Income Tax Compliance
Comprehensive Income Tax Return filing services for individuals and businesses, ensuring full compliance with tax regulations.
Get your Free Consultation.
What you'll get during your Free Consultation.
- Analysis of your Business and Suggestions for Improvement.
- A 30 minute phone conversation with one of our client.
- An evaluation of your current business strategy.
Request Quote Now
Income Tax compliance is more than just submitting a tax return. It comprises various aspects, such as respecting all filing and reporting obligations under Indian Income Tax Laws, reporting the correct amount of income and paying the amount of tax due thereon.
The tax system of the India is very large and subject to frequent changes. It becomes very difficult for companies to keep track and be aware of all relevant laws and by-laws in addition to all current business activities, even though violation carries financial penalties and criminal responsibility. Our team are informed of the current changes and specifics of each industry sector to help companies.
We are the one stop shop for all Direct and Indirect Taxation related matters whether it is compliances or representation services related matters.
DOMESTIC TAXATION SERVICES
Corporate tax is a tax levied on profits earned by various entities. Companies registered under Companies Act or any other act for the time being in force are obligated to pay such tax at a rate specified by Income Tax Act, subject to changes in rates from time-to-time. We assist organizations in corporate tax returns filing, advising on tax planning opportunities, tax compliances, opinions and representations. We also provide opinion on complex tax issues and assist in review of tax strategy vis-a-vis business strategy.
Apart from tax paid on business earnings, tax paid on one’s personal income is termed as personal tax. We manage tax computation for tax withholding, advance tax and tax filings.
Personal Taxation services includes
To calculate tax on transfer of capital assets like Shares, Mutual Funds, Immovable Property, Jewellery or any other capital assets defined under Income tax laws. Use of Tax planning tools to save tax on capital gain
To calculate tax on income earned under the heads Income from Salaries, Income from House property in the nature of rental income, Income from other sources like Interest on Deposits, Dividends and from Gifts.
We provide TDS filing services and other related services. Tax deducted at source is one of the modes of collecting Income-tax from the assesses in India. Such collection of tax is effected at the source when income arises or accrues. Hence, where any specified type of income arises or accrues to any one, the Income-tax Act enjoins on the payer of such income to deduct a stipulated percentage of such income by way of Income-tax and pay only the balance amount to the recipient of such income. The tax so deducted at source by the payer has to be deposited in the Government treasury to the credit of Central Govt. within the specified time. The tax so deducted from the income of the recipient is deemed to be payment of Income-tax by the recipient at the time of his assessment. Income from several sources is subjected to tax deduction at source.
We take assignments of tax representation at the tax offices in the matters of the Income Tax Act and related matters. We have a research driven team which works very closely with clients to prepare the reply to the questionnaire of the assessing officer and other representations. Our expert CA and tax lawyers are available for you.
INTERNATIONAL TAXATION
The international aspects of income tax laws are termed as international taxation. Several multinational enterprises have entered the boundaries of India resulting in colossal influx of foreign direct investment (FDI) in India. Also, since the advent of liberalization, Indian entities have made overseas direct investment in diversified countries to capture global opportunities.
International Taxation includes taxation of Resident Individuals and Corporations on income arising in foreign countries and taxation of Non residents and Foreign Companies on income arising in India.
India has comprehensive Double Taxation Avoidance Agreements with various countries. The rate on which tax will be charged on international transactions depends upon the terms of the treaty (DTAA) with such other country.
NRI Taxation
Generally an NRI is an Indian who is residing outside of India and is not resident under the Income-Tax Act of India. However there are different definitions of NRI under Foreign Exchange Management Act (FEMA) and Income Tax Act. NRI’s can establish their office and business here in India and also can earn any other Income like capital gain on transfer of property situated in India, dividend on shares, Interest on deposits etc in India but need to follow some rules and regulations of India.
Taxability of Non-Resident is to be examined under the Income-tax Act, 1961 vis-à-vis under the Double Taxation Avoidance Agreement (“DTAA”). Non-Resident can choose between the two, whichever is more beneficial.
We offer various consultancy and advisory services in connection with taxation matters as well as exchange control regulations to foreign nationals coming to India as well as Indians going abroad:
- NRI Tax Advisory Services and filing of Income Tax returns.
- Permanent Account Number (PAN) filing.
- Tax Implication on Sale of Property in India by a NRI.
- NRI Investment Consultation services.
- Certification for Form 15CB required by Residents and Non Resident Indians for remitting funds outside India.
- Guidance and Liaisoning services.
Expatriate Taxation
An expatriate is a person temporarily residing and employed in another country while still remaining citizen of his home country. Moving to a foreign country is a challenge and understanding a new tax system is demanding.
Many Foreign companies choose India as their destination to expand their business operations. They may either set up a Liaison office or a Branch office or a subsidiary Company or a Joint Venture Company in India. In any case in order to supervise and overview Indian business, they prefer to deploy their foreign employee in India, especially for the initial period of their business set up in India.
Though such Inbound employee referred to as “Expatriate” is not defined under the Income Tax Act (ITA), it generally refers to an Employee working abroad who comes to work in India for a short period.
We provide entire expat taxation process smoothly from the stage of first year of complexities till the time a tax clearance certificate is obtained for leaving the country.
Withholding Taxes Compliance (MERGE WITH TDS COMPLIANCE)
Making payments outside of India requires certain compliance, one among those compliance is the submission of Form 15CA and 15CB. These must be submitted under various scenarios.
Foreign Remittances attract tax implications which are ignored by most of the taxpayers. Section 195 of the Income Tax Act 1961 mandates the deduction on tax on any payments made to non-residents. The purpose of deduction of taxes is to collect the taxes at the earlier stage as it may not possible to collect the taxes from NRI at a later stage. The person who is making payments to NRIs need to furnish an undertaking in Form 15CA accompanied by Form 15CB in certain cases.
Form 15CA
A person who is making foreign remittance need to furnish Form 15CA. It is required to be submitted online. In certain cases, a certificate from Chartered Accountant in form 15CB is required to be submitted along with form 15CA. Form 15CA consists of 4 parts Part A to Part D.
Form 15CB
Form 15CB is a form which is required to be certified by a Chartered Accountant. A CA certifies the details of payment, TDS rate, TDS deduction etc. For upload Part C of Form 15CA, an Acknowledgement number of Form 15CB is mandatory.
Transfer Pricing
Owed to the fact that transfer pricing is becoming an increasingly relevant and important aspect for businesses across the globe due to rapid expansion of the global markets, we believe that one must look at transfer pricing as an extension of a business rather than a mere compliance practice.
The increasing number of international transactions undertaken by the businesses involved is another factor as to why transfer pricing (or TP, in short) is becoming more relevant in India is because with various new regulations, methodologies and amendments being theorized and implemented by authorities, the ultimate aim to align with global transfer pricing regulations and to improve the ease of doing business in India has been effectively realized.
With increase in cross-border activities combined with the introduction of transfer pricing legislation in India, transfer pricing has now assumed great importance in India.
Formulating appropriate transfer pricing policies for intra-group transactions, ensuring limited tax exposure and advising the client on compliance and regulatory issues, require in-depth knowledge of complex Indian tax laws, rulings, regulations and methods as well as a strong understanding of mandatory document requirements.
Our transfer pricing team comprises tax experts who play an integral role in various phases of a transfer-pricing planning. We work with clients in a collaborative manner for understanding the client’s business so as to assist them in development of appropriate transfer pricing policies.
We draw on extensive experience in handling transfer pricing issues and extend our support to clients, including:
We assist clients with the study of their business operations, intra-group transactions and recommend long-term transfer pricing strategies including the methodologies to be adopted, by developing detailed reports on transfer pricing assignments.
We assist clients with the study of their business operations, intra-group transactions and recommend long-term transfer pricing strategies including the methodologies to be adopted, by developing detailed reports on transfer pricing assignments.
We assist clients with the study of their business operations, intra-group transactions and recommend long-term transfer pricing strategies including the methodologies to be adopted, by developing detailed reports on transfer pricing assignments.
We represent clients at levels before tax authorities and appellate bodies. We assist clients and their legal counsel while representing their case before the courts on their transfer pricing litigation.
