What will be the tax for a private ltd. company, which is having income of Rs. 3 crores & STT paid Rs. 1 crore?
3 Replies
VIPIN KUMAR
(Practicing)
(309 Points)
Replied 14 November 2009
For domestic co. tax rate will be charged @ 30% , surcharge shall be applicable @ 10% if total income exceeding Rs. 100 lacs & education cess is applicable @ 3%.
For Foreign co. tax rate will be charged @ 40% , surcharge shall be applicable @ 2.5% if total income exceeding Rs. 100 lacs & education cess is applicable @ 3%.
Rakesh
(Accountant)
(46 Points)
Replied 16 November 2009
Hi VipinI Thanks for your reply!
Can anybody suggest, can company off-set the STT paid against income tax?
Thanks in advance!
Krutesh Patel
(ACA)
(727 Points)
Replied 16 November 2009
Yes Vipin is right. However, in your case we will deduct STT of Rs. 1 cr from taxable income of company i.e. Rs. 3 cr
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