Interesting Facts on Income from Income Tax to the Government
Large business is mainly organised as companies. The Income-tax Department has received 4,10,451 corporate returns electronically up to 31st March, 2009 for the financial year 2007-08 [i.e., assessment year 2008-09].
The companies reported Rs. 7,11,557 Crore as profits before taxes (losses were reported by about one-third of the companies) but declared a total income (taxable income) of Rs. 4,79,898 Crore only during the financial year 2007-08.
These companies paid Rs. 1,58,225 Crore as corporate tax [inclusive of surcharge and education cess] during the same financial year.
These companies also paid R. 6,533 Crore as Fringe Benefit Tax and Rs. 10,670 crore as Dividend Distribution Tax during the year.