The corporate tax also known as a corporation tax is a direct tax levied on net income, Capital gains, and profits made by entities both domestic and foreign. This tax is imposed at a specific rate as per the provision of Income Tax Act of 1961. The company tax rate is based on the type of entity and revenue earned. The slab rate system outlines the corporate tax rate levied on it, and it differs for domestic and foreign companies.
Corporate Tax Filing Requirements
Any company registered under the Companies Act of 1956 is required to pay corporation tax
All domestic companies and foreign companies functioning in India should pay corporate tax
Both public and private companies are required to pay corporation tax based on their income
Foreign companies that are permanently established in India is also expected to pay corporate tax