bank assessment ?

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AMIT (Querist)
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18 July 2010 HOW IS BANK ASSESSED AS
COMPANY , AJP OR OTHER ?

IF AS A COMPANY WILL THE TAX RATE BE @ 30% FOR DOMESTIC AND 40% FOR FOREIGN BANK ?

PLEASE GIVE NAME OF SOME FOREIGN BANK,

THANKS

srinath

srinath (Expert)
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18 July 2010 Bank would be assessed as Company and the tax rate for domestic banks would be 30% and for foreign banks it would be 40% as rightly pointed out by u

it would be increased by surcharge @ 10% in case of domestic and 2.5% in case of foreign banks if the total income exceeds 1 crore

ABN amro bank, HSBC bank, Bank of ceylon are some of foreign banks.

AMIT

AMIT (Querist)
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19 July 2010 thanks very much sir

i would like to know how can i know the bank is a foreign or domestic ?

(a) headoffice location ?

or other ways ?

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srinath

srinath (Expert)
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20 July 2010 It depends on the registration of the bank