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7.5%
- The Income under section 172 shall be computed at 7.5% of the amount that is paid/payable whether in or outside India for carriage of any livestock, mail, passengers or goods shipped at any port in India. Tax under this section shall be at the rate as applicable to a Foreign Company plus surcharge/cess if any.
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Nov 29, 2019 · The income of a foreign shipping company which is received or is deemed to be received in India; or accrues or arises or is deemed to accrue or arise in India is taxable in India as per section 4 and 5 of the domestic law.
Mar 25, 2021 · Tax rates cited are for the financial year (FY) ending 31 March 2021, and include a surcharge (12 percent for domestic companies and 5 percent for foreign companies having income over 100 million Indian rupees [INR] (about 1,428,500 US dollars [US$]) and an education cess (tax) of 4 percent (unless otherwise mentioned). Recent developments.
May 15, 2024 · The corporate income tax (CIT) rate applicable to an Indian company and a foreign company for the tax year 2022/23 is as follows: * Surcharge of 10% is payable only where total taxable income exceeds INR 10 million. ** Effective tax rates include surcharge and health and education cess of 4%.
Oct 7, 2020 · Page Contents. Tax Rates (For AY 2020-21) Tax Payment method. Return Filing Provisions. Due dates for filing of return. Computation of Income. Tax Rates (For AY 2020-21) Surcharge – 12 % (where taxable income including capital gain exceeds Rs. 1 crore). It is subject to Marginal relief.
Tax Slabs for Partnership Firm / LLP for AY 2024-25. For the AY 2024-25, a Partnership Firm (including LLP) is taxable at 30%. Surcharge, Marginal Relief and Health & Education Cess
Apr 3, 2023 · Tax Rates for LLPs in India. One of the significant tax benefits of LLPs is their lower tax rates compared to companies. LLPs are taxed at a flat rate of 30% on their profits, while companies are subject to a higher tax rate of 25% to 30%. Additionally, LLPs are not subject to the surcharge and cess that companies have to pay.
Dec 17, 2019 · A private limited company is treated as a separate legal entity and its income is taxed at the rate of 30%. In addition to the income tax, education cess of 2% and 1% secondary and higher education cess is also levied. A surcharge of 5% is applicable when the taxable income exceeds Rs.1 crore.
