Direct Taxation

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 are value.  It enhances the effect of commercially viable decisions and minimizes the tax burden.

Assessment (audit by tax authorities) and appeals

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 the 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 of furnishing of the tax return for 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 the way of flowchart.

Without Holding Tax

 Without holding taxes on payments other than salaries

Under the act, a person making certain specified payment such as salary, contractual payment, 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 certificate and filing without holding the tax return. The rationale of without holding tax is to provide a mechanism for tax authorities to collect tax at the source of income, and also to expand tax base.

Failure to comply with the prescribed without holding requirement 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.

The following chart depicts the without holding tax provision prescribed under the act:

Some of the direct tax services provided by us include:

Income tax and holding tax

• Advising on Income Tax Planning of Corporates.
• Advising & reviewing of all necessary text without holder responsibilities.
• Advising all financial subjects which are of your interest and keeping you updated on the new amendments, circulars, notifications & judgements.
• Verification of all payment to vendors for the purposes of determination of correct application of rates & category for deduction of without holding taxes.
• Computation of monthly TDS on the basis of above.
• Monthly tax reconciliation of TDS due and deducted.
• Preparation and deposit of monthly challans on before the statutory due dates.
• Filing of quarterly E-TDS returns.
• Filing annual income tax return.

Certificate work

• Issuance of Chartered Accountant certificate u/sec 195 required for the Overseas remittance’s purposes from time to time.