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 ... Summary
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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TaxTMI 
TaxTMI 
