The modern distinction between direct taxes and indirect taxes came about with the passing of the 16th Amendment in 1913. Earlier it was used to read as TAX only.
Tax is an economy building fee paid by the citizens to the government of a country. It is mainly of two types:
- • Direct Tax: The direct tax is a tax charged on income, profit, and revenue of an entity, and is paid directly to the government. For instance : Income Tax
- • Indirect Tax: Indirect Tax is a tax which is levied on goods and services, and paid to the government indirectly. For instance : GST, Excise etc
By law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.
The Central Board of Direct Taxes (CBDT) is responsible for administering various direct taxes through the Commissioners of Income-tax located in different parts of the country.
The identified non-filers are informed by SMS, e-mails, and letters in batches. In case a notice is issued, the assesses can view detailed information on the income tax e-filing portal by logging into the account. You can also file a response on the portal.
Goods and Services Tax (GST) was implemented in India as an indirect tax in 2017. It came with the aim to bring uniformity in taxation across the country. Several irrelevant taxes were dissolved and one uniform tax was introduced in the form of GST. This reduced the confusion among customers because of different tax rates being imposed in different states for different goods, previously. Therefore, consumer awareness has increased dramatically as compared to the pre-GST era. It is One Nation , one tax.
GST has also replaced most of the state and central taxes in India. It has been introduced as consumption based tax as opposed to the production based tax in the pre-GST era. Everything is now required to be completed through the GST Portal which has made it much easier to track and detect any abnormal activities.
We deal in Direct and Indirect Tax related matters in India. From consultancy to appeal before tax authorities we provide the following services as below:
- • Corporate and personal tax compliance including income-tax assessments,
- • Appeals before the Commissioner (Appeals)
- • Filing of Income-tax returns of individuals, companies and other entities
- • Compliance with law relating to Direct and Indirect taxes.
- • Personal financial planning
- • Trust / Society Formation
- • Registration u/s 12A and 80G of Income Tax Act