Taxation

The taxation scene in India is undergoing tremendous changes currently. There are a lot of new tax structures and different tax schemes that are introduced in the Budget in March 2005.

The Value Added Tax(VAT) regime is a new concept in India that has been adopted by 22 States together, making uniform rate of taxation a reality. It was chosen by different trade associations for explaining the intricacies of VAT laws.

The Income Tax law is also undergoing a lot of change.  A new kind of tax under the Income Tax laws known as Fringe Benefit Tax has been proposed along with transaction tax which is radically going to change the outlook of the tax laws in India.  These taxes have to be paid even if the person otherwise is not taxable as having loss or income less than minimum liable to tax.  Many of the exemptions are being withdrawn or amended.

If you have any query on the latest tax scenario, Send a Query. We have Legal Experts carefully chosen by us to help our clients with their problems in understanding the new tax structure. Click on the profile for our Legal expert on Tax.