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Income Tax Services In India And Its Importance
Income tax is known as the type of tax that is being charged by the central government on the income earned from the individual.
It is at the time of financial year where a salaried person or the person who is gaining a certain amount as a salary has to pay to the government.
The Income tax services in india hold a lot much importance and also benefits.
Taxes are the source of revenue to the government and this, in turn, is being used for different fruitful activities like developing infrastructure, providing healthcare, education, subsidy to the farmer/ agriculture sector.
Besides this, there is also some other welfare scheme towards which the amount is being spent. The tax which is being directly levied on the income is called a direct tax.
Different Types Of Income Tax
There are different types of taxpayers in India and to define them they have been grouped into different categories and those are-
Individuals, Body of individuals, Hindu undivided family
Firms and
Companies
To this Individuals are broadly classified into resident and non-resident according to which there has been a slab set to pay tax.
Besides this who all are non-resident, they have to pay taxes based on their income earned in India. The Income tax services in india which are being levied on people will also give them to enable different benefits in terms of gaining loans.
Head Of Income
Income from Other Sources
Income from House Property
Income from Capital Gains
Income from Business and Profession
Income from Salary
Taxpayers And Income Tax Slab
There are different tax slab which is being maintained and to all different categories of people. Firms and companies have a fixed tax rate to those of individuals, HUF, AOP and BOI taxpayers have to pay according to their salary. Hereafter you are following all the rules of Income tax services in india you will be able to take forth of your any plan towards loan and insurance can be done without difficulty.
Every people income is grouped into blocks which are called tax slabs.
Range Of Income
Up to Rs.2,50,000
Tax To Be Paid
N Tax
Range Of Income
Between Rs 2.5 lakhs and Rs 5 lakhs
Tax To Be Paid
5% of your taxable income
Range Of Income
Between Rs 5 lakhs and Rs 10 lakhs
Tax To Be Paid
Rs 12,500+ 20% of income above Rs 5 lakhs
Range Of Income
Above 10 lakhs
Tax To Be Paid
Rs 1,12,500+ 30% of income above Rs 10 lakhs
The Income-tax services in India are compulsory financial charging on individuals and companies by the state and central government. The tax which is being collected is utilized in different areas to give relaxation and also towards contributing wealth of the country.
Every responsible citizen has to follow all rules and regulations so that you can carry forwards your life easier and smoother. To this Income tax services in india is one of those and we all must obey them to gain further benefits.
Types
Corporate Tax
- Income Tax Planning and Management,
- Assistance in quarter-wise development charge calculations,
- Assistance in filing corporate tax returns,
- Opinions on different transactions from domestic law to double taxation settlement perspective.
Affirmation Work
- Issuance of 15CA and 15CB declaration for settlement to Non-occupant/Foreign Entities under section 195 of the Income Tax Act, 1961.
- Issuance of Certification for repatriation of fund up to USD 1 million of balances in NRO accounts/of sale proceeds of assets up to USD 1 million, of balances in NRO accounts/of sale proceeds of assets on production of an undertaking.
- Issuing Certificates under the Income Tax Act i.e., u/s 80IA/80IB/10 A/10B & other certificates to claim deduction.
Withholding Tax
- Helping in filing withholding tax returns.
- Helping on compliance aspects such as tax registration, assistance in obtaining lower withholding tax certificate, etc.
- Advising & reviewing of all necessary tax withholding compliances.
- Verification of all payments to vendors for estimating application of rates and determine categories for deduction of withholding taxes.
- Advising on every financial subject that is of interest to the clients.
- Managing vendors/employees for issuance of withholding forms preparation & filling of Quarterly E-TDS Returns and annual returns.
Income Tax Filing and Returns
- Preparation of computation of income & filing of income tax returns of various HNI assessee and other HUFs, Partnership Firms and Companies.
- Advisory on Taxation of Employees sent on secondment premise.
- Processing, planning and coordinating with department related to Income Tax Refunds.
- On call Business advisory in respect of taxation issues.