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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.
Surcharge on firm income applies above a high income threshold; marginal relief available and base tax rate remains unchanged. The base income tax rate for partnership firms is retained at the same level as assessment year 2017-18. A surcharge applies to firms whose taxable income exceeds the specified high income threshold, and marginal relief is provided to mitigate the surcharge's impact near that threshold.
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