Select the correct one/ones about 'net income' of a corporate body - by using code given below:
1. It is the balance of a company's total income and its total expenditure.
2. The profit of a company after paying corporate tax.

Only 1

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Only 2

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1 and 2

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Neither 1 nor 2

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Solution

The correct option is B Only 1
Net income of a corporate body is derived by deducting the expenses of the company from its total revenue in a particular period (usually one year). It is also called earnings, net earnings or net profit.

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Similar questions

Q. Personal income tax and corporate tax are two types of that are imposed on the income of individuals or of companies.

Q. Companies pay corporate tax on the total sales of the year.

Q. The taxes on the profits of companies and corporates having businesses in India are called as corporate tax. Even foreign companies are charged tax on the income they earn in India.

The corporate tax rates for these companies are as follows:

Turnover	Indian companies	Foreign companies
Less than ₹50 crore	25%	40%
More than ₹50 crore	30%	40%

Identify the taxation system followed for the corporate tax.

A company pays a dividend of 20% on its ₹10 shares from which it deducts income tax at the rate of 18%. Find the annual income of a man after tax who owns one thousand shares of this company.

Q. A man has

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dividend. Find his net income after paying

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Select the correct one/ones about 'net income' of a corporate body - by using code given below:1. It is the balance of a company's total income and its total expenditure.2. The profit of a company after paying corporate tax.

The correct option is B Only 1Net income of a corporate body is derived by deducting the expenses of the company from its total revenue in a particular period (usually one year). It is also called earnings, net earnings or net profit.

Select the correct one/ones about 'net income' of a corporate body - by using code given below:
1. It is the balance of a company's total income and its total expenditure.
2. The profit of a company after paying corporate tax.

The correct option is B Only 1
Net income of a corporate body is derived by deducting the expenses of the company from its total revenue in a particular period (usually one year). It is also called earnings, net earnings or net profit.