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SCHEDULE 01 - THE FIRST SCHEDULE (See section 2)
Rate of income-tax in the case of every firm. In such cases, the rate of tax will continue to be the same as that specified for assessment year 2017-2018. The surcharge in cases of firms, having income above one crore rupees shall be levied at the rate of twelve per cent. Marginal relief will be provided.
Firm income-tax rate continues unchanged, with surcharge for higher-income firms and marginal relief available. The rate of income-tax applicable to every firm continues at the same level as for the preceding assessment year for assessment year 2018-19. For firms with total income exceeding one crore rupees, a surcharge is levied at twelve per cent, and marginal relief is available where applicable.
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