Stay Compliant with Tax Laws

In India, an individual has to pay some amount of his income to the government, in return the government provides us with the basic public facilities like road and infrastructure, this amount is termed as taxation. It can be sales tax, property tax, income tax, goods and service tax and many more. The government authorities have made several laws to ensure the lawful compliance of tax. Compliance refers to the laws and standard that is applicable on an organization or business

Income tax filing:

It is a process in which an individual or business has to give some amount of money from his earnings to the government. It is crucial to file income tax return to prevent any legal trouble. Tax deduct source (TDS) is a part of tax filing which states, deduction of certain amount of tax from income before it reaches you. It makes sure that taxes are collected on time and there is no delay.

Corporate taxation:

When any company earns huge profit, so it is a duty of company to pay tax on that profit. The corporate tax varies on nature of business.

Tax audits:

If any company turnover exceeds one crore, then it is essential for company to pay income tax audited by charted accountant. These accounts or audit is reviewed and examined.

Taxation issues:

When any business or firm faces challenges and difficulty in relation to taxation and compliance, it may lead to taxation issues. It is essential to ensure to lawful handling of taxation issues to navigate the tax liability and avoid penalties. The issues may arise if you have not paid the correct amount of tax, paid the tax after the deadline of stipulated time, financial disputes with tax authorities or if tax authorities reviews or examine your tax return to ensure accuracy.

GST registration:

GST is known as goods and services act which is remarkable tax reforms in India. It is an indirect tax which is imposed on supply of goods and services. Any business or firm may apply for GST registration to gain many benefits like enhancing reliability with customers, claiming input tax credit and enhancing business opportunities. After registration GSTIN, 15 digit numbers is given to taxpayer or dealers.

Tax authorities and Dispute Resolution:

In India, the Income Tax Department has a power to ensure tax audit and tax compliance. Moreover, if dispute arises between taxpayers and tax authorities, then it can be resolved by Income Tax Appellate Tribunal.

Business compliance filing:

When any business or firms, submits the documents with the government to ensure that their business is compelled with all the laws and procedure, it is a process for business compliance. The required documents can be financial statement, annual and income tax return, compliance certificate, director’s report and form AOC - 4 for financial statement.

Financial disputes:

The dispute between two parties related to monetary issues, it known as financial disputes. It may be arises due to payments, contractual duties or tax assessment. It is crucial to navigate these types to disputes because it may lead to damage the goodwill or reputation of business. The dispute can be resolved through the mechanism of ADR, by sending legal notice or by filing a civil suit in court of law.

Apart from these laws several others aspects of taxation law includes tax optimization, international taxation, environmental taxation, and e - filing of tax returns. Each factor requires a thorough analysis and an expert legal assistance to navigate the complexities of issues related to taxation law. Lead India Law ensures best course of action and provide a lawyer who will resolve the matter in efficient and effective way