Rate of income Tax & surcharge

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JOB

133 Points Posted on 04 December 2008

hi,

pl solve below queries as earliest :

1) Rate of FBT for Foreign co. =30% or 40 %

2) is 1 crore limit of surcharge(2.5%) applicable on foreign company too ?(in both case FBT & Income tax)

3) Is it OK that we charge surcharge on Income tax but not on FBT ?

thanx in advance

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Chartered Accountant

1690 Points Posted on 04 December 2008

In case of FBT, surcharge is there at a flat rate of 10%.

FBT is levied if employer is a company, a firm, an AOP / BOI, a local authority & every artifical judicial person.

Relating to company, clarification is following "Employer must have employees based in India"

Limit of 1cr & 2.5% of surcharge is related with Income tax only

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