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AI Drafter ✕

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        Bills

        Rate of Tax for TDS / Advance Tax -  Firms

        5 July, 2019

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        Rate of Tax for TDS / Advance Tax -  Firms

        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 continue to be the same as that specified for financial year 2018-19. The amount of income-tax shall be increased by a surcharge at the rate of twelve per cent. 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

         

        Firm tax rate unchanged; surcharge applies to high income firms with a statutory cap limiting surcharge on excess income. Rate of tax for firms for TDS and advance tax remains unchanged from the prior year; a surcharge of twelve per cent is levied where a firm's total income exceeds one crore rupees, subject to a cap that limits the aggregate income tax and surcharge on income above the threshold to not exceed the tax on the threshold amount by more than 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.

                              Firm tax rate unchanged; surcharge applies to high income firms with a statutory cap limiting surcharge on excess income.

                              Rate of tax for firms for TDS and advance tax remains unchanged from the prior year; a surcharge of twelve per cent is levied where a firm's total income exceeds one crore rupees, subject to a cap that limits the aggregate income tax and surcharge on income above the threshold to not exceed the tax on the threshold amount by more than the excess income.


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