Taxation – An Overview
In India, our tax structure is divided into two parts Direct Tax and Indirect Tax. It is very crucial to understand the overview of Direct and Indirect Tax. While direct taxes are levied on incomes earned by individuals and corporate entities, the burden to pay taxes is on the taxpayers themselves. On the other hand, indirect taxes are imposed on the sale of goods and provision of services where the burden to collect and deposit taxes is on the sellers instead of the taxpayer directly. However, indirect taxes are borne by the ultimate consumers of goods or services.
Central Governments and State Governments levy significant Taxes in our country. However, Local Authorities such as Municipality and Local governments have also been given some powers for levy and collection of taxes and charges in their jurisdictions.
Over the last few years, the Central and many State Governments have undertaken many reforms in policy formulation and implementations for the objective of Ease of doing business and regular efforts on simplification of processes towards great predictability, transparency and automation. Introduction of GST is one of such reforms to eliminate the cascading effect of taxes and to overcome the complexities in multiple indirect tax regimes in India.
As a firm of Chartered Accountants, we at MAG focus on providing the best consultancy for meeting your tax compliances on time. Taxation is a specialised and vast domain where right interpretation and analysis skills are required. Our team of experts have the requisite knowledge and technical expertise to carry out tax planning, administration, documentation and representations.
Domestic Taxation
All governments require revenue, and domestic taxes are the primary means for generating it. Yet both the size and shape of taxation vary significantly across countries and have been transformed over time. The main domestic taxes in India are Income Tax, indirect taxes on goods and services, taxes on property, wealth taxes. Property and wealth are taxed in most advanced industrial countries. In India, wealth tax has been abolished for last many years.
In the area of taxation services, we are provisioning to large multinational enterprises and private business houses. Our focus is on developing as well as engineering compliance tools and approaches that magnify your business. Our team is also proficient in managing assessment and representations.
1. Direct Tax:
With tax laws progressing each day, businesses must be informed with timely compliance challenges that may profess a threat and lead to penalties and prosecution. A tax-efficient structure for the businesses will release the load from the entity's shoulders and thereby assure related compliances. Direct taxes comprise of Corporate Tax and Personal Tax. We Manish Anil Gupta & Co. is best Income Tax Consultants in Delhi, Tax Advisory Services Near Me and audit firm in West Delhi. We provide one of the best Tax advisory services in India.
Personal Tax:
Apart from tax paid on business earnings, tax paid on personal income by an individual is termed as personal tax. We manage to file personal tax returns, withholding tax, advance tax of individuals, including high net worth individuals. We have an expert team of professionals who represent clients before revenue authorities and provide solutions to their various concerns, such as how to claim income tax refund of deceased assessee. We are among few chartered accountants assisting NRIs and non-residents in filing tax returns and obtaining different registrations such as registration with foreign regional registration office (FRRO), permanent account number (PAN) etc. We are the best TDS consultants in Delhi and provide the best Income Tax consultancy services.
Corporate Tax:
Corporate tax is a tax levied on profits earned by various corporate entities. Companies which are formed under Companies Act or any other act are obligated to pay tax on incomes earned at the rates specified under the Income Tax Act, subject to amendments in rates and related provisions from time-to-time. We serve corporates in the filing of tax returns, assisting in corporate tax planning, regular tax compliance services, legal opinions and representations and we are the best Income Tax advisors in Delhi.