surcharge rate on companies

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pramod (Querist)
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05 February 2009 Dear forum,

Want to know the provisions relating to applicability of surcharge on companies for the A.Y 2009-10, and relevant notification

Shyam Lal Naik

Shyam Lal Naik (Expert)
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05 February 2009 Surcharge is applicable on resident companies if the income exceeds 1 crore.

It is a budgetary provision(Finance Act'08). Hence notification not required.

Further, tax can not be imposed by notification. It has to be through an act of the parliament.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 February 2009 Continuing Mr. Naik,Rate is 10% for domestic companies and 2.5% for foreign companies. Refer proviso to paragraph E of part1/111 of the first schedule to the Finance Act,2008.

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