About Corporate Tax

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
• 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 the future have to pay monetary fines, interest, and face imprisonment, etc. It is recommended to pay taxes on time and in the prescribed manner.

How We Help

We help our clients in the following ways:

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:

• Residential Status: Whether a person is a resident or non-resident of India
• Salary: Whether the individual has a government or private job
• House Property: Whether any loan was taken for the construction or purchase of a house
• Profits of Business & Profession: Ensuring compliance with tax rules on business or professional income
• Capital Gain: Tax liability on capital gains is less; long-term assets should be sold off to benefit from tax exemptions under section 54.

Tax Management

It ensures fulfilling tax provisions under the Income Tax Act with prescribed methods and on time to avoid penalties.

Tax Auditing

Tax auditing examines various items of the balance sheet and profit & loss account to ensure the taxpayer has correctly assessed and reported tax liability and fulfilled other obligations.