The rate of tax and the rate of surcharge applicable on a foreign company if its income exceeds ₹1 crore but does not exceed ₹10 crores for AY 2020-21 is:
A. 40% & 2% respectively
B. 35% & 2% respectively
C. 40% & 5% respectively
D. 30% & 2% respectively
Answer:A
The rate of tax and the rate of surcharge applicable on a foreign company if its income exceeds ₹1 crore but does not exceed ₹10 crores for AY 2020-21 is:
A. 40% & 2% respectively B. 35% & 2% respectively C. 40% & 5% respectively D. 30% & 2% respectively