A corporate tax is a levy on a company's profit by the government. The money collected in the form of corporate taxes is used as a country's source of income. A company's operating income is calculated by deducting expenses, including the cost of goods sold or services procured and depreciation from revenues. Next, applicable tax rates are applied to create a legal obligation that the company owes the government.

Corporate tax is levied on the companies, whether domestic or foreign. In India, the Income Tax Act, 1961 governs the provisions of charging corporate tax to companies. Global income of the companies registered in our country is covered for taxation under this. Whereas in the case of foreign companies, only the income received or accrued in India is taxable under the corporate tax. CAJCC is leading corporate tax experts in Delhi-NCR and accross the world.

What is a domestic company

Any company whose business is originated in India or any foreign company whose effective management and control are entirely situated in India is the domestic company. The companies registered under the Companies Act, 1956 or Companies Act, 2013 are said to be originated in India.

What is a foreign company

Any company that has not originated in India and whose effective control & management is situated outside India.

Helping Companies reduce Taxable Income

In the complicated domains of tax financial reporting, tax authority compliance, and tax planning corporate tax authorities are often challenged to meet continually changing conditions.

Additional acumen and industry expertise can help to supplement existing tax department resources, and give the peace of mind needed to permit clients to address concerns affecting companies finally, now and into the future. Financial reporting scrutiny in tax areas requires a tremendous level of completeness, correctness, and internal controls.

CAJCC Corporate Tax Experts work with our clients as entrusted advisors and allies to manifest a deep-rooted knowledge of their businesses including businesses that battle in global markets and across state and territorial jurisdictions. We drive value and build an understanding of assessing authority rules and processes that affect tax reporting, tax planning and accounting for corporate taxes.

We recognise areas of risk, giving solutions that mitigate financial statements and tax compliance disclosures. Our clients appreciate us for being the best corporate tax consultancy in Delhi-NCR and for our reliability of expertise, efficiency, performance, study to details and excellent services.

How We Deliver

Whether your company is an emerging enterprise or a large established business, our professionals will employ their corporate tax experience and resources to:

• Assist you in meeting all tax-related filings for corporates
• Provide you with the final analysis of financial statement related to accounting for taxes
• Develop possibilities to reduce and defer corporate taxes

Our Corporate Tax Professional Team possesses vast experience in the field of corporate taxation that provides corporate tax services in Delhi and across India. We implement our sound mind of what it necessitates to improve useful tax policies with the efficiency and accuracy needed in the present volatile tax environment. We being a business tax expert in Delhi-NCR use our experience to create modern solutions to our clients most complex and essential tax issues.

Our areas of expertise in corporate tax include:

• Accounting for income taxes
• Corporate Tax Compliance Services Preparation and filing of tax returns
• Corporate tax planning
• Audit support to corporates
• Due Diligence for corporate issues and Tax controversies
• International tax planning for overseas Entities

Frequently asked questions on Corporate Tax

1. Is it mandatory to file ITR for companies

Yes, it is mandatory for every company to file its return of income irrespective of amount of income or losses.

2. Which ITR form is applicable to companies

Form ITR-6 is applicable to companies. However the companies claiming exemption under section 11(charitable or religious trusts) cannot use ITR-6 form.

3. What are the components of income of a company

The following are the components of income of a company:

• Income from Business and Profession
• Income from House Property
• Income from Capital Gains
• Income from Other sources

Salary income is not earned by a company.

4. What is Minimum Alternate Tax (MAT)

MAT is prescribed under Section 115JB of the Act and has been a part of the statute for decades now. The purpose of MAT is to tax companies at a MAT rate on book profit, or at the tax rate on taxable income, whichever is higher. MAT was previously at a rate of 18.5% on book profits and has now been reduced to 15% on book profits.

Under these changes to corporate tax rates, companies choosing to exercise 115BAA or 115BAB are excluded from the applicability of MAT. As such, once a company opts for either of these sections, it has a single tax rate for every future year.