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  • Direct Taxes - Assessment of Companies

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    shiva977
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    This document summarizes corporate tax rates and procedures in India for assessment year 2011-2012. It outlines income tax rates of 30% for domestic companies' regular income, 15% for short-term capital gains, 10-20% for long-term capital gains, and surcharges from 2.5-7.5% if net income exceeds 1 crore rupees. It also explains that companies must calculate net profit normally and according to section 115J, paying tax on the higher of the two amounts at a rate of 30% or 18%.

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    DIRECT TAX

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    This document summarizes corporate tax rates and procedures in India for assessment year 2011-2012. It outlines income tax rates of 30% for domestic companies' regular income, 15% for short-term capital gains, 10-20% for long-term capital gains, and surcharges from 2.5-7.5% if net income exceeds 1 crore rupees. It also explains that companies must calculate net profit normally and according to section 115J, paying tax on the higher of the two amounts at a rate of 30% or 18%.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    Download as ppt, pdf, or txt
    202 views3 pages

    Direct Taxes - Assessment of Companies

    Uploaded by

    shiva977
    This document summarizes corporate tax rates and procedures in India for assessment year 2011-2012. It outlines income tax rates of 30% for domestic companies' regular income, 15% for short-term capital gains, 10-20% for long-term capital gains, and surcharges from 2.5-7.5% if net income exceeds 1 crore rupees. It also explains that companies must calculate net profit normally and according to section 115J, paying tax on the higher of the two amounts at a rate of 30% or 18%.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
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    Assessment of Companies

    Rates of Income Tax for the A Y 2011-12 In the case of a domestic company Winnings U/s 115BB 30% STCG specified in Sec. 111A 15% LTCG U/s 112 10%/20% Other Income 30% Sad Surcharge @7.5%(domestic compnay) or 2.5%(foreign company) on the amount of income tax, if net income exceeds one crore rupees. Education Cess on the amount of income tax and surcharge @ 3%

    Assessment of Companies Corporate Tax


    Every company has to calculate Net Profit as per the Income Tax Act. Two Types
    A. Normal computation of N/P B. N/P as per the Sec 115J (Book Profit) (MAT)

    Taxability Tax rates is 30% of (A) or 18% of (B) whichever is higher.


    2

    Procedure to computation of Book Profit (MAT Minimum Alternative Tax)


    Refer spread sheet

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