In case of individuals, if gross total income (before allowing any deductions under section 80C to 80U) exceeds maximum amount not chargeable to tax.
Chattertax Team will assist you in the followings:
• Preparation of return
• Tax assessments before authorities in India
• Consultancy in Tax matters & tax planning
• Foreign taxation consultancy
• Transfer Pricing matters
• Withholding tax compliance
• Income tax Appeals before CIT (Appeals) and ITAT.
• Income tax search and survey proceedings.
TAX RATES
Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%.
• Surcharge: If income is greater than Rs.1,00,00,000 – 12% of income tax amount. Subject to marginal relief.
• Education Cess of 3% of total of Income-tax and surcharge
Domestic Company - Turnover upto Rs. 50 crores
• Income Tax: 25% of taxable income
• Surcharge:
At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore.
At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.
• Education Cess: 3% of the total of Income Tax and Surcharge.
Turnover exceeding Rs. 50 crores
• Income Tax: 30% of taxable income
• Surcharge:
At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore.
At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.
• Education Cess: 3% of the total of Income Tax and Surcharge
