Income tax

Though you asked your question in one line, but it is not easy to give the answer.

If i will say company is liable to pay tax @ 30% on its taxable income calculated in accordance with normal provisions of the Income Tax or 18.50% on its book profit, whichever is higher.......then i dont think so it will serve your purpose. Your next quetion may be what is normal provisions/ what is book profit?

I am giving you a gist of few sections, which u need to study to understand the tax computation of partnership Firm and Company

Sec 28 - List of Income Covered under the head PGBP

Sec 32  - Depreciation

Sec 36 - Expenses allowable from PGBP Income

Sec 37(1) -  General allowance of certain specific

Sec 43B - Certain expense allowable only on cash basis

Sec 115JB -  Minimum Alternate Tax

Sec 40A(2), 40A(3)

Sec 40(b) - partner's salary

and many many many more other sections which are EQUALLY IMPORTANT and there is nothing like basic concept....

EX: DATE OF DEDUCTION OF TDS  IS 31.12.2013 AND DATE OF ACTUAL PAYMENT IS 07.03.2014 THEN HOW THE INTT. WILL BE CALCULATED????

IT MAY BE AS FOLLOWS:

FROM 31.12.2013 TO 30.01.2014: @ 1.5% FOR 1 MONTH

AND FROM 31.01.2014 TO 02.03.2014 @ 1.5% FOR 1 MONTH

AND FROM 03.03.2014 TO 02.04.2014 @ 1.5% FOR 1 MONTH

SO INTT WILL BE FOR 3 MONTH @ 1.5%...

IF ANY QUERRY & SUGGESTION THEN PLZ WRITE