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    Raj Aryan
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    Corporate tax collection increased substantially in the first three quarters of 2009-10 compared to the previous year. Corporate tax revenues rose 44% in 2009-10 over the previous year. Several major companies paid large amounts in advance taxes for the March 2010 quarter, with Reliance Industries paying the most at Rs. 770 crore. While corporate income tax collection grew by 13.47%, personal income tax grew very little and other taxes like excise duty and customs duty declined compared to the previous year.

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    Corporate tax collection increased substantially in the first three quarters of 2009-10 compared to the previous year. Corporate tax revenues rose 44% in 2009-10 over the previous year. Several major companies paid large amounts in advance taxes for the March 2010 quarter, with Reliance Industries paying the most at Rs. 770 crore. While corporate income tax collection grew by 13.47%, personal income tax grew very little and other taxes like excise duty and customs duty declined compared to the previous year.

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    227 views7 pages

    Corporate Tax Planning

    Uploaded by

    Raj Aryan
    Corporate tax collection increased substantially in the first three quarters of 2009-10 compared to the previous year. Corporate tax revenues rose 44% in 2009-10 over the previous year. Several major companies paid large amounts in advance taxes for the March 2010 quarter, with Reliance Industries paying the most at Rs. 770 crore. While corporate income tax collection grew by 13.47%, personal income tax grew very little and other taxes like excise duty and customs duty declined compared to the previous year.

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    Corporate tax planning

    Domestic companies tax Foreign companies tax


    Ways to save Corporate Tax

    Sponsoring a retirement plan


    Writing off company assets
    Claiming depreciation expense
    Taking deductions on business automobiles
    Office expenses
    Self employment health insurance
    Employer sponsored child care resources
    Using a home office for the company
    Corporate Tax (figures)
    Corporate tax collection rose to 44% in 2009-10 as compared to its previous
    year

    December witnessed a jump in the corporate tax collection to Rs 53,293 crore as


    against Rs 37,002 crore in the same period last in 2008-09

    In the nine months up to December, corporate taxes increased to Rs 1.66 lakh
    crore against Rs 1.46 lakh crore in the same period in 2008

    The net direct tax collection during the first three quarters up to December 2009
    stood at Rs 2.5 lakh crore, up from Rs 2.3 lakh crore in the same period last year,
    showing a growth of 8.5%

    In December, the net tax collection was Rs 66,410 crore compared to Rs 53,347
    crore in the same month in 2008

    The rise in tax collection reflects a turnaround in the industrial output and
    consumption
    Few More figures . . .

    Reliance Industries has paid Rs 770 crore ($169 million) as advance


    tax for the March quarter 2010

    Cement maker ACC paid Rs 330 crore

    State-run Union Bank of India paid Rs 185 crore

    TCS paid Rs 178 crore

    Ambuja Cement paid Rs 120 crore

    Asian Paints paid Rs 60 crore


    Major advance TAX payers

    Company Name Tax Amt.


    SBI 6,552
    LIC 3,253
    RIL 3,075
    IOC 1,505
    Citi Bank 800
    HSBC 835
    Bank of India 702
    ICICI 1502
    Tata Steel 1793
    India’s Tax Collection

    Amount collected during the Financial Year


    S.No. Nature of Taxes 2008-09 (upto 2009-10 (upto Percentage of
    december, 08) december, 09) growth over
    last year
    1. Corporate Income Tax 1,46,737 1,66,503 13.47%

    2. Personal Income Tax 83,861 83,729 (-)0.15%


    (including FBT, STT,
    BCTT, Other Taxes)
    3. Central Excise Duty 80,383 69,747 -13.23%

    4. Customs Duty 82,942 59,402 -28.38%

    5. Service Tax 39,354 36,785 -6.53%

    (Rs.in crore)

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