DIRECT TAX

Direct tax is levied on people's income or profits. For example, a taxpayer pays the government for different purposes, including income tax, personal property tax, FBT, etc. The burden has to be borne by the person on whom the tax is levied and cannot passed on to someone else. Central Board of Direct Taxes (CBDT) governs and administers the Direct Tax.

>> Some of the important direct taxes imposed in India are mentioned below:

• Income Tax- It is imposed on an individual who falls under the different tax brackets based on their earnings or revenue, and they have to file an income tax return every year, after which they will either need to pay the tax or be eligible for a tax refund.
• Corporate tax-Companies incorporated or having operations in India have to pay tax to the government. They need to pay tax on the profits earned from the business. Unlike, income tax slab rates of individuals, the companies have to pay tax at flat rates prescribed by the government.
• Securities Transaction Tax (STT)- STT is a tax levied while dealing with securities listed on a recognised stock exchange. It is an amount that is levied over and above the trade value, and hence, it increases the transaction value.

Accounting & Payroll

Accounting is the process where a track of income and expenses is kept. Accounting is done by an Accountant and he is a person who shall offer strategic financial advice as well as he shall be well aware about the company’s financial situation.

Payroll is the process of paying a company employee’s salary. It starts with the development of a list of paid employees and ends with the recording of those expenses.