Do companies also have to pay tax like us individuals?
Answer
Answer
Yes. Companies, too, have to pay tax to the government. The tax rate is as follows:
However, that’s not all. Companies also have to pay cess and surcharge to the government:
Cess: 4% of corporate tax
Surcharge:
- If taxable income is above Rs 1 crore, but less than Rs 10 crore: 7%
- If taxable income is above Rs 10 crore: 12%