Exploring the Updated LRS Scheme and Key Clarifications
<p>This article delves into the revised LRS scheme and highlights the key updates and clarifications that can empower Indian residents to explore global opportunities.</p> .....
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. MAG is leading corporate tax experts in Delhi.
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 Dwarka, New Delhi use our experience to create modern solutions to our clients most complex and essential tax issues.
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
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Corporate tax is levied on the companies, whether domestic or foreign.
All companies, whether domestic or foreign, are subject to corporate tax in India if they earn income from business operations within the country. Domestic companies are those whose business originates in India or whose effective management and control is situated in India. Foreign companies are those that have not originated in India and whose effective control and management is situated outside India. In the case of foreign companies, only the income received or accrued in India is taxable under corporate tax. The provisions for charging corporate tax to companies in India are governed by the Income Tax Act, 1961.
A domestic company originates in India or has its effective management and control situated in India, while a foreign company has not originated in India and has its effective management and control situated outside India.
Corporate tax planning is important as it can help companies reduce their taxable income and save money on taxes. It involves analyzing a company's financial situation and implementing strategies to reduce tax liabilities while ensuring compliance with tax laws and regulations.
A domestic company is a company that has its business originated in India or any foreign company whose effective management and control are entirely situated in India.
In today’s business environment, the world demands quality professional services that are provided in a timely and cost-effective manner. We, at Manish Anil Gupta & Co, believe in putting our client’s needs squarely in front at all times.
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