Companies - For the assessment years 2019-20 and 2020-21 the following rates of income-tax are
applicable:
Company Rate of income-tax (per cent)
Assessment Assessment
year 2019-20 year 2020-21
In the case of a domestic company    
-   Where its total turnover or gross receipt during the 25 NA
previous year 2016-17 does not exceed Rs. 250 crore
-   Where its total turnover or gross receipt during the NA 25
previous year 2017-18 does not exceed Rs. 400 crore
-   Where it opted for Section 115BA 25 25
-   Where it opted for Section 115BAA NA 22
-   Where it opted for Section 115BAB NA 15
-   Any other domestic company 30 30
In the case of a foreign company -    
-   royalty received from Government or an Indian 50 50
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 February
29, 1964 but before April 1, 1976 and where such
agreement has, in either case, been approved by the
Central Government
-   other income 40 40
Surcharge - Surcharge is applicable at the rates given below—
Nature of Income If net income does not If net income is in the If net income exceeds Rs.
exceed Rs. 1 crore range of Rs. 1 crore - Rs. 10 crore
10 crore
In case of a domestic
company
-   Where it 10%* 10%* 10%**
opted for
Section
115BAA
-   Where it 10%* 10%* 10%**
opted for
Section
115BAB
-   Any other Nil 7%* 12%**
domestic
company
Foreign Company Nil 2%* 5%**
*Marginal relief - In the case of a company having a net income of exceeding Rs. 1 crore, the amount
payable as income-tax and surcharge shall not exceed the total amount payable as income-tax on total
income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.
**Marginal relief - In the case of a company having a net income of exceeding Rs. 10 crore, the
amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax
and surcharge on total income of Rs. 10 crore by more than the amount of income that exceeds Rs. 10
crore.
Health and education cess - It is 4 per cent of income-tax and surcharge.
MINIMUM ALTERNATE TAX - The following rate of minimum alternate tax shall be applicable—
  If book profit does not If book profit is in the range of Rs. If book profit exceeds Rs. 10
exceed Rs. 1 crore 1 crore - Rs. 10 crore crore
IT SC HEC Total IT SC HEC Total IT SC HEC Total
Domestic 15† - 0.6 15.6 15† 1.05 0.642 16.692 15† 1.8 0.672
17.472
Company‡
Foreign 15† - 0.6 15.6 15† 0.3 0.612 15.912 15† 0.75 0.63 16.38
Company
Note - If book profit of a company exceeds Rs. 1 crore but does not exceed Rs. 10 crore, the minimum
alternate tax cannot exceed the following : (Rs. 15 lakh + book profit - Rs. 1 crore) + HEC. If,
however, book profit exceeds Rs. 10 crore, the minimum alternate tax cannot exceed the following -
a.   in the case of domestic company, (Rs. 160.5 lakh + book profit - Rs. 10 crore) + HEC; or
b.   in the case of a foreign company, (Rs. 153 lakh + book profit - Rs. 10 crore) + HEC.

‡ The provisions of MAT shall not be applicable in case of a domestic company which has
exercised the option to pay tax on its income under Section 115BAA or 115BAB.
† 9 per cent, if the assessee is a unit located in an International Financial Services Centre
and derives its income solely in convertible foreign exchange.