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DESCRIPTION: tamil nadu has a well-developed tax structure with clearly demarcated authority between central government, state government and local bodies. tamil nadun tax system has undergone through many reforms like GST goods and service tax which was introduced on 1st July 2017. GST is the most important tax reform in tamil nadu. The levy of income tax is governed by income tax act, 1961. To clear your doubts regarding tax in an easy way get in touch with Lawtendo now. ...
INTRODUCTION: In tamil nadu, so many claims are found which is related to tax. Suits are related to income tax returns, tax planning, tax filing, tax rates, income tax refund, deductions etc. A common man in tamil nadu has to pay so many kinds of tax. There are so many cases in tamil nadun judiciary related to tax which is pending. The tax must be paid on time and also income tax file must be maintained to avoid any kind of tax-related issue in the future.
THE INCOME TAX ACT: For proper functioning of tax administration, the corporative field as well as mankind the income tax act was introduced. This act has witnessed the highest number of amendments, more than 3500 amendments in the last 35 years. Two of the most important things in this act is assessment year and assessee means the person who pays the tax under this act, the assessee can be anyone an individual, Hindu undivided family, company, firm etc. This act helps to clear out all the doubts related to tax and also includes all the necessary rules and regulation which a person needs to know, who pays the tax.
TYPES OF TAXES PAID BY COMMON MAN:
1) Goods and service tax- for all products and services we have to pay GST
2) Cess- 4% of the total tax payable
3) Short-term capital gains (paid for shares and real estate) if assets are held for less than a year
4) Long-term capital gains, if assets are held for more than a year
5) Security transaction tax
5) Stamp duty for home
6) Professional tax
7) Municipal tax
WHY PREFER US: There are so many provisions and sections under income tax act. So to make it easy for all those who have legal issues regarding taxation, Lawtendo provide affordable advice and also give you the option to choose the best attorneys who are highly knowledgeable and experienced. Lawyers who are expert in the field of taxation. who make themselves available to you, to solve your issue and give you legal advice in tamil nadu. Get in touch if you have any questions; also feel free to contact us.