Direct tax or income-tax are those taxes that are levied directly on the individual or organizations on their incomes and the burden of which cannot be shifted to others. In India, income-tax is governed by the provisions of the Indian Income-tax Act, 1961 (‘Act’). The Act works on the principle of self-assessment whereby every person in receipt of income or any amount is required to assess and compute its total income under five categories of income via salaries, income from house property, income from business or profession, capital gain, and income from other sources and discharge its tax liability before the filing of return of income. In addition to this, there are certain compliances that are required to be made by the payer of the income like TDS/WHT related compliances. There is an internal mechanism under the Act to ensure proper and timely compliances. The Act provides for levy of interest, penalty, and prosecution depending upon the quantum and nature of failures. Generally, the following compliances are required to be made by every person within the prescribed time:
ASC has a proficient team keeping up with ever-changing taxation policies, rules, and regulations. Our team also provides solution-oriented advice to a client and apply their timeless experience of the taxation provisions for the ease of client. We aim at providing timely fast-paced services to our clients with effectiveness in their taxation practices to reduce down the interest, penalty, and prosecution to the most insignificant levels.
Over the years the Government has been expanding the tax base by ensuring strict and proper compliances and therefore it is imperative all the compliances under the Act should be timely made. We assist our clients in the following ways: