Change the Tax Rate for a Company

ExpressITR || Change the Tax Rate for a Company


Process for Change the Tax Rate for a Company

Follow these steps to adjust the corporate tax rate for a company in Express ITR based on the applicable tax sections:

Tax Rate Overview
  1. Normal Tax Rate: The standard corporate tax rate is 30%.
  2. Section 115BA: Under Section 115BA, the basic rate is 25%. However, this rate is different for companies filing taxes under Section 115BAA of the Income Tax Act.
  3. Section 115BAA: Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% plus a surcharge of 10% and cess of 4%.
  4. Section 115BAB: Section 115BAB allows newly registered manufacturing entities, established on or after October 1, 2019, to avail themselves of a reduced corporate tax rate of 15% (excluding surcharge and cess).
Steps to Change the Tax Rate:

Step 1: Access the ITR Summary
  1. Open the client profile in Express ITR.
  2. In the ITR Summary section, click on Return Flow to proceed.
      

Step 2: Go to the E-Filing Option
  1. Navigate to the E-Filing option within the Return Flow.
      

Step 3: Select Applicable Tax Rate
  1. Under Basic Information, select the appropriate tax rate section (115BA, 115BAA, or 115BAB) based on the company’s eligibility.
      

By following these steps, you can easily adjust the applicable tax rate for the company in Express ITR.

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