10 April 2010
Corporate Taxation Domestic company Rs. 5 - Rs. 10000000 30.90% on taxable income Above 10000000 33.99% on taxable income Foreign Company Rs. 5 - Rs. 10000000 41.20% on taxable income Above 10000000 42.23% on taxable income Minimun Alternate Tax Domestic company Rs. 5 - Rs. 10000000 18.54% on book profit Above 10000000 20.394% on book profit Foreign Company Rs. 5 - Rs. 10000000 18.54% on book profit Above 10000000 19.0035% on book profit Note: The above rates are inclusive of surcharge,education cess and higher education cess wherever applicable.
10 April 2010
Dear Sanjay Gupta I have stated a rate of 40% on foreign companies whereas mohan states a rate of 50% or 40%.
So whose views are you agreeing with. Kindly let us now as there are two different views stated and you have agreed with both of them. So kindly clarify.
NONE OF YOU ARE WRONG. IN CASE OF FOREIGN COMPANY THERE ARE TWO SLABS AND YOU MISSED ONE SLAB OF 50% WHICH IS APPLICABLE FOR ROYALTY RECEIVED FROM GOVERNMENT COMPANY OR AN INDIAN CONCERN IN PURSUANCE OF AN AGREEMENT MADE BY IT WITH THE INDIAN CONCERN AFTER MARCH 31, 1961 BUT BEFORE APRIL 1, 1976. YOUR ANSWER WAS CORRECT SO I AGREED WITH BOTH. IF ANY EXPERT MISSES A PART OF RULE AND OTHER EXPERT CLARIFIES, IT DOES NOT MEAN EARLIER IS NOT CORRECT. EVEN I MISS SOME IMPORTANT RULE OVER AN ANSWER. THAT IS THE REASON WHY SO MANY EXPERTS REPLY TO A SINGLE QUERY.
26 April 2010
Minimun Alternate Tax Domestic company Rs. 5 - Rs. 10000000 18.54% on book profit Above 10000000 20.394% on book profit Foreign Company Rs. 5 - Rs. 10000000 18.54% on book profit Above 10000000 19.0035% on book profit Note: The above rates are inclusive of surcharge,education cess and higher education cess wherever applicable.
CAclubindia
