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CORPORATE TAX (Taxation in Companies)

1.      Corporate Tax ( MEANING & CONCEPT)

1.1. Sec. 2(26) : Definition Of An Indian Company

1.2. Sec. 2(23A) : Definition Of A Foreign Company

1.3. Definition Of A Domestic Company

1.4. Sec.2(18): Company Of Substantially Interest To The Public

1.5. Corporate Tax Rates

1.6. Computation Of Tax

1.7. Gross Total Income

1.8. Allowable Deductions

1.9. Tax Rebates Available For Corporate Tax

1.10. Payment Of Tax

1.11. Advance Tax Payment

1.12.Filing Of Income Tax Returns

1.13.Forms For Filing Corporate Tax   

           

2.      COMPUTATION OF BOOK PROFIT

3.      ANALYSING COMPUTATION OF TOTAL INCOME AND BOOK PROFIT

 

4.      AMOUNTS EXPRESSLY ALLOWED AS DEDUCTION

4.1.  Sec. 30  :           Rent, Rates, Taxes, Repairs & Insurance Of Buildings Used For Business

4.2. Sec. 31 :             Repairs & Insurance Of Plant, Machinery & Furniture

4.3. Sec. 32  :            Depreciation

4.4. Sec. 36(1)(i) :     Insurance Of Stock

4.5. Sec. 36(1)(ib) :   Insurance Premium On The Health Of Employees

4.6. Sec. 36(1)(ii) :    Bonus Or  Commission Paid To Employees

4.7. Sec. 36(1)(iii) :   Interest Paid On Borrowed Capital For The Purpose Of Business Or Profession

4.8. Sec. 36(1)(iv)  :  Employer’s Contribution Towards Recognized Provident Fund Or An Approved Superannuation Fund.

4.9.  Sec. 36(1)(v)  :  Employer’s Contribution Paid Towards An Approved Gratuity Fund

4.10.Sec.36(1)(va)]: Employee’s Contribution Towards Staff Welfare Scheme.

4.11.Sec.36(1)(vii)]:  Bad Debts

4.12. Sec.36(1)(ix)]:  Family Planning Expenditure Incurred By Company

4.13.Sec.36(1)(xii) :  Banking Cash Transaction Tax (BCTT)

4.14. Sec. 37             :General Deduction

4.15.                           Loss arising due to Business

4.16.                           Penalty For Any Breach Of Law

 

5.      SEC. 40A : AMOUNT EXPRESSLY DISALLOWED AS DEDUCTION                        

6.      SEC. 35 : EXPENDITURE ON SCIENTIFIC RESEARCH 

7.      SEC. 35D : AMORTISATIN OF CERTAIN PERLIMINARY EXPENSES

8.      RESTRICTION ON DEDUCTIONS

8.1. Sec. 40 A           :Non-Deductible Expenses or Payments

8.2. Sec.40A(2)(a)    :Payment Made to Relatives

8.3. Sec.40A(3)         :Cash Expenditure 

8.4. Sec. 43 B           :Certain Expenses Allowed as Deduction only on Payment

(A)[ Section 43b]      Is Applicable Only To Following Actual Paymennt

(B)                               In Which Year Deduction Is Allowed ?

9.      [SECTION 115JB]  MINIMUM ALTERNATIVE TAX (MAT)

9.1.      Introduction

9.2.      Provisions Of Minimum Alternative Tax On Companies (Mat) [Section 15 JA]

9.3.      Tax Credit In Respect Of Tax Paid Under Mat    [Section 115JAA]

9.4.      [Seci1on 115JB] :     Special Provision For Payment Of Tax By Certain Companies (MAT)

9.5.      Tax On Distributed Profits

10.    CARRY FORWARD AND SET-OFF LOSES

          10.1.   Business Loss [Section 72 (1)].

10.2.   Loss of speculation business.

10.3.   Loss under the head capital gains

10.4.   Loss under the head ‘Other Sources’ [Section 74A (3)).

10.5.   Carry forward and Set-off  Loses of Certain Companies [Section 79]

10.6.   Order In Which Current And Brought Forward Losses Are To Be Adjusted

10.7.   Losses in Case of Succession of Business or Profession

10.8.   Provisions relating to carry forward and set-off accumulated loss and unabsorbed depreciation in certain cases of amalgamation [Section 72 (A)]

10.9.   Carry forward and Set-off Lossess of Certain Companies [Section 79]

10.10. Provisions relating to carry forward and set off of accumulated losses and unabsorbed depreciation on amalgamation and demerger [Section 72A]

10.11. Filling of Return of Loss [Sec. 80]

 

11.    TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES [ Sec. 115-O ]

 

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