An ISO 9001:2015 Certified Firm
An ISO 9001:2015 Certified Firm
Part IV of the Indian Constitution comprises the Directive Principles of State Policy, which declare India as a welfare state. A welfare state is a form of government that ensures the economic, political, and social welfare of its citizens by providing equal opportunities, fair wealth distribution schemes, and security for all.
To achieve this purpose, the government needs funds and levies taxes on its citizens. These funds are utilized to deliver various general services, such as protection forces for public safety, and to undertake projects that boost the economy and raise the standard of living for its citizens. Thus, taxes are an essential part of any nation, and in India, the authority to collect taxes is divided between the central and state governments by the Constitution.
The distribution of taxing powers between the Centre and the States is structured so that taxes of a local nature are allotted to the States, while taxes that have a base extending over more than one State or that should be levied uniformly across the country are allotted to the Centre.
Taxes are essential for the functioning of any government, providing the necessary funds to deliver public services, maintain infrastructure, and ensure national security. There are several types of taxes, broadly categorized into direct and indirect taxes.
Direct taxes are those that are paid directly to the government by the individual or organization on whom they are imposed. These taxes are non-transferable and are usually based on income or wealth. Direct taxes include Income tax, capital gains tax, property tax etc. These types of taxes are supervised by the Central Board of Direct Taxes (CBDT).
Indirect taxes are levied on goods and services and are paid by consumers when they purchase these goods and services. These taxes are collected by intermediaries (such as retailers) and then passed on to the government. Key types of indirect taxes include: Goods and Services Tax, Value Added Tax, Sales Tax etc.
Khurana and Khurana offers comprehensive and qualitative services across both indirect and direct taxes, covering advisory and litigation work. Our tax team comprises professionals with diverse expertise, including legal professionals, Chartered Accountants, and Company Secretaries. The firm’s deep understanding of tax laws and regulations enables us to provide strategic tax planning, compliance solutions, and effective representation in disputes. Whether addressing complex tax issues or providing routine compliance support, Khurana and Khurana is dedicated to delivering tailored solutions that meet the unique needs of each client.