In this globalized world, changes are coming from many directions and at a high speed. Domestic taxes are subjected to domestic companies and we in AKCJ make your taxation process easy by providing you with Domestic tax services which includes,
- Comprehensive advice on tax matters & tax planning.
- Advising clients on tax-effective compensation structuring for their employees. Preparation, review, and filing of corporate and non-corporate return and e-returns and withholding tax compliances.
- Representation before Income Tax Authorities.
- Assistance in availing exemption certificate and approvals.
- Conducting tax compliance review.
- Identification of risks, planning opportunities and compliance requirements concerningdirect tax laws.
1. What is a domestic tax?
Domestic tax is the income tax collected from the domestic companies in the country.
2. What are domestic companies?
As per Section 2(22A), “domestic company” means an Indian company, or any other company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income
3. What is the tax rate for domestic companies in India?
For Domestic Companies, as of 20-Sep-2019, the tax rate shall be flat 25%. For new companies incorporated after 01-Oct-2019 and commencing production before 31-Mar-2023, the tax rate is 15%. However, these rates are applicable only if the companies don’t claim any exemptions or concessions.