What is Tax & Compliances?

Tax is fees levied on products and services by a private, a corporation, or a government to get revenue. The quantity accumulated through tax is employed for executing public welfare programs. Penalty charges apply to those evading tax if a tax notice goes unacknowledged by the taxpayer, if the taxpayer provides false information regarding their income to evade tax, or those that refrain from paying tax or default payments. There are provisions within the IPC to require strict actions against tax evaders and defaulters.

Types of Taxes


GST stands for Good and Services Tax. GST is a new form of tax that replaced all the central and state taxes such as excise duty, value added tax, entry tax, services tax, countervailing duty, luxury tax, advertisement tax etc.

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The concept of TDS was introduced with an aim to gather tax from the very source of income. As per this idea, an individual (deductor) who is susceptible to make payment of specified nature to the other person (deductee) shall deduct tax at source and remit an equivalent into the account of the Central Government.

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Income Tax

The term Income tax refers to a kind of tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file a tax return annually to work out their tax obligations.

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