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A tax is a charge by the government on the income of an individual, corporation or trust, as well as the value of an estate or gift. There are also other forms of taxes, like consumer sales taxes, use taxes and real estate taxes. Tax law is part of public law. It covers the application of existing tax laws on individuals, entities and corporations, in areas where tax revenue is derived or levied, e.g. income tax, estate tax, business tax, employment/payroll tax, property tax, gift tax and exports/imports tax. The objective in assessing tax is to generate revenue to be used for the needs of the public. A tax is not a voluntary payment but an enforced contribution exacted pursuant to legislative authority. The IRS is responsible for administering and enforcing the internal revenue laws.

The tax incidence on the income of assesses is determined by their residential status. Different rates of taxes are applicable to the income of individual and non-individuals. The general rules of taxation on income are:

  • Resident taxpayers are taxed on their worldwide income.
  • Nonresident taxpayers are taxed only on income received in India or on income arising (or deemed to arise) in India.
  • Corporate income is taxed both at corporate level and to shareholders upon distribution as dividends.
  • The accounting year for tax purposes is April 1 to March 31.
  • Double taxation relief is offered to residents through credits under the Income Tax Act and under the tax treaties.

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Our team of tax experts advises clients on direct and indirect tax issues, including custom duty, excise duty, service tax, income tax, gift tax, sales tax, value added tax, octroi tax and other transactional taxes and local duties.

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