Income Tax Rates for Partnership Firms
Assessment Year 2010-11
- Flat rate of tax @ 30% on total income of the firm.
- Surcharge: Nil
- Education Cess: 2% of the amount of income Tax
- Secondary & Higher Education Cess: 1% on the amount of income Tax
Assessment Year 2008-09 and 2009-10
- Flat rate of tax @ 30 % on total income of the firm
- Surcharge: 10% of income tax (after rebate u/s 88E, if any) if net income exceeds Rs. 1 Crore subject to marginal relief in cases where income has marginally exceeded Rs. 1 Crore.
- Education Cess: 2% of the amount of income Tax and surcharge
- Secondary & Higher Education Cess: 1% on the amount of income Tax and surcharge
Income Tax Rates for Companies (For Asst. Year 2008-09 to 2010-11)
In the case of domestic company in which the public are substantially interested.
- 30% **
In the case of domestic company in which the public are not substantially interested.
- 30%**
In the case of foreign company :
Royalty received from an Indian concern in pursuance of an agreement made by it with the Indian concern after March 31, 1961 but before April 1, 1976 or fees for rendering technical services in pursuance of an agreement made by it after FEbrurary 29, 1964 but before April 1, 1976 and where such agreement has in either case, been approved by Central Government
- 50%**
Other Income
- 40%**
Surcharge (on income tax minus rebate u/s 80E, if any)
In case of Domestic Company :
** For asst. Years 2008-09 to 2010-11 @ 10% of income tax, only if total income exceeds Rs. 1 Crore.
In case of Foreign Company :
** For asst. Year 2008-09 to 2010-11 @ 2.5% of income tax, only if total income exceeds Rs. 1 Crore.
Education Cess : 2% on the amount of income tax and surcharge.
Secondary and Higher Education Cess (w.e.f astt. Year 2008-09)
1% on the amount of income tax and surcharge.
Tax Rates for Co-operative Societies
Asst. year (A.Y) to 2008-09 to A.Y. 2010-11
- Up to Rs. 10,000 – 10%
- Rs. 10,010 to Rs. 20,000 – 20%
- above Rs. 20,000 – 30%
Surcharge :
For asst. year 2006-07 to 2010-11 – NIL
Education Cess : 2%
SHEC – 1%
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{ 8 comments… read them below or add one }
Dear Sir,
Useful information.
Every day I am in receipt of your updates and it helped me a lot to understand Incometax. Before subscrbing for free mail I didnot know even its fundaments. Wish you and your team all the best!
Thank you very much.
Anil
can i no the taxation for the sole properatorship firm.all taxes
i have a land worth about 1 lakh,but today as per the market value the worth is 10 lakhs,so can i pay the difference amount tax and the value be 10 lakhs,how would be the tax calculated.my other three frnds also have the same land adjacent so somebody is looking to buy only 2 lands from the four,we r planning to make a partnership firm of the four sites,jointly the property value will be 40 lakhs,and the person who is willing to buy half(ie 2sites from the four)is ready to pay 25 lakhs,how will the total tax be calculated,how can u help us
This is very bulky. It is a burden to common man , b’coz layman cannot purchase his basic needs.
Thanks for the info..i was just looking for all such & i got it..
but here i hv three quarries if possible please solve it.
1. How the depreciation is calculated for IT of a company (both pvt ltd & ltd). I mean i hv seen that in tax calculation they deduct some amount of depreciaion from GTI & again add some.
2. What about deduction u/s 80G if a company makes a donation.(donation eligable for deduction) and anyother deductions company can get.
3. How IT on partnerhip firm is calculated. what is the IT rate?
Thank you.
Thanks all of the team for sending updated tax information.But I have one question whether education cess & H.Educational cess will be applicable in financial year 2009-10.Pls confirm me .
Thanks for update, it is very helpful for me.
please update in my e-mail for tax, corporate tax, excise dept. & others