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“Domestic company” means an Indian company, or any other company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income.

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Any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company,any distribution to its shareholders by a company of debentures, debenture-stock, or deposit certificates….

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Demerger means all the properties and liabilities of the undertaking, being transferred by the demerged company, immediately before the demerger, becomes the property of the resulting company by virtue of the demerger…

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COMPANY 2(17) Definition “Company” means—  (i)  any Indian company, or (ii)  any body corporate incorporated by or under the laws of a country outside India, or (iii)  any institution, association or body which is or was assessable or was assessed as a company for any assessment year under the Indian Income-tax Act, 1922 (11 of […]

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Direct Tax up 13.18 %, Corporate Tax up by 9.66 %, Wealth 13.38 %

As Tax Authorities became smart and Tax Payers become responsible citizens, aggregate Tax collection rised!

Gross direct tax collection during April-November of the F.Y. 2013-14 is up by 13.18 percent at Rs.3,68,655 crore as against Rs.3,25,736 crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 9.66 percent (Rs.2,25,124 crore as against Rs. 2,05,291 crore lastyear), gross collection of Personal income tax is up by 19.60 percent(Rs.1,39,763 crore as against Rs. 1,16,862 crore last year).

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Find Out-Professional Tax &Professional Tax Slab Rate

Professional Tax is the tax charged by the state governments in India. Professional tax is levied from salaried employees or practicing professionals or persons engaged in any trade etc. Employers are liable to deduct professional tax from salary/wage and depositing the same to the concerned local body/authority and in other cases, persons themselves shall pay the professional tax.

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