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Statutory Compliance...!
India has a well-developed three-tier Federal tax structure comprising of the Union Government, the State Governments and the Urban/Rural local bodies. Taxes and duties are levied by the three tiers of Government, in accordance with the provisions of the Indian Constitution.
• The Union Government is primarily responsible for taxes on Income, Custom Duties, Central Excise and Service Tax
• State Governments are responsible for levying State Excise, Stamp Duty, VAT (Value Added Tax), Land Revenue and Professional Tax
• The local bodies are also authorised to impose tax on properties, Octroi and many more
Direct Taxes
Tax is paid directly to Government by the person on whom it is imposed. Ex: TDS, TCS etc.
Tally.ERP 9 supports the following direct taxes:
• TDS
• TCS
• FBT
Indirect Taxes
The Tax whose burden can be shifted from the assessee to other person is known as Indirect Tax. Eg- VAT, CST, Service tax, Excise Duty, Custom Duty etc.
Tally.ERP 9 supports the following indirect taxes:
• VAT
• CST
• Excise for Manufacturer
• Excise for Traders
• Service Tax |