Income tax is a tax on income and required to be paid by every person earning it.
Income tax is a statutory liability to be paid by business class & non business class as well. Once anyone have income the liability to pay taxes on that income arises, however the discharge of that liability depends upon many other things like residential status, legal status, accrual of income etc. Further there are certain payments too on which income tax benefit is available commonly known as “Income Tax Deductions”
Further there are certain incomes on which there is exemption from payment of income tax. These deduction and exemptions are prescribed keeping on view the social security & welfare measures and to promote investments in the modes which ultimately cause social security and welfare.
In income tax law there are separate set of provisions for periodic return filing and payment of taxes.
Payment of taxes takes place in following 03 way;
- Tax deduction or collection at source (TDS/TCS)
- Advance Income Tax
- Self Assessment tax.
Similarly, return of income is also to be filed to furnish particulars of income earned during the year and according tax liability thereon.
Like GST, In income tax law provision also there is a statutory obligation casted upon business class (and some time non business class also entering into certain high value transactions) for collection and payment of income tax on behalf of others. This mechanism is called TDS/TCS.
The payment of income tax largely depends upon the residential status of person earning it and its place of accrual. And as the TDS/TCS in nothing but advance income tax payment, the liability to deduct and collect also largely depends upon the same 02 aspects as mentioned in above lines.
The compliance to income tax law provisions is equally important for both business class as well as non-business class.
Our Services are;
- Allotment of PAN & TAN
- Income Tax Returns
- TDS/TCS Returns.
- TDS Compliance Advisory
- Income Tax Compliance advisory
- International Taxation
- Income Tax Assessment proceedings & Appeals