company incometax rate
This query is : Resolved
CA Chintan Parikh
(Querist)
10 April 2010
incometax rate for company for the financial year 2010-11 & surcharge,education cess is applicable or not
Aditya Maheshwari
(Expert)
10 April 2010
Corporate Taxation
Domestic company Rs. 5 - Rs. 10000000 30.90% on taxable income
Above 10000000 33.99% on taxable income
Foreign Company Rs. 5 - Rs. 10000000 41.20% on taxable income
Above 10000000 42.23% on taxable income
Minimun Alternate Tax
Domestic company Rs. 5 - Rs. 10000000 18.54% on book profit
Above 10000000 20.394% on book profit
Foreign Company Rs. 5 - Rs. 10000000 18.54% on book profit
Above 10000000 19.0035% on book profit
Note: The above rates are inclusive of surcharge,education cess and higher education cess wherever applicable.
Domestic company Rs. 5 - Rs. 10000000 30.90% on taxable income
Above 10000000 33.99% on taxable income
Foreign Company Rs. 5 - Rs. 10000000 41.20% on taxable income
Above 10000000 42.23% on taxable income
Minimun Alternate Tax
Domestic company Rs. 5 - Rs. 10000000 18.54% on book profit
Above 10000000 20.394% on book profit
Foreign Company Rs. 5 - Rs. 10000000 18.54% on book profit
Above 10000000 19.0035% on book profit
Note: The above rates are inclusive of surcharge,education cess and higher education cess wherever applicable.
Mohan Verma
(Expert)
10 April 2010
Domestic company :30% and If Total Income exceed Rs. 1 Crore surcharge 10%
Foreign Company :50% or 40% and If Total Income exceed Rs. 1 Crore surcharge 2.5%
Education Cess.:2% of Income-Tax
Secondary Higher Education Cess:1% of Income-Tax
Foreign Company :50% or 40% and If Total Income exceed Rs. 1 Crore surcharge 2.5%
Education Cess.:2% of Income-Tax
Secondary Higher Education Cess:1% of Income-Tax
10 April 2010
AGREE WITH EXPERTS.
Aditya Maheshwari
(Expert)
10 April 2010
Dear Sanjay Gupta
I have stated a rate of 40% on foreign companies whereas mohan states a rate of 50% or 40%.
So whose views are you agreeing with. Kindly let us now as there are two different views stated and you have agreed with both of them. So kindly clarify.
I have stated a rate of 40% on foreign companies whereas mohan states a rate of 50% or 40%.
So whose views are you agreeing with. Kindly let us now as there are two different views stated and you have agreed with both of them. So kindly clarify.
Aditya Maheshwari
(Expert)
10 April 2010
And to Mohan verma please clarify on which income rate of 50% or 40% is applicable.
10 April 2010
RESPECTED ADITYA SIR,
NONE OF YOU ARE WRONG. IN CASE OF FOREIGN COMPANY THERE ARE TWO SLABS AND YOU MISSED ONE SLAB OF 50% WHICH IS APPLICABLE FOR ROYALTY RECEIVED FROM GOVERNMENT COMPANY OR AN INDIAN CONCERN IN PURSUANCE OF AN AGREEMENT MADE BY IT WITH THE INDIAN CONCERN AFTER MARCH 31, 1961 BUT BEFORE APRIL 1, 1976. YOUR ANSWER WAS CORRECT SO I AGREED WITH BOTH. IF ANY EXPERT MISSES A PART OF RULE AND OTHER EXPERT CLARIFIES, IT DOES NOT MEAN EARLIER IS NOT CORRECT. EVEN I MISS SOME IMPORTANT RULE OVER AN ANSWER. THAT IS THE REASON WHY SO MANY EXPERTS REPLY TO A SINGLE QUERY.
HOPE YOUR QUERY IS CLARIFIED.
HAVE A NICE DAY.
NONE OF YOU ARE WRONG. IN CASE OF FOREIGN COMPANY THERE ARE TWO SLABS AND YOU MISSED ONE SLAB OF 50% WHICH IS APPLICABLE FOR ROYALTY RECEIVED FROM GOVERNMENT COMPANY OR AN INDIAN CONCERN IN PURSUANCE OF AN AGREEMENT MADE BY IT WITH THE INDIAN CONCERN AFTER MARCH 31, 1961 BUT BEFORE APRIL 1, 1976. YOUR ANSWER WAS CORRECT SO I AGREED WITH BOTH. IF ANY EXPERT MISSES A PART OF RULE AND OTHER EXPERT CLARIFIES, IT DOES NOT MEAN EARLIER IS NOT CORRECT. EVEN I MISS SOME IMPORTANT RULE OVER AN ANSWER. THAT IS THE REASON WHY SO MANY EXPERTS REPLY TO A SINGLE QUERY.
HOPE YOUR QUERY IS CLARIFIED.
HAVE A NICE DAY.
Aditya Maheshwari
(Expert)
10 April 2010
I had a doubt on 50% rate and so did not post and had thought the same had been reduced. SO didn't post that rate.
10 April 2010
IT'S OK SIR. BUT THIS RATE IS THERE. AND HENCE I COULD NOT HAVE DISAGREED WITH MOHAN JI.
CA Chintan Parikh
(Querist)
26 April 2010
in A.Y.2010-11 mat applicable or not
26 April 2010
APPLICABLE
CA Chintan Parikh
(Querist)
26 April 2010
mat tax rate
26 April 2010
15% FOR AY 2010-11
FROM AY 2011-12 ITS 18% OF BOOK PROFIT
FROM AY 2011-12 ITS 18% OF BOOK PROFIT
Aditya Maheshwari
(Expert)
26 April 2010
Minimun Alternate Tax
Domestic company Rs. 5 - Rs. 10000000 18.54% on book profit
Above 10000000 20.394% on book profit
Foreign Company Rs. 5 - Rs. 10000000 18.54% on book profit
Above 10000000 19.0035% on book profit
Note: The above rates are inclusive of surcharge,education cess and higher education cess wherever applicable.
Domestic company Rs. 5 - Rs. 10000000 18.54% on book profit
Above 10000000 20.394% on book profit
Foreign Company Rs. 5 - Rs. 10000000 18.54% on book profit
Above 10000000 19.0035% on book profit
Note: The above rates are inclusive of surcharge,education cess and higher education cess wherever applicable.
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