Taxation

In India, there are various tax-related compliance and regulations that businesses need to follow.:

Trade Licence (New & Renewal):

Trade license is a legal document that is issued by the local municipal corporation or the State government to businesses that engage in commercial activities such as trading, manufacturing, or storing of goods.

Income Tax (I, II, III, IV, V, VI, VII):

Income tax is a direct tax that is levied on the income of individuals and businesses in India. The income tax is calculated based on the income tax slab rate, and there are seven income tax slabs based on the income levels of the taxpayer.

Auditing & Assurance Certificate:

Auditing and assurance certificate is a document that certifies the accuracy and reliability of a company's financial statements. It is issued by a qualified auditor who reviews the company's financial records and ensures compliance with the accounting standards and regulations.

CMA Data:

Cost and Management Accounting (CMA) data is a report that provides detailed information about a company's financial performance, including the cost of production, inventory levels, and other financial metrics.

GST Registration:

Goods and Services Tax (GST) is a value-added tax that is levied on the supply of goods and services in India. GST registration is mandatory for businesses that have an annual turnover of more than Rs. 20 lakhs.

EPF/ESIC:

Employee Provident Fund (EPF) and Employee State Insurance Corporation (ESIC) are social security schemes that provide financial assistance to employees in case of illness, injury, or disability.

TDS/TCS - Return Filling:

Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are tax-related compliances that are required for businesses that make payments to vendors or suppliers.

Professional Tax (West Bengal):

Professional tax is a state-level tax that is levied on the income of individuals and businesses that engage in professional or trade activities.

Excise & Customs:

Excise duty is a tax that is levied on the production and sale of goods in India, while customs duty is a tax that is levied on the import and export of goods.

In summary, businesses in India need to comply with various tax-related regulations and compliances, including trade license, income tax, auditing and assurance certificate, CMA data, GST registration, EPF/ESIC, TDS/TCS, professional tax, excise duty, and customs duty.