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How Are Taxes Collected In India? Who Is A CFO?

Taxes in India can be categorized into two sections Direct Taxes – This is paid directly to the government based on a person’s income. Indirect Taxes – These taxes are collected by someone else on … Read More

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Taxes in India can be categorized into two sections

Direct Taxes – This is paid directly to the government based on a person’s income.
Indirect Taxes – These taxes are collected by someone else on your behalf and then given to the government for example – restaurants, cinema halls, etc add a tax to the products and services that they provide to you.

Direct taxes are further divided into two categories –

Income Tax – This refers to the tax levied on an individual depending upon their work and salary, wages, or income of the person. It applies to the self-employed and full-time employees.
Corporate Tax – This is the tax paid by different organizations and businesses to the company based on their earning. Corporate tax is levied on the income of the company by the government. This tax applies to all the businesses that have originated/started in the country, businesses running in the country, foreign enterprises that have been established permanently in the country, businesses that are residents for tax dependency or purpose in the country

What is a Tax return?

A tax return contains information that is required to calculate tax for an entity/individual/organization. It is a document that is filed with the tax authority. The document has information about the income, expenses and all other information regarding the financial status of the company like –

Income (has information regarding all the sources of income of the entity like salary, wage, etc.)
Tax credits
Deductions

Tax returns must be filed every year. As a responsible citizen, we should be obliged to pay tax and make it our moral duty. To enjoy the roads, railways, parks, and other public services of the government everyone should abide by the fair rule of paying taxes. By paying your share of tax you contribute towards the amenities and well-being of the nation and all your fellow citizens this also motivates others to do the same. The income tax return filing in india also provides benefits do the needful. Free health and education services provided by the government might boon if everyone starts to pay their tax with honesty. This brings equality among the citizens and helps to maintain peace and minimize the difference in the social strata.

CFO India –

CFO stands for Chief Financial Officer who assists with the financial processing and assistance. A Chief Financial Officer is a senior executive who manages the financial procedures in a company. The duties of a CFO executive includes tracking the cash flow and financial strategic planning and analyzing the financial strengths and weaknesses of a company.

CFO experts provide you with –

Financial strategy
Budgeting
Short term and long term forecasting
Financial strategy and design
Raising capital

There are many other services that a CFO expert can assist you with. Taking help for financial advice from a CFO expert benefits your organization with money matters. The cfo services in india are very helpful. Apart from providing financial assistance a CFO expert also provides you with data analysis, risk management, operation excellence, corporate governance, start-up support, etc.