Guide to .. Tax Management ,Tax Planning and Tax Saving
 

Income-Tax Rates applicable for A.Y. 2019-20 in case of ‘FIRM’

A Firm is taxable at the rate of 30% for the assessment years 2018-19 and 2019-20.
 

Surcharge on Income-Tax :

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every firm, having a total income exceeding Rs.1 crore, be increased by a surcharge for the purposes of the Union calculated @ 12% of such income-tax:

Provided that in the case of every firm mentioned above having total income exceeding Rs. 1 crore, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.

Surcharge:

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such income-tax in case of a firm having a total income exceeding Rs. 1 crore.

Marginal relief:

The total amount payable as income-tax and surcharge on total income exceeding Rs. 1 crore shall not exceed the total amount payable as income-tax on a total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.

Health and Education Cess:

'Health and Education Cess (H&EC) on Income Tax' @ 4% on income tax (inclusive of surcharge, wherever applicable) shall be levied.

 

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