The Tax system in India is mainly a three tier system which is authorizes the Central, State Governments and the local authorities to impose taxes on goods, services, property, business tax in India etc. Taxes are the basic source of revenue to the Government using which it provides various kinds of services to the tax payers. Taxation majorly includes Direct and Indirect Taxes.
Taxation Law in India covers all the policies, rules regulations governing the taxation process in the country. These include taxes such as income tax, sales tax, tax on foreign company, withholding tax, tax residency certificate, excise registration tax, service tax registration, employee tax, tax on foreign company, corporate tax, import duty, transfer pricing etc. Most of these taxes are levied by the government at the Centre and the States. A Taxation lawyer will be able to defend you if a tax authority accuses you of under-reporting your taxes, and if you are in violation of any tax law. Consult Our legal Experts for Issues about Income Tax, Service tax advice, planning, appeals,VAT, FEMA, tax appeals before courts, tribunals,corporate law and Etc. Aequitasjuris law firm is the leading Taxation lawyers in India and Taxation lawyers in Hyderabad for all tax matters.
Direct taxes are the personal liability of tax payer. These are collected directly from the tax payers and they have to be paid by the persons on whom it is imposed. Important Direct taxes are listed below:
This is most important type of Direct tax and almost everyone is familiar with it. TDS is its famous synonym and whosoever is earning above a minimum amount (tax exemption limit) has to pay income tax.
This is in addition to the income tax and is levied if your net wealth exceeds tax fixed by the Government.
Property Tax/Capital Gains Tax
This is levied on the capital gains arrived by selling property and stocks. Tax rates are different for long term and short term capital gains.
Gift Tax/ Inheritance or Estate Tax
Amount exceeding fixed by the Government received without consideration by an individual/HUF from any person is subjected to gift tax as income under other sources. There are exemptions like money received from relatives is not taxable. Marriage gifts and money received through inheritance are also exempt from gift tax. Inheritance tax was earlier in practice but has been repealed by the government.
Companies operating in India are taxed as per the corporate tax rate on their income. This tax is one of the major sources of revenue for government.
If there arise any disputes in respect of Direct tax, its imposition etc, it provide for various forum for redressal of the said disputes.
Our firm will undertake all Tax litigations matters before Income Tax Authorities, appellate Tribunals, High Court and Supreme Court of India for disputes mention below
Income Tax disputes
- Wealth Tax disputes
- Property Tax disputes
- Capital Gains Tax disputes
- Gift Tax disputes
- Inheritance or Estate Tax disputes
- Corporate Tax disputes
Contact us today if you need any legal assistance or advices for the matters motioned above .