What will be the tax for a private ltd. company, which is having income of Rs. 3 crores & STT paid Rs. 1 crore?
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Replies (3)
For domestic co. tax rate will be charged @ 30% , surcharge shall be applicable @ 10% if total income exceeding Rs. 100 lacs & education cess is applicable @ 3%.
For Foreign co. tax rate will be charged @ 40% , surcharge shall be applicable @ 2.5% if total income exceeding Rs. 100 lacs & education cess is applicable @ 3%.
Hi VipinI Thanks for your reply!
Can anybody suggest, can company off-set the STT paid against income tax?
Thanks in advance!
Yes Vipin is right. However, in your case we will deduct STT of Rs. 1 cr from taxable income of company i.e. Rs. 3 cr
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