Corporate tax rate differential for domestic companies introduced, with tiered surcharge rules and specified cess treatment applied.

The Finance Bill revises company tax by setting a lower rate for domestic companies meeting a specified turnover threshold and a higher standard rate otherwise, while maintaining the existing rate for non-domestic companies. Tiered surcharge rates apply differently to domestic companies and to companies other than domestic companies, with marginal relief available. Education Cess and Secondary and Higher Education Cess remain generally applicable, but are not levied on tax deducted or collected at source for domestic companies and other residents under specified entries; both cesses still apply to salary TDS and to non-residents and non-domestic companies.

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