When I see the tax rate for domestic companies, as per the amendment in finance act 2017, it specifically says that if the turnover of 2015-16 does not exceed 50 lakh, a rate of 25% will apply.
Will this be applicable for subsequent years also? Or is it a one time reduction?
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tax rate for domestic companies (25%)
Replies (2)
The reduction is tax rate for smaller companies is a step towards reducing the corporate tax rate for all companies in a phased manner and also doing away with tax incentives. Now that, the depreciation rates have been restricted, we can only expect tax rates to be reduced for all the corporates in the near future.
If your concern is for deferred tax calculation, you can use current year tax rates, as applicable for that company, for the temporary timing differences.
as per my knowledge this limit is check only once. and this sec is applied on that company which is form on or after 1st march 2016. please make me correct if I am wrong.
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