Tax is a compulsory contribution to state revenue. Improper Tax Planning is the worst thing we can do as we lose our hard earn money unnecessary. Income Tax return submission/filling is necessary activity for most of us. Capital Gain Tax, Sales Tax, Service Tax, proposed Goods and Service Tax, Gift Tax are also the fields of importance.
Proper Tax Planning as per Finance Act reduces Tax burden Significantly. By this way we take full advantage of all Exemptions, Deductions, Rebate and Reliefs allowed by law. Simply by proper planning through Govt Declared Financial Instruments we can save upto 30% in many cases.
Filling an Income Tax Return is often the most boring but necessary part of Tax Payment Cycle. The deadlines declared needs to be followed. Proper Forms has to be selected. Necessary documents need to be collected. Old demands need to be paid.
Startups need to invest their full effort in Expansion of Business, Formation of Short Term and Long Term Strategy etc. But many times due to lack of Proper knowledge related to Tax Law creates confusion. These may lead to unnecessary Fine eating out the Hard-earned Profit.
Different Taxes regarding Business & Individual have different deadlines. These timely advises save a lot of Business time as well as money. Correct and timely filling creates valuable Credential.
Profits or gains arising from the transfer of a capital asset made in a previous year are taxable as capital gains under the head “Capital Gains”. The important ingredients for capital gains are, therefore, existence of a capital asset, transfer of such capital asset and profits or gains that arise from such transfer. They are divided in Short Term & Long Term Capital gain.
Service Tax is a tax levied by Central Government of India on services provided or to be provided excluding services covered under negative list. In the new system all services, except those specified in the negative list, are subject to taxation. In the era of expanding service sector this Tax has huge importance. Proper calculation as per the rule is crucial.
The Goods and Service Tax Bill or GST Bill, officially known as “Goods and Services Tax” would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the Central and State governments.GST is Proposed to be implemented from 1st April 2016.
When someone deposits money in your bank account, it is very important to understand the tax rules and possible issues which can pop up in the future. There are certain important Exclusions whcih may help one in Tax Planning and Correct Filling of Tax Return.