Tax is the enforcement of economic levies on an individual or enterprise by the Government of India or their corresponding state or similarly other operational equates in a state. The calculation and imposition of the various taxes prevailing in the country are followed up by the Ministry of Finance’s Department of Revenue. Tax always play an essential role in every aspect of the business. To prevent surprising losses in relation to tax, tax advice is required before you walk into business transactions. Hence, tax planning is best designed in advance. Compliance is nothing but obeying rules and regulations made by several legal officials. A prompt compliance with all the related laws, rules and norms can be beneficial to the organizations by retaining things flowing easily, minimizing fines & penalties and also maintaining its position in the industry.