What is Taxation?
Taxation is the imposition of a compulsory financial charge or levy upon individuals or organizations by a government entity. This revenue is used to fund public services, infrastructure, and other government activities.
Types of Taxation in India
- Income Tax: Levied on individuals and entities based on their income.
- Capital Gains Tax: Imposed on profits from the sale of assets, including property, shares, and securities.
- Corporate Tax: Applicable to companies and corporations.
- Goods and Services Tax (GST): A multi-layered tax levied on the supply of goods and services within India.
- Customs Duty: Tax imposed on imported goods.
- Excise Duty: Tax levied on the manufacture of goods within India.
Taxation Services Offered
Beyond the basic understanding of taxation, many specialized services are available to individuals and businesses:
- Tax Compliance: Assisting in the preparation and filing of tax returns, ensuring adherence to tax laws and regulations.
- Tax Planning: Strategically structuring financial affairs to minimize tax liabilities and maximize tax benefits.
- Tax Audit: Conducting thorough examinations of financial records to verify tax compliance and identify potential areas of improvement.
- Tax Dispute Resolution: Representing clients in tax disputes with tax authorities, advocating for favorable outcomes.
- International Taxation: Providing guidance on cross-border tax matters, including transfer pricing, foreign investment, and tax treaty benefits.