Corporate Income Tax
Master Your Corporate Income Taxes with Expert Consultancy Services
Are you struggling with managing your company’s tax obligations? Do you need professional assistance to ensure compliance with corporate income tax regulations? JMS Consultancy is here to help. We provide expert corporate income tax consultancy services to businesses of all sizes, enabling them to streamline their tax processes and minimize their tax liabilities.
Corporate Tax Rates
Corporate income tax rates in India vary depending on the annual turnover of a company. Here’s a brief overview of the tax rates applicable to different types of businesses:
- Companies with a turnover of up to Rs. 50 crore are taxed at a rate of 25%
- companies with a turnover exceeding Rs. 50 crore are taxed at a rate of 30%.
For newly incorporated domestic manufacturing companies, there are two special tax rates available under Section 115BAA and Section 115BAB.
Section 115BAA
This section provides a concessional tax rate of 22% to companies that are not availing of any exemptions or incentives.
- The total tax rate for such companies, inclusive of surcharge and cess, is 25.17%.
- The company must not have claimed any deduction under Chapter VIA (except for Section 80JJAA) or any exemption or incentive.
- This provision of Section 115BAA is applicable from the Assessment Year 2021-22.
Section 115BAB
This section provides a concessional tax rate of 15% to new domestic manufacturing companies.
- These companies enjoy an effective tax rate of 17.01%, inclusive of surcharge and cess.
- The company must be incorporated after October 1, 2019, and should commence manufacturing operations before March 31, 2023.
- The company must not have claimed any deduction under Chapter VIA (except for Section 80JJAA) or any exemption or incentive.
- This provision of Section 115BAB is applicable from the Assessment Year 2020-21.
Amendment of Section 115JB
Minimum Alternate Tax (MAT) provisions under Section 115JB of the Income Tax Act have been amended with effect from the Assessment Year 2021-22.
- The rate of MAT has been reduced to 15% for companies availing of exemptions or incentives.
- The provisions of MAT will not apply to companies availing exemptions under Section 11 or Section 12 of the Income Tax Act.
Customized Corporate Income Tax Consultancy Services Tailored to Your Needs
At JMS Consultancy, we provide comprehensive corporate income tax consultancy services to businesses across India. Our team of experienced tax consultants can assist you with the following:
- Tax planning and compliance: We can help you identify tax-saving opportunities and ensure compliance with all applicable tax laws and regulations.
- Tax audits and assessments: Our experts can assist you with tax audits and assessments, ensuring that you are well-prepared for any scrutiny by tax authorities.
- Representation before tax authorities: We can represent you before various tax authorities, including the Income Tax Department, Appellate Tribunal, and High Court.
- Tax litigation support: Our team can provide expert support and guidance for tax-related litigation, including appeals and writ petitions.
- Transfer pricing: We can help you comply with transfer pricing regulations and minimize tax liabilities arising from cross-border transactions.
Our corporate income tax consultancy services are designed to help you achieve your tax objectives while minimizing risk and ensuring compliance. Contact us today to learn more about how we can help you manage your corporate income tax obligations.
Having Queries?
If you have any questions about JMS Consultancy, let us know. We will be happy to assist you in 24 hours.
E-mail: info@jmsconsultancy.com
Phone: +91- 9999674040