Direct Tax
- Obtaining Permanent Account Number(PAN)
- Obtaining Tax Deduction Account Number(TAN)
- Computation of monthly TDS
- Preparation and filing of TDS returns
- Preparation and filing of Income Tax returns for various assesse
- Tax management and advisory services
- Liaison with Government departments for tax related matters
TAXES IN INDIA
DIRECT TAXES INDIRECT TAXES
Income tax Goods and Services Tax
{TDS, Advance tax, Self-Assessment tax} Excise duty
Customs duty
What is Direct Tax?
A direct tax is paid directly by an individual or organization on their INCOME to the Government. A taxpayer, for example, pays direct taxes to the government for different purposes, including property tax, income tax or taxes on wealth. These taxes are levied on the income or profits of the person who pays it, rather than on goods or services.
INCOME
Income has been very widely defined in the Income-tax Act. In simple words, income includes salary, pension, rental income, profits out of any business or profession, any profit made out of the sale of any specified asset, interest income, dividends, royalty income etc.
The law classifies income under 5 major heads as already mentioned above.
- Salary Income
- House Property income
- Profits and Gains from Business or Profession
- Capital Gains
- Income from other Sources
INDIRECT TAXATION
- GST Registration
- Periodic computation of GST liability
- Filing of GST returns and other compliances
- Liaison with Government departments for GST related matters
What is an Indirect Tax?
An indirect tax is collected by one entity in the supply chain (usually a producer or retailer) and paid to the government, but it is passed on to the consumer as part of the purchase price of a good or service. The consumer is ultimately paying the tax.
ABOUT GST
Goods and Services Tax or GST has been implemented in India from 1st July, 2017 and casual taxable persons are also required to obtain GST registration and file GST returns. According to the GST Act, “casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business. A casual taxable person is mandatorily required to obtain GST registration irrespective of annual aggregate sales turnover.
Role of professionals:
What is really needed on the part of the tax professionals also is to advice their clients on the present tax scenario which is much liberal than earlier decades. PayTaxOnline plays a vital role in educating the taxpayers as to why they should pay right amount of tax.