Direct tax consultancy in India

Direct tax consultancy, coupled with innovative and tax-efficient strategies, is integral to informed business decisions. Our services are designed to assist clients in achieving their financial goals through a result-oriented approach that is both flexible and emphasizes value and delivery. This approach enhances commercially viable decisions while minimizing the tax burden.

Assessment (audit by tax authorities) and appeals

The assessment and appeals procedure under the Income Tax Act involves the following key components:

1. Self-assessment

Every assessee is required to perform a self-assessment of their income before filing a tax return. This involves calculating the total tax liability, accounting for tax already paid through Tax Deducted at Source (TDS) and advance tax, and paying any balance tax due (self-assessment tax).
Additionally, interest due to delays in filing the return or default in advance tax payments must also be settled.

2. Withholding Tax

Under the Act, individuals or entities making specified payments such as salary, contractual payments, rent, interest, professional or technical fees, commission, or payments to non-residents are required to withhold tax at the source and comply with associated requirements. This includes depositing taxes into the Government treasury, issuing tax credit certificates, and filing withholding tax returns.
Withholding tax is a mechanism for collecting tax at the source of income, thereby broadening the tax base.
Non-compliance with prescribed withholding requirements may result in penalties, interest charges, and potential prosecution under the Act, in addition to the obligation to remit any unpaid taxes.
The withholding tax provisions prescribed under the Act are detailed in the accompanying chart.

Litigation and Appeal Services

We offer comprehensive litigation and appeal services to address issues arising from tax assessments and disputes:

Responding to Notices
- We assist clients in replying to questionnaires and notices issued by income tax authorities under the Income Tax Act. This includes drafting detailed responses and representing clients during the inquiry process.
Appeals and Representation
- Our services include preparing and filing appeals against tax assessments, handling cases before tax authorities, and representing clients in appellate proceedings to ensure their interests are effectively advocated.

Our Direct Tax Services

Our direct tax consultancy services encompass the following:

Income Tax & Withholding Taxes
- Advising on corporate income tax planning.
- Reviewing and advising on all necessary tax withholding responsibilities.
- Providing updates on financial matters, including new amendments, circulars, notifications, and judicial decisions.
- Verifying payments to vendors to ensure accurate application of withholding tax rates and categories.
- Calculating monthly TDS based on the above verifications.
- Reconciling monthly TDS due and deducted.
- Preparing and depositing monthly challans in accordance with statutory due dates.
- Filing quarterly E-TDS returns.
- Filing annual income tax returns.
Certification Work
- Issuing Chartered Accountant certificates under Section 195 for overseas remittances as required.