What is TAX and Why TAX is levied?
A tax is a compulsory payment or contribution made by the person to the government for the general benefit of the country. There are two main systems of taxation levied by the government which are direct and indirect taxes. Direct Tax is Income Tax and Indirect tax on the other hand is GST. Thus, taxes of all form could be levied to achieve national goals such as economic stability, equity, economic growth and protectionism. It could as well be employed to mobilize revenue into the nation coffers as reserves.
What is TAX Compliance, TAX Advisory and TAX Litigation?
In simplest words, paying taxes on time and in prescribed formats is TAX Compliance.
Guidance on Tax implication by analysing in a holistic way and from 360 degrees perspective proactively is TAX Advisory.
Dispute between the person and the Revenue authorities is TAX Litigation which include pre-court assessments, reassessments, revisions, appeals and court orders.
Why to take Professional services for TAX Compliance, TAX Advisory and TAX Litigation?
TAX Compliance has its own importance as there are financial Consequences of Not Paying the Tax on time viz imposition of huge interest & penalties and other non financial consequences viz prosecution .
The Indian Taxation system has undergone several reforms, challenging business Nationally and Internationally. Calling for Professional services have become utmost requirement due to the constant changes in the tax and regulatory environment. Even major business decisions are dependent upon tax complexities. Correct Professional advice provides effective solutions and helps to smoothen the business challenges.
Undergoing tax litigation dispute is one of the most challenging times for any organization, particularly because of the continuous evolving uncertainty and the high stakes involved. Therefore, it is of utmost importance that the tax litigation is handled by professional experts who can navigate disputes tactfully and seamlessly.
We, at Anil Bajaj & Associates provide expert, effective, efficient solutions and guidance addressing both domestic and international tax issues under the four corners of law. Our Team of expert professionals assist in good governance of Tax laws, advise the clients holistically with a view to mitigate risk complexities and resolve tax litigation technically and strategically.
We offer following services in field of Direct Domestic, International Taxation and GST.