Dear Friends,
I have started my company on 10/4/2017 and started business. turnover for the period 17-18 is 10,00,000. Which tax rate is applicable for my company 25 % or 30%. Its not a manufacturing company.
Pls clear This ASAP
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Tax rate applicable for companies
Replies (3)
25%
| Turnover Details | Tax Rate |
| Gross turnover upto 250 Cr. in the previous year | 25% |
| Gross turnover exceeding 250 Cr. in the previous year | 30% |
|
Finance Bill |
FY |
AY |
Threshold limit for turnover |
Year in which limit to be checked |
Rate |
|
2017 |
2017-18 |
2018-19 |
Rs. 50 Cr |
FY 2015-16 |
25% |
|
2018 |
2018-19 |
2019-20 |
Rs. 250 Cr |
FY 2016-17 |
25% |
Since company was not existing in either FY 2015-16 or FY 2016-17, turnover was Nil. Reduced tax rate is for the benefit of MSMEs. Therefore, you can contend that 25% rate is applicable to your company
to claim benefit of 25% your company need to be in existence in FY 2016-17. since it is not thus you need to pay tax at 30%
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