New Tax Regime- For Business Entities
In India, there are two different sorts of taxes: direct and indirect. In terms of direct taxes, they are assessed on the revenue that various corporate organisations generate over a fiscal year. The Income Tax Department registers many types of tax entities, and each of these tax entities pays taxes as per the tax rates prescribed in the law. The methodology of calculation of taxes is also different as per the entity status. Direct taxes mainly Income Tax are divided into: Corporate Tax: Refers to the income tax paid by corporate entities Other than Corporation tax- Refers to the income tax paid by all other entities (Other than corporate entities) The Government gets about 53% of all direct tax collection from corporate tax and the balance, while 47% from others. Corporate Tax in India A corporate is an entity, which is an independent and separate legal entity from its stockholders. Both domestic and foreign businesses are required to pay corporate tax under the Income-tax Act....