Rates of Income Tax co-operative society and company for Assessment year 2021-22
Rates of Income Tax co-operative society and company for Assessment year 2021-22
According to Income Tax Act 1961 an assesse total income taxed as per relevant assessment year income tax rates. According to Finance Act 2020 now there will be two income tax rates available
- Old Regime
- New Regime
In the case of every co-operative society
| Co-operative societies ( other than those who opt to be taxed under the newly inserted section 115BAD)
|
Co-operative societies who opt to be taxed under the newly inserted section 115AD provided the condition mentioned u/s 115BAD (2) are satisfied 1 | |
| 1. Where the total income does not exceed Rs. 10,000
2. Where the total income exceed Rs. 20,000
3. Where the total income exceed Rs. 20,000 |
10% of the total income
Rs.1000 plus 20% of the amount by which the total income exceeds Rs.10,000
Rs.3,000 plus 30% of the amount by which the total income exceeds Rs.20,000 |
22% |
Surcharge:
Surcharge 12% on Income Tax Amount shall be increased in case of co-operative society where a total income exceed Rs.1 Crore
Marginal relief:
Marginal relief is available where surcharge on total income exceeding Rs. 1 Crore shall not exceed the total amount payable as income tax.
Cess:
Health and education Cess 4% on income tax
Incase of any partnership firm (including limited liability partnership)-30%
Surcharge:
Surcharge 12% on Income Tax Amount shall be increased in case of co-operative society where a total income exceed Rs.1 Crore
Marginal relief:
Marginal relief is available where surcharge on total income exceeding Rs. 1 Crore shall not exceed the total amount payable as income tax.
Cess:
Health and education Cess 4% on income tax
In case of Domestic Company
| Incase the company opts old regime | In case of the company opts to new regime | Incase the company is a new manufacturing company and it opts to be taxed u/s115BAB (2) provided it satisfies the condition of section 115BAB(2) | |
| 1.(a) If total turnover or gross receipts of the previous year 2018-19 does not exceed Rs.400 crore
(b) In all other cases |
25%
30% |
22% |
15% |
| 2. Certain manufacturing domestic companies who opt to be taxed u/s 115BA provided it satisfies the conditions of section 115BA (2) |
25% |
Surcharge:
| Surcharge at the rate of 7 % shall be applicable in case of domestic company,
the total income exceeds Rs. 1 Crore but not exceeds Rs.10 Crore 12% surcharge shall be applicable if total income of the domestic company exceeds Rs. 10 Crore |
10% |
10% |
Marginal relief:
| Where the total amount payable as income tax and surcharge on total income exceeding Rs.1 crore but not exceeding Rs.10 Crore shall not exceed the total income of Rs.1 Crore by more than the amount of income that exceeds Rs.1 Crore. |
Not applicable |
Not Applicable |
Cess
| Health and Education Cess 4% on Income Tax | Health and Education Cess 4% on Income Tax | Health and Education Cess 4% on Income Tax |
Foreign Company 40%
Incase of foreign company surcharge 2% shall be applicable if the total income exceeds Rs.1 Crore but does not exceed Rs,10 crore.
The surcharge at the of 5% shall be applicable if the total income exceed Rs.10 Crore
Marginal relief:
Marginal relief is available if surcharge exceed the tax payable on more than 1 Crore income
Cess:
Health and Education Cess on income tax 4%
Conclusion:
According to Income Tax Act 1961 domestic company pay less income tax and foreign company pay more income tax. Where co-operative society also pay less tax. Surcharge and Cess are applicable on all domestic company, co-operative society, and foreign company. Marginal Relief is also available to all domestic company, Co-operative society, and foreign company where surcharge amount exceeds income amount on which it is applicable.