INCOME TAX SERVICES:

Income Tax Services is another key area what YMC & Associates is into. We provide our highly expert & efficient income tax services to our various categories of clients in a minimum turnaround time. Income tax is the percentage of your net annual income that you pay to the government. Income tax in India is governed by the Income Tax Act, 1961. Income tax is the direct means of taxation on various income like capital gains, salaries, house rent, profit & gain from business or profession etc. The income tax is a major part of revenue which Government of India collects. These revenue functions are managed by the Ministry of Finance, which has delegated the responsibility to managing direct taxes (like income tax, wealth tax etc.) to the Central Board of Direct Taxes (CBDT).



Tax Rates: Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates. However, companies are taxed at fixed rate, except for certain specified incomes. This write-up will provide you the information on tax rates applicable to various taxpayers. Link: www.incometaxindia.gov.in/pages/charts-and-tables.aspx

TDS Rates: The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. Various TDS rates on various incomes have been prescribed under the Income-tax Act. This write up covers all such rates. Link: www.incometaxindia.gov.in/pages/charts-and-tables.aspx

Withholding Tax Rates: A person responsible for making payment to non-resident or foreign company is required to withhold tax. Tax is deductible at the rates prescribed under the Act or under the relevant DTAA, whichever is more beneficial for non-resident. This write up provides all such rates as prescribed under various Double Taxation Avoidance Agreements entered into between Indian and various foreign countries. 
Link: www.incometaxindia.gov.in/pages/charts-and-tables.aspx

Tax Rates DTAA v. Income-tax Act: Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or as per the rates prescribed under the DTAAs, whichever is more beneficial to such non-resident. This write up provides all such rates as prescribed under the Act and under various DTAAs entered into between Indian and various foreign countries. Link: www.incometaxindia.gov.in/pages/charts-and-tables.aspx

International Businesses Sections to be remembered: Relevant provisions of Income-tax Act to be complied with by non-residents planning to set up business in India; and residents dealing with non-residents. Link: www.incometaxindia.gov.in/pages/charts-and-tables.aspx 




Individual and HUF Benefits allowable: Individuals and HUFs constitute a large chunk of total taxpayers in India and their contribution in total tax collection is substantial. The document includes the list of various benefits available to an Individual or an HUF, such as exemptions and deductions. Link: www.incometaxindia.gov.in/pages/charts-and-tables.aspx 

Employees Benefits allowable: Salaried persons constitute a large chunk of total taxpayers in India and their contribution to total tax collection is substantial. The document includes brief introduction and tax treatment of various allowances and perquisites available to an employee, inter-alia, house rent allowance, gratuity, provident fund and so forth. Link: www.incometaxindia.gov.in/pages/charts-and-tables.aspx

Small Businessmen Benefits allowable: Small and medium enterprises contribute a major portion to the GDP and to the growth of the economy. As a matter of convenience for them, Income-tax Act extends certain benefits to them and provides relaxation from compliance with certain provisions, inter-alia, an option to compute income on presumptive basis, exemption from mandatory audit of books of account, exemption from TDS and so forth. This document gives a brief introduction to those provisions which provide certain benefits to small businessmen. 
Link: www.incometaxindia.gov.in/pages/charts-and-tables.aspx

Non-resident Benefits allowable: Income-tax Act contains special provision for taxability of a non-resident person, including a foreign company. A few benefits are extended to non-residents by these provisions, inter-alia, global income of a non-resident is not taxable in India, various interest income are not taxable in India and so forth. This document gives a brief introduction to those provisions which provides certain benefits to a non-resident. 
Link: www.incometaxindia.gov.in/pages/charts-and-tables.aspx

Key Income Tax Services include:
•  Compilation and filing of returns of income 
•  Bulk filing of income tax returns of employees of large companies.
•  Assessment of Tax Returns
•  Consultancy in income tax matters & tax planning
•  TDS & Withholding tax compliances
•  Compilation, filing and assessments of e-TDS and e-TCS returns.
•  International taxation & DTAA consultancy
•  Transfer Pricing matters-TP Study, TP Audit, TP Assessment etc
•  Income tax Appeals before CIT (Appeals)
•  Income tax Appeals before Income Tax Appellate Tribunal (ITAT)
• Survey, Search & Seizer Consultancy
• Appearance before Investigation Wing of Income Tax Department

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