What is the difference between corporate tax and income tax on companies?
Corporate tax v/s tax on companies
Replies (3)
Corporate tax includes all taxes which a company pays. Like professional tax of company, service tax of company, all kinds of duties paid by company, even income tax on company is also included in corporate tax. So corporate tax is sum of all the taxes and duties paid by a company. But income tax on company is tax only on income of company.
Union budget 2015 says corporate tax to be reduced from 30% to 25% over next four years. But the rate of Income tax on domestic companies itself is 30%. Then how the some of all taxes on a company be less than 30%?
If you see the speech on union budget they have used a sentence "Corporate Tax levied with an income tax rate is reduced from 30% to 25%". They didn't said "Corporate tax is reduced from 30% to 25%"
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