Budget 2019: Full text of the memorandum of the Finance Bill tabled in LS

Here is the full text of the memorandum of the finance bill tabled in Lok Sabha

FINANCE (No.2) BILL, 2019

PROVISIONS RELATING TO DIRECT TAXES & RELATED LAWS

Introduction

(c ) in the case of a domestic company,—

(i) having total income exceeding one crore rupees but not exceeding ten crore rupees, the amount of income-tax computed shall be increased by a surcharge for the purposes of the Union calculated at the rate of seven per cent. of such income tax;

(ii) having total income exceeding ten crore rupees, the amount of income-tax computed shall be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax; and (iii)