Direct Tax Consultants in Bangalore

A Direct tax is a type of charge, which is compulsory straight on the tax payer and rewarded straight forwardly to the government by the personnel (juristic or natural) on whom it is obligatory. A direct tax is single that cannot be shifted by the tax payer to somebody else. The some important direct taxes imposed in India are as under:

Income Tax: Income Tax Act, 1961 force tax on the earnings of the individuals or Hindu undivided families or co-operative societies or firms and trusts or every artificial juridical person. The enclosure of a particular income in the total profits of a person for income-tax in India is based on his suburban status. There are three residential status, viz., (i) Resident & Ordinarily Residents (Residents) (ii) Resident but not Ordinarily Residents and (iii) Non 72

Corporation Tax: The companies and business association in India are taxed on the revenue from their worldwide dealings under the provision of Income Tax Act, 1961. A corporation is considering being resident in India if it is incorporated in India or if it’s control and administration is situated completely in India.

Inheritance (Estate) Tax: An inheritance tax (also known as an estate tax or death duty) is a tax which arises on the death of an individual. It is a tax on the estate, or total value of the money and property, of a person who has died. India enforced estate duty from 1953 to 1985. Estate Duty Act, 1953 came into existence w.e.f. 15th October, 1953.

Gift Tax: Gift tax in India is synchronized by the Gift Tax Act which was comprised on 1st April, 1958. It came into consequence in all parts of the country except Jammu and Kashmir. As per the Gift Act 1958, all gifts in excess of Rs. 25,000, in the form of cash, draft, check or others, conventional from one who doesn’t have blood relations with the beneficiary, were taxable.

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