Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai
Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai
Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai
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History <strong>of</strong> <strong>Corporate</strong> <strong>Taxation</strong> <strong>in</strong> India<br />
• <strong>Corporate</strong> taxation is governed by the Income Tax Act, 1961<br />
• Levy <strong>of</strong> tax on corporate has undergone several changes from time to<br />
time<br />
• Includes additional tax on closely held company, dist<strong>in</strong>ction <strong>of</strong> tax<br />
structure between trad<strong>in</strong>g company and <strong>in</strong>dustrial company and certa<strong>in</strong><br />
<strong>in</strong>centives and special deductions such as Sec. 33AC, 35DD, Sec.80-O<br />
among others<br />
• Major developments <strong>in</strong> <strong>Corporate</strong> taxation came when the Government<br />
felt that various exemptions that benefits hundreds <strong>of</strong> corporate are not<br />
fall<strong>in</strong>g <strong>in</strong>to the tax net<br />
• Hence, the concept <strong>of</strong> tax on Book Pr<strong>of</strong>it, (known as M<strong>in</strong>imum Alternate<br />
Tax (MAT)<br />
August, 2011<br />
CA Sanjeev Lalan, S<strong>in</strong>grodia Goyal & Co.<br />
Presentation at JB Nagar CPE Study Circle<br />
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