Income Tax Services By Rsmg & Company

Income Tax ServicesIndian Income Tax has categorized the assesses into the following status:IndividualHindu Undivided FamilyCompanyAssociation Of PersonsBody Of IndividualsFirmsCo-operative Societies.The tax rates under Income Tax Act are different for each type of the assesses mentioned above. In India the financial year runs from 1st April to 31st March. Further more Indian revenue authorities follow a residence based taxation system under each category. Broadly, taxpayers may be classified as residents or non-residents. Individual taxpayers may also be classified as 'residents but not ordinary residents'."Domestic company" means a company which in respect of its income liable to tax under the Income Tax Act, has made prescribed arrangement for the declaration and payment of dividends in India in accordance with section 194. Any other company would be a "foreign company".Heads of IncomeThe income of an assesse is divided into the five under mentioned categoriesSalariesIncome from house propertyProfits and gains from business or professionCapital gainsIncome from other sources.Note: At PSC we offer to provide the under mentioned servicesCorporate Taxation ConsultancyIndividual Taxation ConsultancyNGO Taxation ConsultancyIntraction with Revenue authorities on behalf of our client.