Understanding direct taxes is crucial for financial accountability and national development in India.
Direct taxes are levied directly on the income or wealth of individuals, businesses, or other entities. The burden of these taxes cannot be passed on to others.
Tax on individual and entity income.
Tax on company profits.
Tax on profits from asset transfers.
Wealth Tax (FY 2015-16) and Dividend Distribution Tax (April 2020) are no longer applicable.
These taxes are governed by the Income Tax Act, 1961, and administered by the Central Board of Direct Taxes (CBDT).
Direct taxes are strategically important for both the government and taxpayers, contributing significantly to national development and economic stability.
Funds public infrastructure, social welfare, and defense.
Higher earners pay more, promoting social equity.
Deductions and exemptions allow efficient financial planning.
Ensures clear income reporting and financial discipline.
Influences savings, investments, and consumption patterns.
India's direct tax framework includes several key taxes applicable to various entities and transactions.
Levied on the income of individuals, Hindu Undivided Families (HUFs), firms, and companies.
Imposed on the profits earned by domestic and foreign companies operating in India.
Payable on profits arising from the transfer of capital assets like property, shares, or securities.
Levied on transactions made through stock exchanges
Dividend Income Tax is now taxable in the hands of shareholders as per individual slab rates.
Chartered Accountants (CAs) are indispensable in helping individuals and businesses manage their direct tax obligations. Their expertise ensures accurate tax computation, optimal tax planning, and strict compliance with evolving regulations.
CA firms offer a comprehensive range of services to assist clients with their direct tax needs, ensuring compliance and efficiency.
Assistance with preparing and submitting income tax returns.
Strategic advice for optimizing tax liability within legal frameworks.
Handling communications and appearances with tax departments.
Managing tax assessments and representing clients in appeals.
Ensuring timely payment of advance tax and compliance with withholding tax (TDS) regulations.
Assisting with documentation and advisory for transfer pricing.
Conducting tax due diligence for mergers and acquisitions.
Qualified CA firms play a vital role in enhancing an organization's operational integrity.
Their expertise ensures that businesses operate efficiently and transparently, minimizing potential vulnerabilities.
Audit & Assurance services are a cornerstone of financial discipline and regulatory compliance for every responsible business entity. They not only reinforce financial transparency but also enable businesses to function efficiently, manage risks, and build stakeholder trust.
Engaging professional Chartered Accountants for audit and assurance services ensures adherence to legal requirements, protection against financial irregularities, and improved operational governance.
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