The Taxation Structure of the country can play a very important role in the working of our economy. While designing the Taxation structure it has to be seen that it is in conformity with our economic and social objectives. It should not impair the incentives to personal savings and investment flow and on the other hand it should not result into decrease in revenue for the State. The tax rates have been rationalized and tax laws have been simplified resulting in better compliance, ease of tax payment and better enforcement. Income tax is an annual tax imposed separately for each assessment year (also called the tax year).
A company has been defined as a juristic person having an independent and separate legal entity from its shareholders. Income of the company is computed and assessed separately in the hands of the company.The taxability of a company’s income depends on its domicile. Indian companies are taxable in India on their worldwide income. Foreign companies are taxable on income that arises out of their Indian operations, or, in certain cases, income that is deemed to arise in India. Royalty, interest, gains from sale of capital assets located in India (including gains from sale of shares in an Indian company), dividends from Indian companies and fees for technical services are all treated as income arising in India. Current rates of corporate tax.
Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the income tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. Tax Management is now an integral part of business management. It involves not only due compliance of law in timely and regular manner, but also arranging the affairs in such a manner that it reduces the tax liability burden. Specifics are :
- Filling of Return
- Maintenance of Accounts
- Getting the Accounts Audited
- Complying with the notices of Income Tax Department
- Payment of Advance Tax
- Timely deduction of Tax at Source and its payment
From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations (e.g. in the US payroll is subject to federal, state and local regulations). Impulse Software Solutions is having strong experience in providing high level of quality software line Payroll software and fixed assets software & along with Internet solutions, with track record of having almost thousand satisfied customer base using various of our software & services. We are a dynamic driven company employing a high qualified skilled software & system engineering team.
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