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Corporate Taxation

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A corporate tax is levied on the profits that a corporation generates. A country’s corporate tax will be applied to –

  • Corporations incorporated in the country,
  • Corporations doing business in the country on income from that country,
  • Foreign corporations who have a permanent establishment in the country, or
  • Corporations deemed to be residents for tax purposes in the country.

A corporation may deduct the entire amount of losses, while a sole proprietor must provide evidence regarding the intent to earn a profit before the losses can be deducted.

Finally, profit earned by a corporation may be left within the corporation allowing for tax planning and potential future tax advantages.

A firm not paying its charged taxes on time, shall in future have to pay monetary fine, interest, and imprisonment, etc, so it is recommended to them that they pay out their taxes on time and in the manner prescribed.

How we help

We help our clients in the following ways:

  1. Tax planning
    It means keeping all the tax rules and provisions so that there is a minimum payment of tax liability.

    Basis of tax planning –

    1. Residential status: Whether a person is resident or non-resident of India
    2. Salary: Whether he has a government or private job.
    3. House Property: Whether any loan as taken for construction/purchase of any house
    4. Profits of Business & Profession
    5. Capital gain: The tax liability on capital gain is less so long term assets should be sold off and benefits should be taken from the long term capital gain u/s 54 which is tax exempted.
  2. Tax management
    It is basically there to fulfill tax provisions under the Income Tax Act with prescribed methods and on due time so that penalties are not charged.
  3. Tax auditing
    Tax audit aims at examining various items of the balance sheet and profit & loss a/c therefore, checking whether the taxpayer has correctly assessed and reported his tax liability and fulfilled other obligations or not.