Income Tax Rates for Firms, LLPs, and Local Authorities
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Questions and Answers

What is the tax rate for a Local Authority or a Firm when the total income exceeds ₹1 crore?

  • 30% income tax + 12% HEC + 4% surcharge
  • 30% income tax + 5% HEC + 4% surcharge
  • 40% income tax + 12% HEC + 4% surcharge (correct)
  • 25% income tax + 12% HEC + 4% surcharge

    • What is the surcharge rate for a Domestic Company with a total income exceeding ₹10 crore?

  • 12% (correct)
  • 5%
  • 7%
  • 10%

    • For a Co-operative Society, which section allows them to opt for alternative taxation?

  • Section 115BAA
  • Section 115BAD (correct)
  • Section 115BAB
  • Section 115TC

    • What is the maximum rate of surcharge for an AOP (consisting of only companies as members) for AY 2023 & 24?

    <p>15%</p> Signup and view all the answers

    In case of an Individual & HUF, what is the limit to which the Income Tax & Surcharge are restricted?

    <p>₹50 lakhs</p> Signup and view all the answers

    What is the tax rate for a Local Authority or a Firm when the total income is up to ₹1 crore?

    <p>40% income tax + no surcharge</p> Signup and view all the answers

    What is the total tax liability of Mr. Sharma under the default tax regime for the A.Y 2024-25?

    <p>₹2,18,86,250</p> Signup and view all the answers

    What is the amount of surcharge at 15% added to Mr. Sharma's tax liability under the normal provisions of the Act?

    <p>₹9,60,000</p> Signup and view all the answers

    What is the tax liability on other income of ₹1,14,00,000 under the default tax regime for Mr. Sharma?

    <p>₹51,20,000</p> Signup and view all the answers

    What is the tax liability on income between ₹10,00,000 and ₹1,14,00,000 under the default tax regime for Mr. Sharma?

    <p>₹62,55,080</p> Signup and view all the answers

    What is the special rate income referred to in Sec 111A?

    <p>Long-term capital gains on securities</p> Signup and view all the answers

    At what rate is the surcharge applicable on taxable income of an individual or Hindu Undivided Family (HUF) when the total income exceeds ₹5 crore?

    <p>25%</p> Signup and view all the answers

    Under what situation is the rate of surcharge on taxable income related to dividend income nil?

    <p>When taxable income does not exceed ₹50 lakh</p> Signup and view all the answers

    What is the maximum surcharge applicable on tax on dividend income if the income is within the slab limit of a 25% surcharge?

    <p>Up to 15% of tax amount</p> Signup and view all the answers

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