Firms – Rate of Income Tax on Firms / Partnership Firm

Union Budget 2023-24 + FINANCE Bill, 2023

In the case of firms, the rate of income-tax has been specified in Paragraph C of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for FY 2022-23. The amount of income-tax shall be increased by a surcharge at the rate of 12% of such income-tax in case of a firm having a total income exceeding one crore rupees. However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Full Text:

Union Budget 2023-24 + FINANCE Bill, 2023

Dated: 1-2-2023