Goods and Service Tax
It is one of the existing indirect taxes imposed on various goods and services. One significant benefit of GST is that it eliminates the tax-on-tax or cascading effect of the previous tax regime.
Simplifying Compliance and Financial Planning
Tax accounting is a specialized branch of accounting focused on managing tax liabilities and ensuring compliance with tax regulations. It involves the preparation, analysis, and presentation of financial records in accordance with tax laws applicable to individuals, corporations, or other entities. Tax accounting goes beyond routine bookkeeping to include strategies for tax optimization, deductions, and credits to minimize liabilities while remaining compliant with legal frameworks.
At Maxxwill, we combine expertise and technology to deliver seamless taxation and accounting services tailored to meet the unique needs of our clients. From income tax filings to corporate tax management, we ensure every financial aspect is aligned with current tax codes and regulations.
The tax structure in India is a three-tier structure: local municipal bodies, state, and central government. Typically taxation in India is broadly classified into direct tax and indirect tax. Let us look at these two types of taxes and catch the difference between direct and indirect taxes.
Indirect taxes are levied on goods and services and are included in their price, making consumers bear the tax burden. These are collected by intermediaries (e.g., retailers) and paid to the government. Examples include:
Direct taxes are levied directly on an individual or organization's income or wealth and are paid directly to the government. These taxes reflect the taxpayer's ability to pay, as they are proportionate to income or asset value. Examples include:
| Taxes | ||
|---|---|---|
| Direct Taxes | Indirect Taxes | Other Taxes |
| Income Tax | Sales Tax | Property Tax |
| Corporate Tax | Service Tax | Registration Fees |
| Securities Transaction Tax | Coctroi Duty | Toll Tax |
| Capital Gains Tax | Custom Duty | Education Cess |
| Gift Tax | Values Added Tax (VAT) | Entertainment Tax |
| Wealth Tax | Good & Service Tax (GST) | Professional Tax |
| Direct Taxes | Indirect Taxes |
|---|---|
| Paid directly by the individual or entity to the government. | Paid directly by the individual or entity to the government. |
| Progressive in nature | Regressive in nature |
| Income tax, corporate tax, capital gains tax. | Income tax, corporate tax, capital gains tax. |
| The burden cannot be shifted; the taxpayer bears the full responsibility. | The end consumer bears the cost as it is included in the price of goods/services. |
Here is the list of major types of Indirect taxes
Here is the list of major types of Direct taxes
Tax accounting for individuals involves the systematic tracking and reporting of personal income, deductions, and credits in accordance with applicable tax laws and regulations. The primary objective is to ensure accurate compliance with income tax obligations while identifying legal avenues to optimize tax liabilities.
This encompasses income earned from various sources such as salaries, freelance work, interest, dividends, rental income, or capital gains.
Tax accounting for businesses involves handling a wide range of obligations, including corporate taxes, VAT, GST, and payroll taxes. It requires careful planning, accurate reporting, and ongoing compliance with local and international regulations. Maxxwill offers tailored tax solutions to help businesses manage these complexities effectively. Our services cover tax planning, compliance reporting, and strategic advisory to reduce liabilities and enhance financial efficiency.
We ensure that every aspect of your tax function aligns with your broader business objectives
Tax accounting is used by:
CPAs are accounting experts who can manage accounting, including tax accounting, for an organization.
An internal auditor can evaluate a company's tax documents and payments to ensure the company complies with corporate tax laws.
These financial professionals can focus their expertise specifically on personal or corporate tax accounting.
A forensic accountant can use tax accounting to perform financial investigations for a government agency or a private law firm.
Accountants who work at the local, state and federal government levels can also use tax accounting principles and practices.
Tax accounting involves:
Maxxwill ensures a seamless process by combining expert advice with cutting-edge tools, empowering clients to manage their tax responsibilities efficiently and effectively.
Current year liabilities refer to the short-term financial commitments or obligations of a company. Typically, these liabilities are due within the current year or fiscal year. This could include any outstanding bills or other financial obligations that a company still needs to fulfill before the year ends. The company uses funds it currently has to pay these outstanding liabilities before the year ends, so the tax expert needs to consider these liabilities when calculating taxes for a business.
Future year liabilities, or deferred liabilities, refer to the long-term financial commitments of a company. This mainly relates to any taxes a company underpaid. Since the taxes aren't yet due, the company simply defers payment to a later date. However, by calculating these ahead of time, the tax expert can ensure these are paid in the future.
Typically, a tax professional refers to a profit and loss document to review the revenue, costs and expenses of a company over time. It often shows the amount of income a company received before taxes. This information helps tax professionals determine which profits are taxable and what liabilities exist.
Maxxwill team will provide all above services with its unique ways of handling to achieve desire result.
Maxxwill connects you with a wide-ranging community of entrepreneurs, professionals, and industry leaders, providing access to expertise across sectors.
Build meaningful partnerships and discover new opportunities by connecting with like-minded professionals who share your goals.
Maxxwill supports your business growth with tailored services, including market research, strategic planning, and lead generation.
Stay informed about the latest trends and best practices through exclusive insights, industry events, and continuous learning opportunities.
Maxxwill offers a blend of expertise, technology, and personalized service to deliver unparalleled tax accounting solutions. With a proven track record in handling diverse tax scenarios, we simplify complex tax processes while ensuring compliance and maximizing benefits. Partner with Maxxwill for stress-free, accurate, and efficient tax management.
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