Understanding the Indian Tax System for Businesses

Understanding the Indian Tax System for Businesses.

Introduction to the Indian Tax System for Businesses: The Tax system of India is as complex and complicated as the legal laws of the country.

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This system on which Indian taxation is based is called to be a Residence based taxation system.

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There are two types of taxes in India which are as follows- Direct Tax and Indirect Tax.

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Direct Tax- This is a tax that is directly imposed on a particular person by the government.

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Indirect Tax- The tax that is levied on the production, services, sales, or consumption of goods is called Indirect Tax.

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Corporate Taxation in India: This is a tax that is directly levied on the company’s income in the country.

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Income Tax Regulations and GST for Businesses: Companies in India are required to file their income tax returns and pay taxes on the taxable income.

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Tax Compliance, Deductions For Businesses: There are various taxes laws and regulations that are required by businesses to be followed.

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India is a big market for different types of business establishments and companies.

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