The taxes in India are levied by the Central Government and the State Governments. Some minor taxes are levied by the local authorities like the Municipality and the Local Governments. The government uses taxes to fund a variety of social programmes, including job initiatives. The government must pay the administrative costs for the thousands of staff in the numerous departments. Tax assessments and compliances, which are becoming more and more important to businesses, need to be continuously monitored and supported as the market becomes more competitive. Since the law is always changing to reflect the government’s current policies and
since the tax department is tenacious and tends to fight most disputes, managing the tax function in most organizations may be challenging. The domain is extremely complicated since it involves the aspects of both direct and indirect taxes. The same can be further broken into corporate tax, M&A tax, international tax, etc. Hence, companies now require a more cautious and creative approach towards designing tax planning to stay away from the consequences of non-compliance.
- Transactional structuring
- Tax optimization
- Estate planning
- Tax litigation
- Compliance with the amendments
- Validation of tax computation
- Simplifying stamp duty
Taxation is a wide range of regulations impacting people, small enterprises, and major corporations. Keeping up with tax rules may be challenging since the tax department is tenacious and litigates disputes regularly, and the legislation is always changing to reflect the current policies of the government. Given the complexity of the situation, specialist guidance is necessary. Our multidisciplinary team advises both enterprises and individuals on all tax–related matters. To ensure a more thorough analysis of the issue, the tax team collaborates with other specialized departments. The company does corporate tax due diligence, evaluating the viability of a business’s tax status and recommending next measures where there are gaps. The firm has extensive knowledge in providing advice about potential tax liability issues. It frequently offers guidance on the details and organization of supply and service contracts
The Income Tax Department is a division of the Central government and this department oversees direct taxes in India. The organization is in charge of collecting income tax throughout the nation and is a part of the Finance Ministry's Department of Revenue. The Central Board of Direct Taxes (CBDT) has its regional offices set up in various regions of the nation to oversee tasks in that portion of the country and is the top body in the Income Tax Department. All tax-related issues affecting various investments are governed by the Income Tax Department.
The Constitution of Indiadivides the ability to levy different taxes between the Central and the State and is the source of the authority to impose a tax. Article 265 of the Constitution, which specifies that taxes may only be imposed or collected with legal authorization, places a significant constraint on this ability. As a result, a supporting law must be approved by the State Legislature or the Parliament to support any tax imposed or collected.
In India, there is a tax on the import and export of products with different rates for different categories of items. It is proper for customs officials to verify correct information about the goods being exported or imported, as well as the goods' origin and properly certified rates and structures. Customs duty assesses the value of products in relation to the tax that is payable to them and is much greater for some commodities, such as imported cigars and liquor, which are considered "sin goods." An indirect tax known as customs duty is imposed on the import and export of commodities into and out of the nation. The import custom duty tax is imposed when merchandise is brought in from abroad. The charge is referred to as an export custom duty when items are shipped outside of India.
Direct Taxes are taxes that one has to pay directly to the state and central government. An indirect tax is a tax that one pays not directly to the government, but via the purchase of goods and services, via the retailer or the seller. In our daily lives, we end up paying taxes indirectly in the form of GST, Sales Tax, Service Tax, VAT etc. Many a time, these indirect taxes have flaws which many retailers rely on, to extort more money from the consumer. It is times like these when the payer should be cautious of the exact percentile of taxes to be levied.
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