Direct Tax Compliances & Advisory
Overview
What It Is?
Direct Tax means a tax imposed and paid by the same person. The incidence of tax is on the person paying it. Income tax is the tax paid and borne by the same person. Any person doing any business or carrying on any financial activity is supposed to comply with the taxation system of the country. In other words, if u carry on any commercial or social activity then you are supposed to comply with the taxation laws of the country. You may or may not end up paying taxes but compliance is very much important otherwise you would end up paying penalties for non-compliance. Here it becomes important to know the compliances applicable. For the sake of simplicity, the Direct Tax i.e.
Income Tax Act 1961 imposes a liability on the persons to pay their due taxes and file their statement of taxes by way of Income Tax return.
Person as per the Income Tax Act is as Follows:
The above are the persons who are suppose to file the statement of taxes and pay their due taxes as per the provisions of the income Tax Act.
Income Tax has been divided into two parts
Income tax Compliances Advisory – Domestic
Income tax Compliances & Advisory – International
Income tax (domestic) in other words means the compliances to be done by the persons involved in the dealings within the territory of India. They are not supposed to make the additional compliances applicable to the persons involved in the transaction outside India or with person or companies residents outside India.
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Why?
As discussed above , the persons to whom the income Act is applicable are suppose to file their taxes.
The Income tax has classified the income into 5th head under which one has to classify his income and file his taxes :
- Salary Income
- House Property Income
- Business or Professional Income
- Capital gains Income
- Other Sources Income Like rental, Interest , dividend Income etc.
If one earns Income (includes Loss) under the above five heads then he has to file his return classifying his income under the above heads.
Taxes under the Income Tax Act are directly by the earner of Income to the Government and sometime the duty has been imposed on the payer of Income. When the taxes are paid by the payer of Income on behalf of the paye then the concept of witholding tax or the TDS (TaxDeducted at Source) comes.
When the taxes are paid by the payer as TDS to the Govt. Then that payer is also suppose to pay the taxes on behalf of payee and also suppose to file the return of TDS to the Govt. of India.
To collect the revenue at the timeof generation of source and to avoid leakage the concept of TDS was introduced. Further to strengthen this, one more concept of TCS (tax collected at source) is being introduced. This is also at source but by the payee from the payer and deposited to the Govt. Here also the payee is supposed to file the TCS returns.
Now, we Know that generally the three types of returns are being filled to the Department :
- Income Tax Return (ITR)
- TDS returns
- TCS returns
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