Personal Tax Returns

 

While the deadlines for paying your Corporation Tax and filing a company tax return are different, in practice they’re often done at the same time. Personal Tax Returns Wherever you conduct commercial activity, there is probably an obligation to report your revenues, expenses and profits to the local tax authority. Every country has its own rules that determine what you report and declare. You may even have to file returns of corporate taxable income at a state, cantonal or municipal level too. ​ A company tax return, also known as the CT600 form, is filed by companies or associations to report their spending, profits and corporation tax figures to HMRC. You'll need to file a company tax return once a year, but - unlike with self-assessment tax returns - there isn't a universal deadline. Instead, the due date for your return will depend on your company's accounting period.Indian taxes are divided into two types: One is Direct Taxes and other is Indirect Taxes. Talking about direct taxes, it is levied on the income that different types of business entities earn in a financial year. There are different types of taxpayers registered with the Income tax department and they pay taxes at different rates. For eg, An individual and a company being a taxpayer are not taxed at the same rate. Therefore, Direct Taxes are again subdivided as: Personal Income Tax: The income-tax paid by the individual taxpayers is the personal income tax. Individuals get taxed on the basis of tax slabs at different rates. Corporate Tax: The income-tax paid by domestic companies, and foreign companies on their income in India is corporate income-tax (CIT). The CIT is at a specific rate as prescribed by the income tax act subject to the changes in the rates in the union budget every year.