Question

difference between income tax and corporate tax

Answer 1

CORPORATE TAXES:----Corporate taxes are taxes against profits earned by businesses during a given taxable period.Corporate taxes are usually levied by all levels of government (i.e., State and  Country). Corporate tax rates and laws  vary greatly around the world, as different governments and countries view  corporate taxation in  different ways. For example, those in favor of lower corporate tax rates point  to the possibility for greater economic production if companies are taxed less.  While others see higher corporate tax rates as a way to subsidize government  spending and programs for the nation's citizens.

INCOME TAX:---It is not levied on private  ltd. companies OR we can say that it is same as corporate tax but used in case of individual.

Answer 2

Corporate Tax in Indian parlance as per Income Tax Act 1961 is income tax paid by body corporates such as companies, corporations etc. Thus in case of a Pvt. Ltd. Company registered as such, there is no difference between the two. The term used is Corporate Tax instead of Income Tax in this case.
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