Taxation in India

It is a bitter truth true that no one actually loves to pay taxes and many of us
does do not even know the reason of government asking us to pay taxes. It is
mandatory for you to know the importance of taxation in an economy. The
compulsory levy of financial charge by state government or central government
on an individual and company is known as Tax. The tax which is collected by
the government is used in the development or welfare related work in nation like
in infrastructural services, defence, unemployment etc. ;Development of nation
like to increase infrastructure, welfare related work or arms for country defence.
Essentials of Taxation

Maximum contribution of a citizen or entity to the state as per the rules is

a tax.
There is no direct or special benefit in return for the Income Tax payer.One
has to pay tax if his income is above the basic exemption limit.
People are always benefited with collected tax by the nation.

Two Types of Taxes

Direct Taxes If the incidence and impact of taxation fall on the same
entity who earned that income then it is a direct tax. It is basically the tax
which is directly levied on income of individuals.
a) Income This includes tax slabs, tax deducted at source, taxable
income and more.
b) Capital Gains Whenever you receive a huge amount of money, capital
gain tax is the one that has to be considered.
c) Indirect Taxes These are the taxes that are levied on goods or
services.
Indirect Taxes If the incidence and impact of taxation fall does not fall on
the same entity who earned that income then it is a indirect tax. It is
basically the tax which is indirectly levied on expense incurred by
individuals.
Includes Sales Tax, Services, Value Added (VAT) , Excise & Custom Duty
which would now be replaced by GST.
The busiest months in India for financial professionals and Chartered accountant
with filing of income tax return are May, June and July, August and September.
Filing ITR is always helpful for building white capital, immigration, visa
processing, availing loan facility etc. and the most important thing is Peace of
Mind.
Tax2Win provides a gateway to tax resources and tools for the families
individuals struggling to receive required information and important benefits.
Also our experts help you in maximizing your deduction so that you can save
your hard earned money.