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of <h1>Finance Bill 2023: Income Tax Rates Unchanged; 12% Surcharge for Firms Earning Over One Crore Rupees.</h1> The Union Budget 2023-24 and Finance Bill, 2023 maintain the income tax rate for firms as specified in the previous fiscal year (2022-23). Firms with a total income exceeding one crore rupees will incur a 12% surcharge on their income tax. However, the combined amount of income tax and surcharge for incomes over one crore rupees will not exceed the amount payable on a one crore rupee income by more than the excess income over one crore rupees.
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