Taxation in India

We at Arunkumar and Associates, Chartered Accounts,  provide the following taxation advisory service.

  1. Direct Taxes:

    • Income Tax: Individuals and businesses are liable to pay income tax based on their earnings. The rates vary for different income slabs.
    • Corporate Tax: Companies are subject to corporate income tax, and the rates can differ for domestic and foreign companies.
  2. Indirect Taxes:

    • Goods and Services Tax (GST): Implemented in 2017, GST is a comprehensive indirect tax levied on the supply of goods and services at each stage of the production and distribution chain.
    • Customs Duty: Applied on the import and export of goods.
  3. Other Taxes:

    • Excise Duty: Levied on the manufacture of certain goods.
    • Service Tax: Applicable on specific services, although GST has largely replaced service tax.
  4. Tax Deducted at Source (TDS):

    • TDS is a mechanism to collect income tax at the source from specified payments like salaries, interest, dividends, etc.
  5. Capital Gains Tax:

    • Tax on the profits made from the sale of capital assets such as property, stocks, or other investments.
  6. Goods and Services Tax (GST):

    • As mentioned earlier, GST is a comprehensive tax on the supply of goods and services. It has replaced several indirect taxes.
  7. Tax Filing:

    • Individuals and businesses are required to file income tax returns annually, providing details of their income, deductions, and tax liabilities.

It’s important to note that tax laws and rates may change, so it’s advisable to check with the latest updates from the official website of the Income Tax Department or consult with a tax professional for the most current information.

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