Professional Documents
Culture Documents
1. Tax Rates 1
2. Indicidual Tax 4
3. Business Taxation 10
4. Capital Gains 16
7. Penalty 28
9. Miscellaneous Amendments 37
Option 2
Note: Cess of 4% shall be levied over and above the above taxes.
*Reduced rate of 25% shall be applicable where total turnover / receipts
in the last P.Y. does not exceed Rs 400 Cr
iii. Firms
Flat tax rate of 30% and surcharge @ 12% of income tax if net
income exceeds Rs 1 Cr. Additionally, cess of 4% is applicable.
Having total income of more than 1,000 plus 20% of total income
10,000 but less than 20,001 in excess fo Rs.10,000
Having total income of more than 3,000 plus 30% of total in-
20,000 come in excees of Rs. 20,000
Note: Surcharge @ 12% of income tax if net income exceeds Rs.1 Crore is
applicable. Additionally, cess of 4% shall be levied.
Concessional tax rates of 22% is applicable if opted for section 115BAD
(A) in a case where the information has been received from the
prescribed authority, no income-tax authority below the rank of
Joint Director or Joint Commissioner, shall conduct any survey
under the said section without prior approval of the Joint
Director or the Joint Commissioner, as the case may be; and
(B) in any other case, no income-tax authority below the rank of
Commissioner or Director, shall conduct any survey under the
said section without prior approval of the Commissioner or the
Director, as the case may be.
It is proposed to provide that ITAT may grant stay under the first
proviso subject to the condition that the assessee deposits not less
than 20% of the amount of tax, interest, fee, penalty, or any other sum
payable under the provisions of this Act, or furnish security of equal
amount in respect thereof.