2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the maximum limit of the entity, for whom the Corporate tax rate will be gradually cut to 25%?
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Rs 100 crore
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Rs 200 crore
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Rs 400 crore
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Rs 500 crore
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Explanation:
Detailed explanation-1: -According to this new regime of taxation, every domestic company can pay their income tax with a rate of 22% (applicable cess + surcharge). However, these corporations need to take into account the below mentioned deductions under the Income Tax Act, 1961: Deductions u/s 10A for Special Economic Zones (SEZ).
Detailed explanation-2: -Corporate Tax Rate in India is expected to reach 34.94 percent by the end of 2022, according to Trading Economics global macro models and analysts expectations.
Detailed explanation-3: -Presently, domestic companies are taxed at a rate of 30%. In addition to this, the Income Tax Act levies a surcharge of 7% if the net income ranges from Rs. 1 crore to Rs. 10 crore.
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