INTRODUCTION TO TAX AND HOW TAX FILING SERVICES HELP BUSINESS WITH TAX PROTOCOLS

by WZWU Partner WZ WU & Partners

What is a Tax?

A tax is a payment that every person or company has to pay. It is a compulsion payment implemented by any government of the country. If the country is not under democratic rule, it will have taxes to pay to the people running the country/state.

There are hundreds of private companies that can assist you with tax filing services if you face any confusion with it. These companies, which help you with tax filing services, may also assist you with nominee director service.

The rates of these taxations vary from country to country. Some impose a flat rate; the other has fluctuation in the rates of taxes. There can be many types of different taxation like income tax, service tax, professional tax, sales tax, and many more.

 What are the different types of taxes in India?

The taxes are divided into two parts Direct Taxes and Indirect Taxes. You can take consult with an accountancy firm for tax filing services for the following taxes.

 

 These are the different types of Direct Taxes:-

• Income Tax

• Gift Tax

• Wealth Tax 

• Capital Gains Tax

• Securities Transaction Tax

• Corporate Tax

There are different types of Indirect Taxes:-

• Sales Tax

• Service Tax

• Goods and Service Tax

• Value Added Tax (VAT)

• Customs Duty

• Toll Tax

 What is a nominee director service?

A nominee director service is a service that is provided by private ltd companies or firms where the nominee director is elected or chosen by the shareholders or by the board of directors in the company’s meeting or by a resolution. The majority of the board members or the shareholders should agree to the elected nominee. Only then the nominee will be finalized.

ADVANTAGES OF TAX PAYING FOR BUSINESSES WITH TAX PROTOCOLS

 

• If you own your own business, this doesn’t mean you are exempted from tax, but you can attain many perks from it, like deductions which indirectly decrease your taxes.

• Businesses pay a certain amount for their employees as health care costs of the employees. On the other hand, if you own your own business, you can get a 100% deduction on the premium of their health.

• An entrepreneur who runs his business from home might have to bear a large amount of telephone bills or electricity bills. Whereas a business that runs its company in another location will have to bear many other charges like office equipment, furniture, travel expenses, etc. The business can get the proper deduction if they maintain proper records of the equipment etc.

• Business can write off their mortgage interest each year. The expert business writes off their mortgage-related expenses such as mortgage points and private mortgage insurance. Depreciation of an automobile is also a tax benefit for the business entities.

• Payment of employees can also be a great advantage of taxation to the businesses.

• Tax filing services are done by experts who have a professional level of experience in tax filing of large organizations.

• If you are filing the taxation of your business entity with a professional tax filing services consultancy or a company, you will have personal perks for your companies as well. Like for instance, they will help you resolve issues related to taxation.

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Created on Mar 12th 2021 04:29. Viewed 296 times.

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