Compliance services

• Income Tax Registration :- Every person earning income or meeting certain other criterions, needs to get itself registered with tax authorities and obtain “Permanent Account Number†(PAN).
• Income tax returns of corporate and other taxpayers :-Under the income-tax provisions, taxpayers (Corporate and non-corporate) is obligated to file an income-tax return in India for each financial year (1 April - 31 March) by specified date and under specified format. The return generally contains details of financial statements, computation of taxable income under various heads of income and details of taxes paid to discharge the tax liability.
• Withholding tax statements :-Business entities meeting certain criterion are required to withhold taxes (Tax Deducted at Source “TDSâ€) while making payment of salaries, specified payments to Indian tax resident and specified payment to Non-resident. Post withholding compliances related to deposition of taxes, submissions of statements and issuance of certificate to be undertaken within the specified time.
• Other Periodical returns :-There are other miscellaneous periodical returns/reports to be submitted by the business based on peculiarity of each business such as reporting of “Specified Financial Transactions†(SFT) forms on entering into some specific kind of transactions notified time to time.
• Certification :-Apart from financial audits and tax audit, there are number of certificate required to be filed by business entity depending upon the benefits claimed by it e.g. certificate for calculation of minimum alternate tax, certificate of calculation of tax deductions, calculation of tax withholding while making payment to non-resident etc.

Advisory and tax planning

Proper analysis of transaction, its fact and surrounding tax laws is crucial to meet the dual objective – Mitigated tax cost and tax compliant structure. Proper advice and planning helps in to know the tax implication, tax cost and to avoid last minute surprise.

Representation before tax authorities/tribunal for assessments and appeals

Post filing of tax returns, tax authorities may ask to submit details/information/documents for their verification and may ask to justify the claims made in tax return. The process is call assessment. In case of any adverse conclusion by assessing officer, taxpayer may file an appeal before higher tax authorities (popularly known as CIT(A)), before Income tax appellate tribunal then before courts.

International taxation

Transaction between person from different countries are subject to tax laws of all the countries involved and the tax treaty between those countries. Correct interpretation and application of tax treaty is crucial to mitigate the tax cost, maximize the interest of business and to comply with the laws of all the countries involved.

Transfer Pricing certification and reports

Under the income-tax provisions, business entity in India who has undertaken any transaction with its non-resident associated enterprises, needs to be file a transfer pricing certificate in prescribed form (Form 3CEB). The certificate is to be issued by a Chartered Accountant certifying the arm’s length pricing of the said transactions. Further the Indian business entity needs to maintain transfer pricing documentation and study to justify its transaction and respective consideration for those transactions. This study contains separate analysis of each type of transactions and its justification regarding arm’s length pricing.

Tax advisory and compliance for mobile employees

Based on business exigencies, sometime multinational companies moves their employees from one location to another. Generally known as Expatriate. These employees are subject to tax laws of both the countries, depending on the arrangement between the companies involved and with the concerned employees.