TAX RATES
ASSESSMENT YEAR 2012-13
Companies - For the
assessment years 2011-12 and 2012-13 the following rates of income-tax are
applicable:
|
Company |
Rate of income-tax (per cent) [see also para 0.1-6] |
|
In the case of a domestic company |
30 |
|
In the case of a foreign company |
|
|
q royalty received
from Government or an Indian concern in pursuance of an agreement made by it
with the Indian concern after March 31, 1961, but before April 1, 1976, or
fees for rendering technical services in pursuance of an agreement made by it
after February 29, 1964 but before April 1, 1976 and where such agreement
has, in either case, been approved by the Central Government |
50 |
|
q
other income |
40 |
Surcharge - Surcharge is applicable
at the rates given below—
|
|
If net income does not exceed Rs. 1 crore |
If income exceeds Rs.
1 crore |
|
|
|
|
Assessment year |
Assessment year |
|
|
|
2011-12 |
2012-13 |
|
Domestic company |
Nil |
7.5%* |
5%* |
|
Foreign company |
Nil |
2.5%* |
2%* |
*It is 2% or 2.5% or 5% or 7.5% of income-tax. Marginal relief is
available which is given below—
Marginal relief - In the case of a company having a net income of
exceeding Rs. 1 crore, the net
amount payable as income-tax and surcharge shall not exceed the total amount
payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.
Education cess - It is 2 per
cent of income-tax and surcharge.
Secondary and higher education cess - It is 1 per
cent of income-tax and surcharge.
MINIMUM ALTERNATE TAX - The following
rate of minimum alternate tax shall be applicable—
l Assessment year 2011-12
|
|
If book profit does not exceed Rs. 1 crore |
If book profit exceeds Rs.
1 crore |
||||||||
|
|
IT |
SC |
EC |
SHEC |
Total |
IT |
SC |
EC |
SHEC |
Total |
|
Domestic company |
18 |
- |
0.36 |
0.18 |
18.54 |
18 |
1.35 |
0.387 |
0.1935 |
19.9305 |
|
Foreign company |
18 |
- |
0.36 |
0.18 |
18.54 |
18 |
0.45 |
0.369 |
0.1845 |
19.0035 |
Note - If book profit
of a company for the assessment year 2011-12 exceeds Rs.
1 crore, the minimum alternate tax cannot exceed the
following: (Rs. 18 lakh +
book profit – Rs. 1 crore)
+ EC + SHEC.
l Assessment year 2012-13
|
|
A book profit does not exceed Rs. 1 crore |
A book profit exceeds Rs.
1 crore |
||||||||
|
|
IT |
SC |
EC |
SHEC |
Total |
IT |
SC |
EC |
SHEC |
Total |
|
Domestic company |
18.5 |
- |
0.37 |
0.185 |
19.055 |
18.5 |
0.925 |
0.3885 |
0.19425 |
20.00775 |
|
Foreign company |
18.5 |
- |
0.37 |
0.185 |
19.055 |
18.5 |
0.37 |
0.3774 |
0.1887 |
19.4361 |
Note - If book profit
of a company for the assessment year 2012-13 exceeds Rs.
1 crore, the minimum alternate tax cannot exceed the
following : (Rs. 18.5 lakh
+ book profit - Rs. 1 crore)
+ EC + SHEC.