Corporate income tax

Tax Glossary Definition

Corporate income tax

Corporate Income Tax is a tax levied by the government on the profits earned by companies or corporations from their business operations.It applies only after calculating taxable income, which is derived by reducing allowable deductions and business expenses from total revenue.

Example (Simplified)

Particulars Amount (₹)
Revenue 50,00,000
Deductible business expenses 30,00,000

Taxable Income = 20,00,000
If corporate tax rate = 25%
 Tax payable = ₹5,00,000

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