Corporate Tax
Corporate Tax Advisory involves technical knowledge and require understanding of complete Income Tax Provisions.
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Corporate tax also known as corporation tax or tax on companies. It is one of the form of levy of Direct tax on Companies. Unlike other person liable to pay income tax as per slab rate of income chargeable to tax, corporate tax is levied at single specific rate as regulated by Finance Act.
Corporate tax in India is levied on following heads of income:
Apart from above mentioned tax rate surcharge is levied at the rate of 7% of taxable income if net income exceed INR 1 crore but remain below INR 10 crore. If net income exceed INR 10 crore then surcharge will be 12%
Health and Education cess will also be levied at the rate of 4% of income tax and surcharge.
Tax Rate for Foreign companies for FY 2019-2020 (i.e. AY 2020-21) is taxable flat at the rate of 40%, however if any Royalty received from Government or an Indian concern or fees for rendering technical services where such agreement has, in either case, been approved by the Central Government then tax rate would be 50%.
With the ever changing Law and regulatory requirements, we keep on track and advise the same on timely manner in order to ensure proper compliance. We at ReturnFilings.Com will understand the purpose of your corporate tax return filing and thereafter will provide you detailed analysis mentioning the law requirement and compliances need to fulfil in order to file corporate tax return economically and efficiently. We at ReturnFilings.Com will provide you details of regulatory filings in order to ensure proper smooth and timely compliances. We at ReturnFilings.Com are determinate to provide end to end solution; our motto is you concentrate on your business while we at ReturnFilings.Com will take care of all your compliances need.
- Profit or Gain from Business or Profession (PGBP)
- Capital Gain / Capital Loss
- Income from renting of property (House Property head)
- Income from Other sources in the form of interest / dividend etc (Other Sources Head)
- Normal losses from business operations
- Losses on account of capital losses
- Losses on account of unabsorbed depreciation
Category | Tax Rate |
If Gross Turnover or Gross Receipt in Previous year 2017-2018 does not exceed INR 400 crore | 25% |
If the company has opted section 115BA | 25% |
If the company has opted section 115BAA | 22% |
If the company has opted section 115BAB | 15% |
Any other domestic company | 30% |