Corporate Income Tax

279 views
User Avatar

1238 Points Posted on 26 July 2020
Is there any minimum income below there is no need to pay corporate income tax?
0 Reply Share Follow
On 26 July 2020 at 22:10 Report
Replies (7)
Quick Summary
This discussion clarifies UK corporate income tax obligations. It confirms that generally, companies are liable for tax even on small profits. The tax rate can vary, with a lower rate of 25% (plus 4% HEC) applicable if turnover was below a certain threshold in a specific financial year, compared to the standard 30% rate. The conversation also touches on whether new companies with zero turnover are eligible for the lower rate.

User Avatar

Practice
3235 Points Posted on 26 July 2020
No there is no such criteria for corporate
1 Reply
On 26 July 2020 at 22:13
User Avatar

1238 Points Posted on 26 July 2020
CA Abay Ji, if companies are running under profit of 1 Lakh also liable to pay 30% as a Corporate Tax? am I correct?
Reply
On 26 July 2020 at 22:17
User Avatar

Practice
3235 Points Posted on 26 July 2020
Yes but if turnover in FY 2016-17 was below 250 crore then you need to pay tax @ 25% plus 4% HEC total 26%
1 Reply
On 26 July 2020 at 22:20
User Avatar

1238 Points Posted on 26 July 2020
CA Abhay Ji, thank u so much for your kind assistance.
Reply
On 26 July 2020 at 22:27
User Avatar

1102 Points Posted on 26 July 2020
Normally Companies have to pay @ 30%
but if your turnover for FY 17-18 is 400cr. then rate will be applicable @ 25% on income whatever income of Co.
1 Reply
On 26 July 2020 at 22:30
User Avatar

1238 Points Posted on 27 July 2020
Thank you so much Annu Goyal Ji
Reply
On 27 July 2020 at 09:52
User Avatar

12 Points Posted on 04 October 2020
What if company is new, hence zero turnover in FY 17-18, is the company eligible for 25% tax rate ?
1 Reply
On 04 October 2020 at 09:44

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Updating form 10-ee and Schedule FA if there is ch
  2. Sale of property in SLUM area ....SRA
  3. GST applicability on Shipping charges
  4. Outstanding Demand in Income Tax: How To Respond?
  5. LTCG on property sale
  6. Capital gains incidence due to bonus shares
  7. Amendment of Object Clause of Memorandum
  8. How Can I Request a Refund for an Accidental Airte
  9. TDS on salary paid in cash
  10. YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU

More recent discussions | Post

Related Topics :

Loading