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Taxation & Banking
Tax planning is very important. All the financial matters are dependent on how you pay the taxes. In India, there are two types of taxes, direct tax, and Indirect tax. In case of direct tax, the Government levies the taxes on individuals or an entity directly and the same burden remains non-transferable. In case of indirect taxes, the taxes are imposed on products and the seller selling a product collects it. The implementation of both taxes works differently in nature. Every business entity is required to pay the taxes for their business. Tax is an obligatory contribution towards the state treasury. And the same goes for every working person. There are numerous legal matters that are a part of taxation.
Some of them are
Tax Assessment Disputes
Mutual Divorce is one of the most widely accepted forms of divorce in India today. It is generally hassle free owing to the consent of both parties.
Tax Returns Filing
Marriage Registration has been made compulsory in India. It is considered as an essential legal formality which can be easily completed at the Sub-Registrar
Tax Evasion Cases
An experienced lawyer will assist you in drafting a will that specifies how you want your property and assets handled.
Appeals can be implied as a complaint to higher authority against the order or judgment of an administrative authority or it can be an appellate authority. A taxpayer aggrieved by the decision of the mentioned authorities can challenge its order or judgment in the higher authority.
Taxation Planning can be referred to as financial planning for the sole purpose of attaining tax efficiency. Tax planning can vary from reducing tax liabilities, utilizing tax exemptions to other benefits which results in tax efficiency.
Indian banking sector has successively developed during past years. A strong banking system is considered as a good sign for economic development of that nation. Therefore the banking sector plays an important role. The major functions of the banks revolve around accepting deposits from the public and providing funds in form of loans to the needy sector. In the rural sector where there are not many commercial banks, cooperative credit institutions play a key role in providing funds to the needy. The Reserve Bank of India plays an essential role in India as a regulator, advisor for the banking system.
Banking sector has evolved from the past extensively. This made it more important to know about the regulatory legal framework in India. If we are concerned about banking business and related financial activities, it is governed by the Banking Regulation Act, 1949. Further, the RBI Act, 1934 sets up a wide range of solutions for issues relating to banking and the financial sector.
Banking is a term which is not limited to a country’s territorial jurisdiction but to cross-borders also. Transactions related to cross border and related activities are governed by the Foreign Exchange Management Act, 1999.
Bank Products And Services
Different Banks across the country provide for different kinds of products and services. Some of the common bank products include: Credit Card, Debit Card, Savings Account etc. While some of the common services provided by banks include: Online Banking, currency exchange, mobile banking, money transfer etc.
Consumer Lending can be referred to as the providing of funds from banks to individuals for personal, family or household purposes. Banks charge interest on the money lended to these individuals.