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        Bills

        Firms [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

        24 July, 2024

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        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        In the case of firms, the rate of income-tax has been specified in Paragraph C of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for FY 2023-24. The amount of income-tax shall be increased by a surcharge at the rate of 12% of such income-tax in case of a firm having a total income exceeding one crore rupees. However, the total amount payable as income tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

        [Clauses 2, 37 & the First Schedule]

        Full Text:

        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        Surcharge cap on firm tax limits additional levy above the income threshold, preserving tax on threshold plus excess. The income-tax rate for firms remains unchanged from the prior year; firms with total income above the threshold face a surcharge on computed income-tax, but the combined tax and surcharge for income exceeding the threshold is capped so it cannot exceed the tax on income at the threshold plus the excess income.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Surcharge cap on firm tax limits additional levy above the income threshold, preserving tax on threshold plus excess.

                              The income-tax rate for firms remains unchanged from the prior year; firms with total income above the threshold face a surcharge on computed income-tax, but the combined tax and surcharge for income exceeding the threshold is capped so it cannot exceed the tax on income at the threshold plus the excess income.


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