A firm is taxable at the rate of 30% for the assessment years 2018-19 and 2019-20.
Surcharge - Surcharge is 12% of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a firm having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).
Education Cess - EC (for Assessment Year 2018-19) - It is 2% of income-tax and surcharge.
Secondary and Higher Education Cess - SHEC (for Assessment Year 2018-1 9) - It is 1% of income-tax and surcharge.
Health and Education Cess - HEC (for Assessment Year 2019-20) - It is 4% of income-tax and surcharge.
>> Alternate Minimum Tax - Tax payable by firm cannot be less than 18.5% [+ SC + (EC + SHEC) or HEC] of “adjusted total income” as per section 115JC |
