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Income Tax Services

Income Tax Services
Income Tax Services
Service Code : 07
Income Tax Services

Indian Income Tax has categorized the assesses into the following status:
  • Individual
  • Hindu Undivided Family
  • Company
  • Association Of Persons
  • Body Of Individuals
  • Firms
  • Co-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 Income

The income of an assesse is divided into the five under mentioned categories

  • Salaries
  • Income from house property
  • Profits and gains from business or profession
  • Capital gains
  • Income from other sources.
Note: At PSC we offer to provide the under mentioned services
  • Corporate Taxation Consultancy
  • Individual Taxation Consultancy
  • NGO Taxation Consultancy
  • Intraction with Revenue authorities on behalf of our client.