Income Tax Expert Interview Question:

Tell me at what rate firms are required to pay tax on their income?

Submitted by: Muhammad

Income Tax is paid at 30% of taxable income. Surcharge is charged at 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable) and Education Cess is 3% of the total of Income Tax and Surcharge.
Submitted by: Muhammad