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Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at...

Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are not available to individuals. Discuss the reasons why these differences exist.

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Answer #1

1.generally there are a lot of tax deductions available for individuals in comparison to corporations who get a few types of deductions. Deductions are made available to individual keeping in mind the type of expenses they do which are not that big in nature,where as expenditures of corporations are big so for them different kind of deductions have been made available.

2.Deductions in respect of certain contributions given by corporations to political parties where quantum of deductions allowed is Amount so contributed provided the payment is made in any mode "OTHER THAN CASH".(SECTION 8GGC IN INDIA)

b.company involved in manufacturing or production of articles or thing.quantum of deductions is 15% of actual cost of new asset acquired.the deductions shall be allowed if new plant and machinery installed by company in previous year exceeds 25crore/100crore as the case may be.

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