Income Tax

Every person who receives income is obligated to pay income tax, which is a tax on income.

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Income tax is a mandated obligation that must be met by both business class and non-business class travellers. Anyone who earns money is obligated to pay taxes on it, but how that obligation is satisfied varies on a variety of factors, including one’s residency, legal status, and the timing of one’s income accrual, among others. Additionally, there are some payments that are eligible for what are known as “Income Tax Deductions,” which are tax benefits.

Additionally, there are some incomes that are excluded from paying income tax. The social security and welfare measures are taken into consideration when prescribing these deductions and exemptions, as well as the promotion of investments in the areas that lead to social security and welfare.

There is a different set of rules in the income tax code for filing periodic returns and paying taxes.

Taxes are paid using method number three;

  • Tax deducted at source (TDS/TCS) or collected at source
  • Income Tax in Advance

In a similar manner, a return of income must be completed in order to provide information about the income received throughout the year and any associated tax obligations.

Similar to GST, there is a legal need placed on business class (and occasionally non business class as well when they engage in certain high value transactions) to collect and pay income tax on behalf of others. TDS/TCS is the name of this mechanism.

The site of accrual and the payer’s residency are important factors in determining how much income tax to pay. And because TDS/TCS is nothing more than an advance payment of income tax, the obligation to withhold and collect likewise heavily rests on the same two factors as described in the paragraphs above.

Both business class and non-business class must comply with the provisions of the income tax law.

Our services include:

  • Distribution of PAN and TAN
  • Returns for tax filing
  • Returns for TDS/TCS.
  • TDS Compliance Notice
  • Advice on income tax compliance
  • Taxation in other countries
  • Assessment hearings & Appeals for Income Tax

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