Direct Taxes

Governments levy taxes on their citizens to generate revenue for programs that are aimed at boosting the country’s economy and improving the standard of living of its citizens.

Taxation can be termed as a professional field that requires a lot of precision and skill. As an accounting firm, our goal is to guide you through any tax compliance processes. The experts in our company have the knowledge needed to perform tax planning, documentation, representation and management. To know more about taxes, you must know their different types. 

There are mainly two types of taxes direct and indirect. The application of both differs from one another. You pay some of them directly to the government. They include wealth tax, corporate tax and income tax etc. While some of these taxes are paid indirectly such as value-added tax, service tax, sales tax etc.

Direct Taxes: 

The amount of direct tax owed is determined by an individual’s ability to pay, so the higher a person’s ability to pay, the higher will be the tax. In terms of income tax, for example, those with a higher income pay more. It is computed as a percentage of an individual’s total earnings. Some of the examples of direct taxes are-

Corporate tax

This tax is imposed on earnings made by a variety of businesses. Companies that are registered under other acts or the Companies Act are required to pay the tax at the rate established by the income tax act. Which may change depending on the time. We assist businesses with filing returns on corporate tax, tax planning options, tax compliance, and views and representations. In addition, we also offer advice on complicated tax issues. We help with the examination of the tax strategy based on the corporate strategy.

Income Tax

Also known as personal tax this tax is determined by a person’s income. Based on the income of individuals, a certain percentage of their salary is deducted. 

Our team has extensive expertise in representing clients in front of taxing authorities. We handle tax calculation for tax filings, tax withholding, and advance tax. We also assist non-residents in getting various registrations, such as registering with the permanent account number (PAN) and the foreign regional registration office (FRRO), and so on, through our NRI desk. 

As tax laws change day by day, businesses need to be aware of timely compliance issues that can pose a threat and lead to penalties and prosecutions. An efficient tax structure for businesses will take the burden off the shoulders of the company and thus ensure good compliance. Our service portfolio includes respect to income tax, withholding tax, and property tax.

Transfer tax

A transfer tax is a fee charged when a person or entity transfers ownership or ownership of a property to another person or entity. Transfer taxes may be imposed by the state, city, or municipality.

Tax on Excise

People benefit from social services like health insurance, health care, and social security because of this sort of direct tax. The “Federal Insurance Contribution Law,” which collects taxes through salary deductions, is known together as the “Federal Insurance Contribution Act.”

Property tax

Property taxes are levied on land and buildings to fund public services such as police and fire departments, schools and libraries, and roads.