MANAGEMENT

Detailed explanation-1: -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-2: -Corporation tax is a tax levied on a company’s net profits. Companies, both private and public, registered in India under the Companies Act will be required to pay corporate tax.

Detailed explanation-3: -income tax, levy imposed on individuals (or family units) and corporations. Individual income tax is computed on the basis of income received.

Detailed explanation-4: -An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income).

Detailed explanation-5: -Tax on corporate profits is defined as taxes levied on the net profits (gross income minus allowable tax reliefs) of enterprises. It also covers taxes levied on the capital gains of enterprises.