Business Taxation in general refers to the taxes that businesses pay as normal part of business operations. Taxes are collected by Government and in order to determine liability, proper Laws, Rules and Regulations are passed by Government and are amended time to time.
The understanding, applicability and implication of such norms can get complicated and whether you are a sole proprietor, partner, firms, company, and your business is required to pay taxes.
Income Tax or Direct Tax is the tax paid directly to the Government of India on basis of Income or profit earned. The money collected by the Government as Income Tax is used for Economy Development, Infrastructure, Hospitals, and Roads etc. The Government of India presents finance budget every year in the month of February. The finance budget brings various amendments in The Income Tax Act,1961 including tax slabs rates.
Indirect Tax is tax levied on Goods and Services and not on Income or Profit of entity. Some of the Indirect tax applicable in India are:
Goods and Service Tax is a type of indirect tax which is levied on supply of goods and services. The Goods and Service Tax Act has replaced many old indirect tax laws which were prevalent previously in India. Following is the List of Indirect Tax prevalent pre GST era.
Transfer pricing in India includes all commercial transactions within business and between subsidiaries whose operations are under same ownership or control. Transfer pricing applies to cross border transactions and domestic transactions as well.it is the price charged for providing goods or services to associated enterprises (subsidiaries/related companies/ companies under same management control). The transfer price should be arm length's price which is a market price, in simple words price you would charge for providing the same set of services or goods to an unrelated enterprise.
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