Company, whether Indian or foreign, is liable to taxation under the Income Tax Act, 1961. Corporation tax is a tax which is levied on the incomes of registered companies and corporations.
A Company means:-
Any Indian company, or
Any corporate body, incorporated by or under the laws of a country outside India, or
Any institution, association or a body which was assessed as a company for any assessment year under the Income Tax Act,1922 or was assessed under this Act as a company for any assessment year commencing on or before April 1, 1970, or
Any institution, association, or body, whether incorporated or not and whether Indian or Non-Indian, which is declared by a general or special order of the Central Board of Direct Taxes to be a company.
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