Tax Planning & Filling
Income Tax
What is Income Tax? Income tax is a type of direct tax the central government charges on the income earned during a financial year by the individuals and businesses. It is calculated based on the tax slabs defined by Income Tax Department.
GST
GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.
Profecional Tax
Professional tax is a direct tax that is deducted from your gross salary by your employer. The tax is calculated based on the slabs. Each state can have different salary slab rates for the calculation of professional tax. Andhra Pradesh, Maharashtra, Gujarat are some of the states where this tax is applicable.
EPF
EPF (Employees’ Provident Fund) is a retirement benefits scheme provided by the Employees’ Provident Fund Organization (EPFO). The employee and the employer contribute to the EPF India scheme on monthly basis in equal proportions of 12% of the basic salary and dearness allowance. EPF is a taxsaving instrument that offers relatively higher interest rates on investments.
ESIC
ESIC, which stands for Employee State Insurance Corporation, is a social security and health insurance scheme implemented by the Indian government. It was established under the provisions of the Employees’ State Insurance Act, 1948. The main objective of ESIC is to provide comprehensive social security benefits and healthcare facilities to employees working in the organized sector in India.
