Direct Tax

Direct taxation in India plays a vital role in driving economic growth by ensuring contributions from individuals and businesses. At Bhanushali & Bhanushali, we provide expert tax advisory and compliance services, simplifying complex tax laws and ensuring seamless compliance for our clients.

India's direct tax system, governed by the Income Tax Act, 1961, includes taxes levied directly on income and wealth. These taxes are administered by the Central Board of Direct Taxes (CBDT). Key taxes include:

• Income Tax: Charged on individuals, HUFs, and entities based on their income, with different slabs for age and income.
• Corporate Tax: Imposed on the profits of domestic and foreign companies, including provisions like Minimum Alternate Tax (MAT).
• Capital Gains Tax: Tax on profits from asset sales, divided into Short-Term (STCG) and Long-Term Capital Gains (LTCG).
• Dividend Distribution Tax (DDT): Previously taxed on companies paying dividends, now taxed in the hands of shareholders.
• TDS & TCS: Taxes collected at the source of income or transactions.