tax - corporate Review and reflect on what you have learned over the past 8 weeks....

tax - corporate

Review and reflect on what you have learned over the past 8 weeks.

Identify and discuss what the most practical and easily applied lesson you learned was. also, discuss which lesson was the hardest for you to grasp? why?

Solutions

Expert Solution

CORPORATE TAX IS THE TAX WHICH IS LEVIBLE ON CORPORATIONS ON THERE INCOMES OF A PARTICULAR PERIOD. COR PORATIONS INCLUDES BOTH DOMESTIC AND FOREIGN COMPANY.DOMESTIC COMPANIES ARE THOSE WHICH ARE REGISTERD IN ITS OWN COUNTRY. FOREIGN COMPANY ARE THOSE WHICH ARE REGISTERD IN A FOREIGN COMPANY AND RUNNING BUSINESS THROUGH A BRANCH IN DOMESTIC COUNTRY.

IN INDIA CORPORATE TAXES ARE DIFFERENT FOR DIFFERENT ENTITIES.

DOMESTIC COMPANY 30%

FOREIGN COMPANY 40%

THE RATE OF DOMESTIC COMPANY IS 25% IF THE GROSS RECEIPT OR TURNOVER DOESNOT EXCEEDS RUPEES 50CRORES.

IN ADDITION TO THIS SURCHARE IS ALSO APPLICABLE IF THE TURNOVER OR TOTAL RECEIPT EXCEEDS CERTAIN LIMITS.

ENTITY	SURCHARGE RATE ABOVE 1 CRORE	SURCHARGE RATES ABOVE 10 CRORE	EDUCATIONAL CESS
DOMESTIC COMPANY	7%	12%	3%
FOREIGN COMPANY	2%	5%	3%

MARGINAL RELIEF IS A CONCEPT TO GIVE RELIEF TO ASSESSEE FROM PAYING HIGHER TAXES.

MARGINAL RELIEF IS QUIET DIFFICULT TO GRASP BECAUSE IT REQUIRES A LITTLE DIFFCULT CALCULATION.OTHERWISE THE CORPORATE TAX IS VERY MUCH EASY AND INTERESTING ONE.

ekkarill92 answered 1 year ago

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