Taxation is Implicate at every Point of time and many of the business owners are facing Problems due to Lack of Tax Knowledge. If you are doing a business then you have to pay many taxes (Direct and Indirect Taxes) to the government.
Some of the taxation and other Duties applicable on business are as follows.
Income Tax is paying for all type of bodies Like Individual, HUF, Partnership Firm; Companies Etc. Everyone whose income is more than the exemption limit of Government is liable to Pay Income
Tax and File Income Tax return. There are also several other parameters where whether income is lesser than the exempted limit then also he has to file Income Tax return like Tax Audit where the sale is more than 1cr. in India for product sale and more than 25lakhs for professional Services.
In the case of firms and companies, Income Tax charged at a flat rate of 30% while for Individuals there is slab for paying Income Tax in India. Filing Dates for Income Tax return is 31st July or 30th September subject to tax audit. There is also a provision of paying advance Tax in several conditions and there are huge penalties in case of omission of any of the factor. For any help in Income tax, we have tied up with an experienced chartered accountant to help you. For any type of consultancy regarding taxes, it is free.
Service Tax is applicable on the services deliver to you. All types of services, which are taxable, mentioned in the service tax website while until the turnover of Rs 10Lakh, there is no service tax or you can say it exempted until the service of 10lakh in a financial year. Service tax collected and submitted by the service provider every month while the service tax return filed on a half-yearly basis. Apart from this, there are many taxations on business in India
The Excise Duty:
It levied on those products, which manufactured in a country for in house sales. Only the manufacturer of the good pays it at the time of production. The rate of the Excise duty varies from product to product and there are many exempted products too.
While the excise Duty is, central but state government decides excise duty on some products like Alcohol Products like wine, beer, Whisky etc and Narcotic Drugs & other Such Drugs.
Goods those imported from foreign countries levied a tax or duty, which is called Import Duty or Customs Duty. Earlier these duties were high but now in this era of competition rate of duty are reducing and vary from product to product.
Value Added Tax:
Vat is nothing but sales Tax that changed in the financial year 2005. Vat collected at every point of sale and the difference between the Purchased collection (Input Credit) and sales deposited to the government every month while the return paid every year. The rate of the VAT varied from product to product and some are exempting. This is for Local sale in the same state. This is a complicated taxation levied on Business.
Central Sales Tax:
Central Sales tax is levied when the product which is sold from one state to another state. There are many formalities, which are to fulfill for sale of interstate good like from c and other. It is to deposit on monthly basis and return to filed on a quarterly basis.
TDS means Tax Deducted at a source. This is Income Tax, which is deducting from the payment made for services or salaries. There are several rules for the applicability of this and one has to submit this on monthly basis after the deduction. We are providing all type of Taxation Services for Business to serve you better.
Provident Fund is collected from the employee’s salary and the employer submits the 12% of the basic salary of that employee to provident fund account. This has to submit on monthly basis.
Employee state insurance is a scheme, which managed by the government to give better health services to employees. It is the responsibility of an employer to maintain the insurance facility to employees if the total number of employees is more than 20.
Apart from this, there are also several Taxation and duties which imposed to businessperson especially to companies like maintaining all records of meetings, a filing of Roc and others. It is advisable to hire a Tax consultant for management of your business.