What is Income Tax (India)?
- Income Tax (India)
- Income Tax is the direct tax levied on the taxable income of individuals, companies, and other entities in India under the Income Tax Act, 1961.
Corporate Income Tax
For domestic companies: base rate 22% (under Section 115BAA concessional scheme, no deductions) or 30% (standard rate with deductions). New manufacturing companies formed after October 2019 can opt for 15% (Section 115BAB). Effective tax rate (including surcharge and cess) ranges from 25.17% to 34.94%.
Income Tax Compliance with ERP
ERPNext's payroll module calculates employee income tax (TDS u/s 192) monthly. For companies, ERPNext provides P&L data for advance tax calculation (paid quarterly: 15 June, 15 September, 15 December, 15 March). TDS deducted on supplier payments is tracked per category for 26AS reconciliation.
Infonoxe Technologies specialises in ERPNext implementation and custom software for Indian businesses.
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