Income Tax Rate for Companies & Firms

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This query is : Resolved

prerak (Querist)

03 April 2011 Dear Experts,

Please, tell me about Income Tax rates on Companies, firms & HUF for F.Y. 11-12

Thanks & Regards...

ca cs shriyans jain

ca cs shriyans jain (Expert)

03 April 2011 For individual and huf slab rates. Upto 1.6 lakh nil.
1.6 lakh to 3 lakh 10%
3 lakh to 5 lakh 20%
above 5 lakh 30% and eductn nd she cess extra no surcharge whatever may b the income.
For firms. Tax rate is 30%
nd edu she cess no surcharge.

For indian companies 30% edu cess she cess surcharge if income exceeds 1 crore @ 7.5%
for foreign companies 40% edu cess she cess surcharge if income exceeds 1 crore @ 2.5%

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prerak

prerak (Querist)

03 April 2011 Please, show saperately - Tax, Surcharge and Cess on Indian Company, Foreign Company and Indian Partnership Firms.

Ghanshyam T Jha

Ghanshyam T Jha (Expert)

04 April 2011 Assent of the President on budget 2011 - 12 is awaited.

Mr. Jain has told about F.Y. 2010-11

prerak

prerak (Querist)

04 April 2011 I want to know percentage of Basic Tax, Surcharge and Cess saperately for companies and firms.

Ghanshyam T Jha

Ghanshyam T Jha (Expert)

04 April 2011 As per Budget 2011-12

Rate of Tax

Assessee Income Tax "Surcharge
(on Income Tax)" "Education Cess
(on Income Tax and Surcharge" "Secondary and Higher Education Cess
(on Income Tax and Surcharge"
Firm 30% 0% 2% 1%
"Co. - Domestic
If net Income does not exceed Rs. 1 crore" 30% 0% 2% 1%
"Co. - Domestic
If net Income exceed Rs. 1 crore" 30% 5% 2% 1%
"Co. - Foreign
If net Income does not exceed Rs. 1 crore" 40% 0% 2% 1%
"Co. - Foreign
If net Income exceed Rs. 1 crore" 40% 2% 2% 1%

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