Tax Matters

Complete spectrum of services for private individuals or organisations related to Income tax matters in India (for any Income accrued from a real estate asset, Income from business or profession, Income from salaries, Income in the form of capital gains or any Income from other sources) including but not limited to, assessment of tax liability, payments of taxes based on applicable rules and statutes, handling of any income tax notices, arguing cases or appeals as the situation warrants in appropriate courts or tribunals and negotiating settlements on behalf of our clients

The key law which governs rules and statutes with regards to Income Tax in India is the Income Tax-Act, 1961. The Income Tax Act 1961 determines tax applicability and liability on the income of an individual person or a body corporate. It provides for levy, administration, collection and recovery of Income Tax. Taxes in India are levied by the Central Government and the state governments. However, some minor taxes are also levied by the local authorities such as the Municipalities. The Central Board of Revenue or Department of Revenue is the apex body charged with the administration of taxes in India. It is a part of Ministry of Finance which came into existence as a result of the Central Board of Revenue Act, 1924. The Income Tax-Act, 1961 imposes a tax on income under the following five heads: