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Taxation Services

Taxation is our core area and we possess special expertise with proficient knowledge of the Indian Tax Laws. It being a very sensitive area affecting every organization has to be handled with caution.

We provide tax advisory services in the following areas:

  • Income Tax
  • International Taxation & Double Taxation Avoidance Agreements
  • Goods and Service Tax (GST)

INCOME TAX

  • Obtaining Permanent Account Number (PAN) for Individual Residents & Non-Residents, Companies, Partnership Firms & Limited Liability Partnerships, Association of Persons/ Body of Individuals, Society, Non-Government Organisations (NGOs) and others.
  • Determination of residential status of individuals.
  • Preparation of Tax Computations. Our team has handled wide variety of cases in preparation of income tax computations and tax planning, to list a few:
    • Capital Gains arising on Selling of Property, Shares, Mutual Funds, Bonds, Debentures, Property received as Gift or Inheritance and any other Capital Asset. Advising on how to claim exemption on Capital Gains under various Sections, Capital Gains Account Scheme, withdrawl of money from Capital Gains Account Scheme and their tax treatments and tax planning and advisory
    • Business Income other than speculative in nature in the course of running ordinary business. Dealing in Futures and Options or Currency Derivatives segment is considered as Business Income. We provide services of Accounting, Tax Treatment and Tax Planning, Advising on carry forward of Business Loss and adjustments of brought forward Business Loss.
    • Business Income speculative in nature like intraday trading in shares viz. sale and purchase on the same day without taking delivery or trading in commodities. We provide services of Accounting, Tax Treatment and Tax Planning, Advising on carry forward of Business Loss and adjustments of brought forward Business Loss.
    • Double Taxation Avoidance Agreements (DTAAs)- Our country has entered in DTAA with many other countries. We provide special guidance and professional expertise in taking benefits of DTAA.
    • Taxation of Sportsmen, Artists, Actors, Professionals and others getting payment for Royalty, technical Know-how.
    • Repatriation of profits from India and their taxation treatment.
    • Remittance of funds from India to abroad requires Form 15CA, 15CB to be furnished to the banker except in few cases. For issuing the respective forms we need Tax Residency Certificate of the receiver of funds and other documents. We provide foreign remittance services and assist our clients to coordinate with the bank and advise upon the withholding tax on funds being remitted and issue certificate for the same.
    • Corporate Tax, Tax Advisory and Tax Planning.
    • Equalization Levy applicable on online international platforms providing services in India.
    • Calculation of Minimum Alternative Tax (MAT) payable by companies under section 115JB and its set off in the future years.
    • Corporate Dividend Distribution Tax
    • Taxation of Charitable Trusts, their exemptions, Calculation of amount required to be set aside for meeting charitable purposes.
    • Preparation of tax returns of employees sent on secondment to other countries during the part of the year and receiving salary from India during that part.
    • Employees are generally not aware that merely obtaining Form No.16 for tax deducted by their employer does not suffice their responsibility to file tax returns, also they are not aware that the interest earned on their savings bank account is also required to be included while computing their taxable income. We provide Income Tax helpdesk at premises of our corporate clients to facilitate their employees to file their Income Tax Returns correctly and discuss other Tax and Finance related issues.
  • Income tax Department can send notice to any Assesses under Section 139(9) 142(2), 143(1), 143(2), 148, 156 or 245. Our team diligently handles such notices and makes representation before the Income tax Assessing Officer or the concerned officer in the Income tax department. If grieved by the decision of the Assessing Officer, then the assessee has the option to approach CIT (Appeals) and thereafter Income tax Appellate Tribunal (ITAT). We have contested many cases pertaining to Gifts, Property Transactions, difference in Interpretations of statutes, Shares transactions and many more cases.
  • Section 197 of the Income Tax Act, 1961 provides for the facility of NIL deduction of tax at source or at a deduction at a Lower rate of tax. To avail of this benefit the assessee whose TDS is likely to be deducted on certain receipts should make an application before the TDS Assessing Officer who has a jurisdiction over his/ her/ its case. We have handled many cases and got Certificate for low TDS or TDS exemption from the Income Tax Authorities for our clients.

TAX DEDUCTED AT SOURCE (TDS)

Section 192, 194 and 195 of the Income Tax Act, 1961 has prescribed various types payments on which tax has to be deducted at source at the time of payment or credit whichever is earlier viz. Salary, Contractor services, Commission, rent, Professional payments, Interest, service payments to non residents like fee for technical services, royalty, interest etc. , Dividend payments, purchase of property from Resident/Non-resident seller in India, rent of property by individuals etc.

The TDS so deducted can be set off against the income tax payable by the assesses against whose income tax has been deducted at source. To take this benefit the tax deductor has to file its TDS returns and issue TDS certificate to the deductee on frequency as prescribed under the Law. Once the TDS returns are filed the TDS gets reflected on the online tax view statement of the assessee and this can be claimed by the assessee in its income tax return. The Income Tax Department also processes income tax returns filed by the assesses and issues refund giving TDS claims made by the assessee. Thus it is imperative to correctly file TDS returns. The initial step is to obtain Tax Deduction Account Number (TAN). Every assessee required to deduct TDS under the law shall obtain TAN. We offer following services:

  • TAN registration for all types of assesses.
  • Preparation and filing of original and revised TDS returns.
  • Issue of TDS Certificates.
  • Taking care of Demand notices for short payment/short deduction/late payment/ interest on late payment/ penalty for late filing of TDS returns u/s234E.
  • Quoting of wrong PAN or wrong amounts in TDS returns.
  • Mismatch in challans for TDS deposited.
  • Mentioning wrong Assessment Year in Challan for deposit of TDS.

INTERNATIONAL TAXATION

We have team of experts to advice on cross border transactions, tax implications, tax planning and statutory filings. Double Taxation avoidance Agreements (DTAA) forms an imperative part in international taxation arrangements.

GOODS AND SERVICE TAX (GST)

GST was introduced by the government in the year 2017. It is an indirect tax which replaced earlier prevailing indirect taxes like service tax, Value added Tax, Customs and Excise Duty etc. Government has mandated monthly and quarterly filing of returns under GST for different category of taxpayers. Our team has GST experts which help in:

  • GST Registration
  • GST core and non-core field amendments in registration
  • Monthly/Quarterly filing of returns in GSTR3B and GSTR1
  • Reconciliation of GSTR2B with inputs available in books of accounts
  • Preparation of GST annual return in GSTR9 and requisite reconciliations of output and inputs
  • GST on payable under reverse charge
  • Preparation of DRC03 for tax payments
  • GST audit and reporting in GSTR9C.
  • Reply to notices from government
  • GST cancellation
  • Maintenance of GST records
  • GST consultancy and planning.
 
     
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