GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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investments
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incomes
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production
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sales proceeds
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Detailed explanation-1: -Companies pay corporate tax on the total sales of the year. Q. The taxes on the profits of companies and corporates having businesses in India are called as corporate tax. Even foreign companies are charged tax on the income they earn in India.
Detailed explanation-2: -A domestic corporate entity with a turnover upto Rs. 250 Crore, pays a flat rate of 25% corporate tax. For a particular financial year, if the total revenue earned by a company exceeds Rs. 1 crore, then a surcharge corporate tax of 5% is levied on such a corporation.
Detailed explanation-3: -Definition: Corporation tax is a tax imposed on the net income of the company. Description: Companies, both private and public which are registered in India under the Companies Act 1956, are liable to pay corporate tax.