- Tax filing
- Tax auditing
- Corporate Tax planning
- Investment plans
- Account maintenance
- Account book keeping
- Preparing balance sheets
- Profit and loss statement
- Financial advisory services.
DIRECT & INDIRECT TAX
Direct Tax :
A tax that is paid directly by an individual or organization to the imposing entity. A taxpayer pays a direct tax to a government for different purposes, including real property tax, personal property tax, income tax or taxes on assets. Direct taxes are different from indirect taxes, where the tax is levied on one entity, such as a seller, and paid by another, such a sales tax paid by the buyer in a retail setting. A direct tax cannot be shifted to another individual or entity. The individual or organization upon which the tax is levied is responsible for the fulfillment of the tax payment. Indirect taxes, on the other hand, can be shifted from one taxpayer to another.1) Income Tax :
A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public. Most countries employ a progressive income tax system in which higher income earners pay a higher tax rate compared to their lower earning counterparts.
Indirect Tax :
Government has to perform many functions in the discharge of its duties like infrastructure development, health, education, defence of the country, removal of poverty, maintenance of law and order, etc. To meet these requirements huge amount of capital is required. The government collects money from public through a wide variety of sources i.e. fees, fines, surcharges and taxes. Indirect Tax is a tax that increases the price of a good so that consumers are actually paying the tax by paying more for the products. The Ministry of Finance (Department of Revenue) through the Central Board of Excise and Customs (CBEC), an apex indirect tax authority, implements and administers excise (central excise), customs and service tax laws. Circulars, notifications and clarifications issued by the CBEC supplement these indirect tax laws.1) Service Tax :
Service tax is a part of Central Excise in India. It is a tax levied on services provided in India, except the State of Jammu and Kashmir. The responsibility of collecting the tax lies with the Central Board of Excise and Customs(CBEC). Service Tax is a form of indirect tax imposed on specified services called "taxable services". Over the past few years, service tax been expanded to cover new services and recently list of negative services has been introduced. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. For the purpose of levying service tax, the value of any taxable service should be the gross amount charged by the service provider for the service rendered by him.2) Excise :
Central Excise duty is an indirect tax which is levied and collected on the goods/commodities manufactured in India. The Central Excise Act, 1944 and other connected rules- which provide for levy, collection and connected procedures. It is mandatory to pay Central Excise duty payable on the goods manufactured, unless exempted eg., duty is not payable on the goods exported out of India.3) VAT :
“Value Added Tax” (VAT) is a tax on value addition and a multi point tax, which is levied at every stage of sale. It is collected at the stage of manufacture/resale and contemplates rebating of tax paid on inputs and purchases.