A Ltd was formed on 01/05/2017 i.e. during FY 2017-18. Now while computing the income tax for FY 2018-19, there is a condition that if turnover or gross receipts for FY 2016-17 are below 250 crore, the tax rate can be taken as 25% otherwise 30%.
So what will be tax rate for A Ltd for FY 2018-19? Kindly guide,
18 September 2019
Sir, A Ltd was non-existent in FY 2016-17 as it was incorporated in FY 2017-18...therefore no turnover. So which rate of tax is applicable?? Please guide.
CAclubindia
