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Taxation and Compliance
Registration, Taxation and Compliance Services
Entities after registration under Income Tax, GST, IEC with Customs, Provident Fund, ESI and many more, as per applicability, required to pay taxes & file returns regularly to be tax compliant. We do take care of Income Tax Returns, GST Return filing, other tax filing, returns and secretarial compliances.
Tax Structure in India
There are two types of taxes in India – direct tax and indirect tax.
Direct tax
Direct tax is a tax that is calculated and paid directly on your Income e.g. tax on salary etc. Income tax is a direct tax. Everyone who earns income above a certain amount is subject to income tax. Your income could be from salary, interest income from savings, income from mutual funds, sale of property or business or professional income. Income tax rates are pre-decided at the start of the year in the Union Budget (in the Parliament of India). The tax paid or deducted on these incomes is called the income tax.
Indirect tax
Indirect tax is a tax that is indirectly charged to you on purchase of goods or use of service. The seller of the goods or service provider charges tax and then deposits the same to the Government account. Most indirect taxes are now covered under Goods and Services Tax (GST).