Tax Hotline
December 14, 2000
Surcharge on Corporate tax proposed to be increased by 1%

The Finance Minister moved the Taxation Laws Amendment Bill 2000 in the lower house of parliament proposing a 1 % additional surcharge on income tax payable by companies.

The surcharge is being imposed to fund a 500-crore corpus for the National Calamity Contingency Fund.

Indian companies already pay a 10% surcharge on a 35% corporation tax. The proposal would increase the tax liability of companies by 0.4 % and hence corporate entities would be paying a tax at the rate of 38.9% (inclusive of surcharge of 11%) for the financial year 2000-2001.

Source: The Economic Times, December 14, 2000

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Tax Hotline

December 14, 2000

Surcharge on Corporate tax proposed to be increased by 1%

The Finance Minister moved the Taxation Laws Amendment Bill 2000 in the lower house of parliament proposing a 1 % additional surcharge on income tax payable by companies.

The surcharge is being imposed to fund a 500-crore corpus for the National Calamity Contingency Fund.

Indian companies already pay a 10% surcharge on a 35% corporation tax. The proposal would increase the tax liability of companies by 0.4 % and hence corporate entities would be paying a tax at the rate of 38.9% (inclusive of surcharge of 11%) for the financial year 2000-2001.

Source: The Economic Times, December 14, 2000

Disclaimer

The contents of this hotline should not be construed as legal opinion. View detailed disclaimer.

This Hotline provides general information existing at the time of preparation. The Hotline is intended as a news update and Nishith Desai Associates neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this Hotline. It is recommended that professional advice be taken based on the specific facts and circumstances. This Hotline does not substitute the need to refer to the original pronouncements.

This is not a Spam mail. You have received this mail because you have either requested for it or someone must have suggested your name. Since India has no anti-spamming law, we refer to the US directive, which states that a mail cannot be considered Spam if it contains the sender's contact information, which this mail does. In case this mail doesn't concern you, please unsubscribe from mailing list.

NDA Connect

Connect with us at events, 
conferences and seminars.