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Breif
Corporate Taxation refers to the
taxes levied on the income or profits of companies under the Income Tax Act,
1961. applies to domestic and foreign companies earning
income in India. The rate depends on the type of company, turnover, and opted
tax regime (Normal or Concessional).
Overview
Corporate taxation is the tax on a company’s income or profits. It applies to domestic and foreign companies operating in India. Key points:
Tax on Profits – Levied on net income of the company.
Compliance & Filing – Requires accurate books, audits, and ITR-6 filing.
Deductions & Incentives – Certain expenses and investments reduce taxable income.
Audit & Penalties – Non-compliance can lead to notices, fines, or legal action.
Corporate tax ensures businesses stay compliant while optimizing their tax liability.
Process
Step 1 - Identify – Determine company type (Domestic/Foreign) and applicable tax provisions.
Step 2 – Maintain Records – Keep books, invoices, bank statements, and statutory documents
Step 3 – Compute Income – Calculate taxable income with adjustments, deductions, and provisions.
Step 4 – Pay Taxes – Deduct TDS/TCS, pay advance/self-assessment taxes on time.
Step 5 – Report Income – File ITR-6 with audit, transfer pricing, and statutory disclosures.
Step 6 – Retain Documents – Keep all records and filings for audits and future compliance.
Checklist
Details & Documents Required for GST Registration
- PAN of the company
- Certificate of Incorporation
- Memorandum and Articles of Association
- Books of accounts, trial balance, P&L, and balance sheet
- Bank statements for the financial year
- Sales, purchase, and expense registers
- Fixed asset register
- Loan statements
- GST returns (GSTR-1, GSTR-3B)
- TDS/TCS certificates and challans
- Details of statutory dues, MAT, and advance tax payments
- Previous year corporate tax return and tax audit report
Time Taken
Total Time:
Approximately 5 working days from the date of filing application.
- Standard
Timeline: 2–5 working days
(depending on data availability & complexity)
Deliverable
The
following deliverables are included
- Computation of taxable income for the financial year
- Corporate Tax liability calculation including MAT, surcharge, and cess
- Preparation and filing of ITR-6 / ITR-7
- Reconciliation of tax paid vs. tax liability
- Advisory on tax planning and minimization strategies
- Acknowledgment and confirmation of tax return filing
Why Choose Us
Bizeneed offers expert guidance, fast and accurate filings, and complete
end-to-end support for adding directors. With a reliable and transparent
process, we ensure your director appointments are compliant, hassle-free, and
timely, giving you peace of mind to focus on growing your business
FAQs
Tax levied on the income or profits of a company under Income Tax Act.
Domestic companies, foreign companies earning income in India, and certain LLPs in specific cases.
ITR-6 for companies not claiming exemption under section 11, ITR-7 for exempt entities.
Depends on type of company, turnover, and opted tax regime; generally 22%-30% plus surcharge and cess.
MAT ensures that companies with book profits pay a minimum level of tax.
Yes, for companies with expected tax liability exceeding ₹10,000 in a year.
No, GST is separate; only profits and taxable income are considered.
Tax on dividends declared to shareholders (applicable under older provisions; post 2020, dividend is taxable in shareholder hands).
9 months from the end of financial year, usually 30th September.
Yes, under certain sections like 10AA (SEZ units) and deductions under Chapter VI-A.
Yes, mandatory under Section 44AB for all companies except certain presumptive schemes.
Yes, business losses, depreciation, and unabsorbed MAT credit can be carried forward as per IT Act.
Interest under Section 234A/B/C, late filing fees under Section 234F, and other penalties as per IT Act.