Services We Offer
Tax Consultants in Patna
MS Legal Associates:We are Tax Consultants in Patna.
Taxes in India are levied by the Central Government and the state governments. Some minor taxes are also levied by the local authorities such as the Municipality.
Taxation System in India
India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies.
Central Government levies taxes on income (except tax on agricultural income, which the State Governments can levy), customs duties, central excise and service tax.
Value Added Tax (VAT), stamp duty, state excise, land revenue and profession tax are levied by the State Governments.
Local bodies are empowered to levy tax on properties, octroi and for utilities like water supply, drainage etc.
Indian taxation system has undergone tremendous reforms during the last decade. The tax rates have been rationalized and tax laws have been simplified resulting in better compliance, ease of tax payment and better enforcement. The process of rationalization of tax administration is ongoing in India.
Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957. A new legislation, Direct Taxes Code (DTC), was proposed to replace the two acts. However, the Wealth Tax Act was repealed in 2015 and the idea of DTC was dropped.
1. Income Tax
The major tax enactment in India is the Income Tax Act, 1961 passed by the Parliament, which imposes a tax on the income of persons. This Act imposes a tax on income under the following five heads:
Income from house property
Income from business and profession
Income from salaries
Income in the form of capital gains
Income from other sources
In terms of the Income Tax Act, 1961, a person includes
Hindu Undivided Family (HUF)
Association of Persons (AOP)
Body of Individuals (BOI)
Artificial Judicial person not falling in any of the preceding categories
1. Service tax
2. Excise and Customs
Taxation Services Includes
1. Tax calculations, Tax planning for Individuals and HUFs (Salary and Business returns), Firms, and Companies.
2. Liaison works with Income-tax Department, Central Excise Department and Commercial-tax Department
3. Filing of TDS, e-TDS bank payments, online filing.
4. Pan Card, Bulk pan cards for employees
5. Filing of Returns under the provisions of Income Tax Act, Service Tax, and Companies Act. Filing of monthly returns, Annual returns under the provisions of Value Added Tax (VAT) Act, Service Tax, professional tax
6. Taxation of Manufacturing, Processing, Construction, Trading, Software and BPO Companies
7. Providing Digital Signature
8. Consultancy and Representation
9. Appellate and legal matters