Indian finance and Investment GuideIndiamart










Assessment and Rate of Income Tax


For the Assessment Year 2007-08
Description Existing Rate* (%) Proposed Rate* (%) Difference + - = (%)
Domestic Company
Regular Tax 33.6 33.9** +0.33
MAT 11.22
(of book profits)
11.33
(of book profits)
+0.11
DDT 14.025 16.995 +2.97
Foreign Company
Regular Tax 41.82 42.33# 0.41
*It includes the applicable surcharge and the education cess.
**If the income is equal or less than Rs 10 million, it is 30.9%.
#If the income is equal or less than Rs 10 million, it is 41.2%.

Assessment of companies :

The principle officer of the company is required to file the return of total income of the company on or before 30th November of the assessment year. A company is assessed like any other assessee. However, its liability differs in two respects.
  1. No exemption limit : A company does not enjoy any exemption limit

  2. Flat rate of Tax : A company pays income tax at a flat rate instead of slab rate

Rates of Income Tax :
The rates which are applicable to companies for the assessment year 1998-99 are


Category Rates
Tax on long-term capital gains 20 %
Tax on winnings form lotteries, cross word puzzles, races etc. 40%
Tax on any other income
  a) domestic company
  b) foreign company

35%
48%





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