Corporation tax is nothing but the tax that is imposed on the net income of a particular company. All companies which include Private and Public Companies , registered under the Companies Act, 1956 must pay corporate tax.
This corporate tax has been recently reduced by the Indian government, with the aim to make India globally competitive, induce domestic and Foreign Investment and boost the country’s export sector.
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Corporate Tax In India
Corporate taxes need to be paid by both domestic and foreign companies. A domestic company is taxed on its universal income and a foreign company is only taxed on the income earned within India.
For the calculation of taxes under the Income-tax Act, the types of companies can be defined under :
Domestic Company : Domestic company is one which conducts its business affairs in its home country. A domestic company is often taxed on a different criterion when compared to a non-domestic business. Private and public companies are included as a domestic company.
Foreign Company : A Foreign Company is not registered under the Companies Act of India. The control and management of such companies are located outside India.
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