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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Firm income tax fixed at 30% with AMT at 18.5%, reduced to 9% for IFSC non-corporates from 2023-24</h1> The income tax rate for firms is consistently 30% on total income across assessment years from 2007-08 to 2026-27. Alternate Minimum Tax (AMT) is generally levied at 18.5% of book profit or adjusted total income, with a reduced rate of 9% for non-corporate assessees located in International Financial Services Centres earning convertible foreign exchange income from 2023-24 onwards. A surcharge of 10-12% applies if income exceeds Rs. 1 crore, subject to marginal relief. Health and education cess is charged at 4% of income tax plus surcharge from 2018-19 onwards, while prior years imposed separate education cess components totaling 3%. Earlier assessments included rebates under section 88E, which were discontinued from 2009-10. These rates and levies provide a structured tax framework for firms, incorporating surcharges and cesses to augment the base tax liability.
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