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of <h1>Income Tax Rate for Firms Unchanged in FY 2024-25; 12% Surcharge Applies for Income Over One Crore Rupees.</h1> For the fiscal year 2024-25, the income tax rate for firms remains unchanged from the previous year, as specified in the Union Budget 2024-25 and the Finance (No.2) Bill, 2024. Firms with a total income exceeding one crore rupees are subject to an additional surcharge of 12% on their income tax. However, the combined total of income tax and surcharge for firms with income over one crore rupees is capped, ensuring it does not exceed the tax amount payable on exactly one crore rupees by more than the excess income over one crore rupees.
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