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.
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
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.
We at Jain Rajiv Associates 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 at Jain Rajiv Associates 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 recognize areas of risk, giving solutions that mitigate financial statements and tax compliance disclosures.
Our clients appreciate us for being the best corporate tax consultancy because our expertise, efficiency, performance, intensive research and analysis.
Our clients appreciate us for being the best corporate tax consultancy because our expertise, efficiency, performance, intensive research and analysis.
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 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
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.
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
