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Taxation Services:
 
Taxation is 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. Broadly tax services can be classified as under:
 
Tax Consultancy and Advisory:
We provide tax advisory services in the following areas:
  • Income Tax
  • International Taxation & Double Taxation Avoidance Agreements
  • Service Tax
  • Value Added Tax
 
INCOME TAX
  • Obtaining Permanent Account Number (PAN) for Individual Residents & Non-Residents, Corporates, 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:
    1. 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
    2. 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.
    3. 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.
    4. 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.
    5. Taxation of Sportsmen, Artists, Actors, Professionals and others getting payment for Royalty, technical Know-how.
    6. Repatriation of profits from India and their taxation treatment.
    7. 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.
    8. Corporate Tax, Tax Advisory and Tax Planning.
    9. Calculation of Minimum Alternative Tax (MAT) payable by companies under section 115JB and its set off in the future years.
    10. Corporate Dividend Distribution Tax
    11. Taxation of Charitable Trusts, their exemptions, Calculation of amount required to be set aside for meeting charitable purposes.
    12. 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.
    13. 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. Limits have been mentioned in every Section above which requirement of TDS arises. 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 get the TAN registration for all types of assesses.
With the increasing number of TDS cases, the job TDS has become tedious. However, our team has made great achievements and has handled several miscellaneous cases of TDS viz:
  • 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.
Budget 2013-14 had introduced TDS on property transaction under Section 194IA which introduced TDS to be deducted @1% on all property transactions where the consideration exceeds Rs.50lakhs. Our professional team provides complete guidance on all TDS problems including deposit of TDS on property transactions, advisory services, and issue of TDS Certificates.
 
SERVICE TAX
Service Tax is tax levied on the services provided. As such service tax is payable by the service provider and collected from the service tax receiver. However, massive changes have been made in the Service Tax act by introducing various Circulars and Notifications. As such all services are now governed and covered under the service tax except to those specifically excluded in the Negative List. Further Reverse charge Mechanism has been introduced by virtue of which service tax can become payable by the service tax receiver in few cases. Further rates of service tax may vary on different services due to the exemption or abatement notifications.
Our team has in depth knowledge of:
  • Service Tax Act,
  • Registrations,
  • Regulations,
  • Preparation and Filing of Service Tax returns,
  • service tax deposit,
  • calculations and accounting treatment,
  • availing of CENVAT credit (taking credit of service tax paid on input services from service tax payable on output services),
  • maintenance of records,
  • furnishing of information to the Service Tax Authorities, Contesting of cases Service Tax Scrutiny, Appeals,
  • Service Tax Audit.
  • Surrender of service tax registration.
 
SALES TAX/ VALUE ADDED TAX (VAT)
VAT is levied on all goods traded/manufactured with certain classes of products exempted. VAT paid on purchases/products used for further trading or manufacturing can be claimed as input VAT against output VAT. VAT can be local sales tax (withn state) and Central Sales Tax (inter-state). The fast changing VAT laws has made Sales tax practice very competitive and required regular updation.
Our team has handled several VAT cases as listed below:
  • VAT & CST Registration
  • Deposit of VAT
  • Tax advisory, Calculation and accounting treatment
  • Filing of VAT returns
  • VAT Assessment and Appeals
  • Issue of Forms from department
  • Restoration of cancelled VAT registration.
  • Surrender of VAT
 
 
     
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