Income tax is a direct tax imposed on the income earned by individuals, businesses, and other entities. The tax is levied by the government to generate revenue for public welfare and administrative purposes.
Goods and Services Tax (GST) is an indirect tax system that has replaced numerous indirect taxes (like VAT, excise duty, and service tax) in many countries. It is designed to simplify tax structures, enhance transparency, and eliminate cascading effects (tax on tax) in the supply chain. Here’s a detailed explanation of GST:
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are mechanisms used by governments to collect taxes at the source of income generation or transaction. They ensure timely tax collection and reduce tax evasion.
A Digital Signature Certificate (DSC) is an electronic form of a signature that ensures the authenticity, integrity, and non-repudiation of digital documents or transactions. It works like a physical signature but in the digital world, providing security for electronic communication.
S. V. Associates About us:- We S. V. Associates are a team of dedicated to provide reliable and professional financial solutions for Individuals, Small Businesses and corporate clients. We specialize in Accounting, GST Compliance and Tax Consultancy. With a client-first approach and a commitment to excellence, we ensure our clients achieve their financial goals while…
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