Hello,
I have recently started a Transport company which provides cab services to the corporate sector and I have registered my company as a Private Limited company as well.
What are the taxes that I am liable for, also what are the slabs?
Is there a way to evade taxes of huge amount?
Is it true that I have to pay taxes on the total income of the company?
Taxes you are liable to pay : Income Tax & Service Tax
Slabs (Income Tax) : 30% flat on total income with the addition of surcharge @ 5% (only if total income exceeds 1crore) + 3% Education Cess or 18.5% of the Book Profits (calculated as per provisions of 115JB) with the addition of 5% surcharge (only if book profits exceeds 1crore) + 3% education cess, Whichever is Higher.
Well you cant evade taxes what you can do is Tax Planning which means taking the benefit of provisions of the Income Tax Act in the most beneficial manner. For further details ask your tax consultant.
You need to pay taxes on Total Income of Book Profits of the company as the case may be.
- Ruben Balooni
CAclubindia
