Procedure of Taxation

Dear sir, please tell me the complete procedure of taxation to be followed in a company. For example when to deducted tds from parties, when to submit, when to give them 16A form, when, why and how to submit advance tax of a company. and if there are other things which we must keep in mind then also tell me so that we do not get penalty from income tax department. I want to know the complete procedure of this rules. thanking you. yours sincerely, ajeet singh.

Ajeet singh via Accounting Education  from India

Ajeet Singh! company has to pay income tax on his taxable income. This tax is called corporate tax. Every company has to file return on his previous year  total taxable incomes. Companies  are compulsorily required to file their return electronically. This return will on the basis of self assessment. In this, corporate tax is calculated after deducting TDS and Advance tax which has already paid by company. What are the due dates for filing returns of income/loss?
The due dates are as follows:

Companies & their Directors
31st October

For companies, income is taxed at a flat rate of 30% for Indian companies, with a 5% surcharge applied on the tax paid by companies with gross turnover over 1 crore (10 million). Foreign companies pay 40%. An education cess of 3% (on both the tax and the surcharge) are payable, yielding effective tax rates of 32.5% for domestic companies and 41.2% for foreign companies.  From 2005-06, electronic filing of company returns is mandatory.


TDS means Tax Deducted at Source. It is the duty of person to deduct the TDS of company, if he pays contract payment or commission.

Advance Tax

It is paid in installments. The amount payable is to be calculated in the following manner:

StatusBy 15th JuneBy 15th Sept15th Dec15th March

Income Tax department has written complete online question bank relating to income tax, please read it also at here.


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Procedure of Taxation
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