Budget 2024 proposes Income Tax Rates for Domestic and Foreign Companies.
Reetu | Aug 12, 2024 |
Income Tax Rates for Domestic and Foreign Companies
Indian taxes are separated into two types: direct taxes and indirect taxes. Direct taxes are levied on the income earned by various sorts of business entities over the course of a financial year. There are various sorts of taxpayers registered with the Income Tax Department, and each pays taxes at a different rate. For example, an individual and a firm both pay taxes, but not at the same rate.
Finance Minister Nirmala Sitharaman in Budget 2024 proposes lowering the corporate tax rate for international enterprises from 40% to 35%.
Particular | Domestic Company | (Tax + Surcharge) + Cess |
Income | Rs.0-Rs.1 Crore | (30% + 0) + 4% |
Rs.1-Rs.10 Crore | (30% + 7%) + 4% | |
Above Rs.10 Crore | (30% + 12%) + 4% |
*Tax Rate of 25% is applicable for Turnover upto Rs.400 Crore immediately preceding AY 2025-26.
Concessional Tax Rate | (Tax + Surcharge) + Cess |
U/S 115 BAA | (22% + 10%) + 4% |
U/S 115 BAB | (15% + 10%) + 4% |
*Flat Rate of Surcharge is applicable in respect of Income.
Particular | Foreign Company | (Tax + Surcharge) + Cess |
Income | Rs.0-Rs.1 Crore | (35% + 0%) + 4% |
Rs.1-Rs.10 Crore | (35% + 2%) + 4% | |
Above Rs.10 Crore | (35% + 5%) + 4% |
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