Its a very basic question,
1) When Government says 30% tax for Corporates, is it on Total Annual Turnover OR Total Annual Income OR Total Gross Profit ?
2) If the answer to above question "Profit", then why the government taxes the WHOLE income of an individual ?
3) Point 1 above differ for different forms of company (Proprietership/Partnership/LLP/Pvt Ltdd/Public Ltd) ?
Thanks...............
its the same for everyone there is no bias.... tax is on the profit component,.. Individuals rarely have any expenses to show whereas company have a hell loads of them. On the other hand individulas have exemptions upto certain limit for company it is straight forward 30%
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