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Taxability of Income
Let’s learn more about Taxability of Income:
1. Partnership Firm: Income of the partnership firm has to be calculated after deducting salary and interest payable to partners at prescribed rates. A firm is taxable at the rate or 30 Percent for the assessment year 2012-13. There is no Surcharge for AY 2012-13. In addition, Education Cess is 3 percent on Income tax
2. Domestic Company: In case of Domestics Company income tax is calculated @ 30% for assessment year 2012-13. Surcharge at the rate of 5% of such income tax, provided that the total income exceeds Rs. 1 crore and Education Cess 3% of the total Income-tax and surcharge.
3. Foreign Company: In case of foreign company, income tax is @50% for assessment year 2012-13. Surcharge @2.5% of income-tax (i.e. income tax after rebate under section 88E), if net income exceeds Rs 1 crore and Education Cess 3% of the total income-tax and Surcharge.
