Assessment year 2014-15
· Firms - A firm is taxable at the rate of 30 per cent for the assessment years 2013-14 and 2014-15.
Surcharge (for the assessment year 2013-14) - Nil
Surcharge (for the assessment year 2014-15) - Surcharge is 10 per cent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a firm having a net income of exceeding Rs. 1 crore, the 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.
· Alternate minimum tax - Tax payable by firm cannot be less than 18.5 per cent (+SC+EC + SHEC) of “adjusted total income” as per section 115JC