Hii,
Income Tax on Companies up to turnover of Rs.250 Cr. in the previous year is 25%.
thus if under 154 by mistake calculation made wrong apply again for 154.
or please share order copy.
1. RECTIFICATION ORDER DISCUSSION UNDER SEC 154 2.What is company tax for FY-2017-18 3. We paid income tax 25% and total revenues less 5 CR, but we got notice to make more payment which is calculated using 30%. Company is IT
Hii,
Income Tax on Companies up to turnover of Rs.250 Cr. in the previous year is 25%.
thus if under 154 by mistake calculation made wrong apply again for 154.
or please share order copy.
We have a phone consultation to discuss notice u/s 154.
Corporate tax rate was 25% if turnover in FY 2015-16 was below 50 crore. Above that it was 30%.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Dear Sir,
Hope you are doing well !!
Domestic companies are taxed at the rate of 30% of total income. However, with effect from tax year 2017-2018, tax rate for domestic companies with turnover or gross receipt not exceeding Rs. 50 Crore in the previous year 2015-16 was liable to pay tax at the rate of 25% instead of 30% (Proposed in Budget 2017). This means, if your turnover for the financial year 2015-16 is less than or equal to 50 Crore rupees then tax rate for the previous year 2017-18 will be 25%.
It is advisable to share the copy of notice with us or take a phone consultation for detailed discussion.
May be there is some disallowances. Either you can share the notice or you can reply the same to the notice that you disagree with demand by stating reason in detailed manner.
Hello,
For Financial Year 2017-18, tax rate for domestic companies with turnover or gross receipt not exceeding Rs. 50 Crore in the F.Y. 2015-16 was liable to pay tax at the rate of 25%. Kindly share a copy of the notice for a better understanding of the query.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani