plus surcharge. The Alternate Minimum Tax applies on book profit or adjusted total income, with a concessional AMT rate for certain non corporate assessees located in the International Financial Services Centre deriving income in convertible foreign exchange.