Decoding Tax Laws for Effective Tax Preparation
Understanding how taxes work in India is essential for everyone, whether an individual or a business. India's tax system can be complex, and it frequently changes. There are two main types of taxes: direct and indirect. If you need to become more familiar with these tax rules, it could lead to fines, missed opportunities to save on taxes, and even legal issues. So, learning about India's tax system is a wise step to avoid these potential problems.
Indian Tax System
The Indian tax system is a combination of direct and indirect taxes, each serving different purposes and collected in distinct ways.
Direct Taxes
Direct taxes are levied on the income and wealth of individuals and entities. The primary direct tax in India is the Income Tax. It is imposed on an individual's or entity's income....