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Services
Direct Tax Consultancy
Direct tax consultancy together
with innovative tax efficient strategies, provided by us form an integral part
of viable business decisions. These help our clients attain the desired goals.
We adopt a “result oriented approach” which is flexible and emphasizes delivery
and value. It enhances the effect of commercially viable decisions and
minimizes the tax burden.
The assessment and appeals
procedure under the Act involve the following:
Self-assessment
Every assessee, before submitting
a tax return, is required to make a self-assessment of income and after taking
into account the amount of tax already paid by way of TDS and advance tax, pays
the balance tax (self-assessment tax) due on the income. Further, along with the
tax, any interest arising on account of delay in furnishing of tax return or
any default /deferment in payment of advance tax, is also required to be paid. The
procedure for self-assessment and determination of tax liability has been
depicted below by way of a flowchart.
Withholding taxes on payments
other than salaries (TDS)
Under the Act, a person making
certain specified payments such as salary, contractual payments, rent,
interest, professional or technical fees, commission, payments to
non-residents, etc. is required to withhold tax at source from such payments
and comply with the associated requirements in respect of deposit of taxes in
the Government treasury in the prescribed manner, issue of tax credit certificates
and filing withholding tax returns. The rationale of withholding tax is to
provide a mechanism for tax authorities to collect tax at the source of income,
and also to expand the tax base.
Failure to comply with the
prescribed withholding requirements could result in the levy of penal interest,
penalty and prosecution under the Act, in addition to the liability to make up
for the taxes not withheld/deposited.
Some of the direct tax
services provided by us include:
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Income Tax & Withholding Taxes
2.
Advising on Income Tax Planning of Corporates.
3.
Advising & reviewing of all necessary tax
withholding responsibilities.
4. Advising all financial subjects which are of
your interest and keeping you updated on the new amendments, circulars,
notifications & judgments.
5.
Computation of monthly TDS on the basis of
above.
6.
Monthly tax reconciliation of the TDS due and
deducted.
7.
Preparation and deposit of Monthly challans on
or before the statutory due dates.
8.
Filing of quarterly E-TDS Returns.
9.
Filing annual Income Tax return.
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Certification Work
Issuance of Chartered Accountant
certificates