Tax Compliance – carmfid

Tax compliance in India involves adhering to a variety of tax laws and regulations. Here’s a brief note on the key tax compliances:

Income Tax Act, 1961: Governs the taxation of individual and corporate income.
Annual Filing: Filing of the return of income and audit reports, if applicable
Advance Tax: Payment of tax in quarterly installments based on estimated income.
TDS (Tax Deducted at Source): Deduction and deposition of tax at source on various payments.
Capital Gains Tax: Tax on profits from the sale of property or investments

Goods and Services Tax (GST): A comprehensive indirect tax on the manufacture, sale, and consumption of goods and services.
GST Registration: Mandatory for businesses exceeding the turnover threshold.GST Returns: Monthly, quarterly, or annual filing of GST returns based on the type of business¹.

Professional Tax: State-level tax on professions, trades, and employment.
Customs Duty: Tax on the import and export of goods.

The Indian government has been modernizing tax compliances with technology, such as e-invoicing and the new Income Tax portal, to improve accuracy and taxpayer experience².

Ensuring tax compliance helps in avoiding penalties and legal ramifications, contributing to nation building, and enhancing the ease of doing business in India¹.

For a detailed understanding of tax compliances, it is advisable to refer to the respective tax acts and consult
with tax professionals. If you need more detailed information or assistance, please let me know!