Tax Issues Are A Specialty For Us; Just Focus On The Growth, We’ll Take Care Of The Rest
A startup company requires as much energy and hard work on the part of a new entrepreneur. Whether the company may be an individual owned or managed through partnerships or established as private limited companies, it is integral for the persons involved to know about the income tax basics even before the actual establishment of the company. Some of you might be wondering about the relevance of such knowledge before the concrete startup. Before laying out our services for a new startup company in the market, a few points on the significance on the income tax basics and their types will be made in the subsequent lines.
- TDS (Taxes deducted at source) is the withheld tax when a person makes a payment with the tax deducted for that amount. This is paid monthly and failure of the payment may lead to penalties and interests.
- Service Tax for services based business.
- Excise duty for the manufacture of goods in India with the exception of small scale industries for tax exemption.
- Sales tax in case the business is involved in selling goods to the people.
- Advance tax which is basically an income tax paid in 3 installments for non-corporates and 4 installments for corporate companies.
These are some of the important ideas the owner of a Start New Companyshould possess before essentially starting a company.