Taxpayers in India are required to furnish their annual income statements in the specified format. Further, the taxpayers are also required to comply with the withholding tax (commonly referred to as TDS i.e. tax deducted at source) requirements at the time of making payments for various services.
In the recent history, the Indian Government's quest to expand the tax base in India has posed certain challenges to the taxpayers in India whether corporate or non-corporate having significant impact on business transactions, be it with respect to domestic or international transactions.
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