Taxation - Corporate Tax
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Taxation - Corporate Tax
Taxable Corporate Income
The taxability of a company's income depends on its domicile. Indian companies are taxable in India on their worldwide income. Foreign companies are taxable on income that arises out of their Indian operations, or, in certain cases, income that is deemed to arise in India. Royalty, interst, gains from sale of capital assets located in India (including gains from sale of shares in an Indian company), dividends from Indian companies and fees for techincal services are all treated as income arising in India.
Asessing taxable income In ascertaining taxable income, all expenditure incurred for business purposes are deductible. This includes interest on borrowings paid in the financial year and depreciation on fixed assets. Certain expenses are specifically disallowed or their quantum of deduction is restricted. These include :
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