Taxation
Direct Tax
Direct tax refers to a type of tax imposed directly on individuals or entities by the government based on their income, profits, or assets. It is usually levied on an annual basis and paid directly to the government authorities. Direct taxes are distinct from indirect taxes, which are levied on the sale or consumption of goods, services and return filling, tds return & gst registration & return is the part of direct tax & indirect tax.
Income Tax Return
An income tax return is a document that individuals, businesses, or entities are required to file with the tax authorities to report their income, deductions, and tax liabilities for a specific tax year. It serves as a formal declaration of their financial information and enables the calculation of the amount of income tax owed or the refund due.
Income Tax Audit
An income tax audit is an examination and review of an individual’s or a business’s income tax return by the tax authorities to ensure compliance with tax laws and regulations. The purpose of an income tax audit is to verify the accuracy and completeness of the reported income, deductions, credits, and other tax-related information.
TDS Return
TDS (Tax Deducted at Source) return refers to the periodic filing of a statement by a person or entity who has deducted taxes from payments made to another party. TDS is a system implemented by tax authorities to collect taxes at the source of income, ensuring a steady revenue stream.
TDS Audit
TDS (Tax Deducted at Source) audit refers to the examination and verification of the TDS compliance and related processes of an organization by the tax authorities. The purpose of a TDS audit is to ensure that the deductor has correctly deducted and deposited the required amount of tax at the source and complied with the provisions of the Income Tax Act.
Indirect Tax
Indirect tax refers to a type of tax levied on the consumption, sale, or use of goods and services. Unlike direct taxes, which are directly imposed on individuals or entities, indirect taxes are collected by intermediaries, such as businesses, and ultimately passed on to the end consumer.
GST Registration
GST registration refers to the process of obtaining a Goods and Services Tax (GST) registration number from the tax authorities. GST is a consumption-based tax levied on the supply of goods and services in many countries
GST Returns
GST returns are regular filings that businesses and individuals registered under the Goods and Services Tax (GST) system are required to submit to the tax authorities. These returns provide details of sales, purchases, and taxes collected or paid during a specific period. The purpose of filing GST returns is to report the GST liability or claim a refund, ensuring compliance with GST regulations.
GST Audit
GST audit refers to the examination and verification of a business’s Goods and Services Tax (GST) compliance, records, and processes by the tax authorities. The purpose of a GST audit is to ensure that the business has accurately reported and paid GST as per the applicable laws, identify any non-compliance issues or discrepancies, and assess the effectiveness of internal controls related to GST.
GST Notice Handling
Handling a Goods and Services Tax (GST) notice requires careful attention and appropriate actions to address the concerns raised by the tax authorities. Here are some key steps to handle a GST notice effectively