India has a well developed tax structure with clearly demarcated authority between central and sales governments and local bodies. Central government levies taxes on Income (Except tax on agricultural income, which the state government can levy). Customs Duties, Central Excise and service Tax.
Value added Tax (VAT), Stamp duty, Land revenue and tax on professional are levied by the state government. Local bodies are empowered to levy tax on properties, octroi and for utilities like water supply, drainage etc.
Good and Service Tax (GST) has been all set to assimilate the state economies for overall growth and development of the country. Even though the decisions are lagging behind in respect of sharing Taxes between central and state still GST could find its way for applicability from 1st April 2016. Understanding on the proposed Tax structure GST has been included in the book.
In last 10-15 years, Indian taxation system has undergone tremendous reform. The tax rates have been rationalized and tax laws have been simplified resulting in better compliance, ease of tax payment and better enforcement. The process of rationalization of tax administration is ongoing in India.
Various books has been written on the subjects concerning Income Tax, Excise, Service Tax, VAT, and other local and central taxes levied in India. But most of them cover only one of the above mentioned areas of taxation and are very technical in nature. Some writers have tried to cover these aspects in a single book but in a much summarized form. Thus, it was a long felt need for a comprehensive book in which all the taxes can be explained in an understandable manner for the readers. However as the wealth tax in India has been abolished and removed with effect from 1st April, 2015 as announced by the Finance Minister Mr. Arun Jaitley In the Budget 2015 hence the same has not been included in this book.
The purpose of this book is to give an insight of overall knowledge of all types of taxes that are prevailing in India. This book is to educate those people who want to get a basic knowledge of how to start business in India and what all taxes should be kept in mind while commencing the business. The readers of this book will be able to know the structure of each and every taxation department so that they can complete the compliances related to various taxes.
The purpose of this book is to come in handy for the people who are decision makers like Chief Operating Officers and Financial Controllers of companies so that they can take an informed decision. Also, Individuals who want to commerce their own business in India and to all those professionals who want to have a basic knowledge of each and every tax in India. This can easily be used as a tool for those professionals who are experts in their particular area but are not aware of different aspects of taxation. The main essence of this book is that the topics covered are organized in such a manner so as to help a reader to clearly understand the procedures involved in the every taxation structure in India. This book can also be used by foreign companies or individuals who want to have a basic insight on the taxation structure in India.
The 3rd Edition of All India Taxes: A Ready Referencer by CA Alok Kumar & CA Shailendra Mishra gives an insight into significant taxes that are prevailing in India, and appraises the readers with the basics of procedural aspects of every Taxation structure applicable in India.
• This book covers comprehensive insight into various Tax Laws applicable in India
• Discussion on Proposed GST
• Exclusive discussion on matters related with commencing business in India
• Updated as on Finance Act, 2015
• Contains relevant tables and Flow charts
It covers information on basics of Income Tax, International Taxation, Excise, Service Tax, VAT, and proposed GST. It also includes a special chapter giving a holistic outlook in regard to “Doing Business in India.
Key Features
• Comprehensive book with insight into various Tax laws applicable in India
• Discussion on Proposed GST
• Exclusive discussion on matters related with Commencing Business in India
• Updated as on Finance Act, 2015
• Contains relevant tables & flow charts
About The Author
CA Alok Kumar Agarwal, founder of ASC group, is an eminent name in the field of finance, Corporate Taxation and Business advisory services, having 18 years of experience. Mr. Agarwal is an expert in the field of Finance such as VAT, Service Tax, Excise, Customs, Direct Tax, company Law, Auditing, Corporate Finance, RBI regulations for setting up business in India etc. He is a prolific speaker and has given lectures and talks on various forums on many topics concerning complex issues of VAT and other Tax related problems.
CA Shailendra Kumar Mishra, is a professional with over 7 years of experience with an ability to get a core understanding of the client’s needs and providing best solutions for it. CA Shailendra has worked upon complex assignments of many multinationals companies in the field of Transfer Pricing and International Taxation.
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