Direct Taxation

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“ The hardest thing in the world to understand is the income tax ” - Albert Einstein

In today’s age of digital transformation, organizations are evolving with innovative business models, using technology to mitigate barriers of physical boundaries to operate globally. Given the rapid transition, tax policymakers are also trying to cope with this pace by making frequent and necessary changes to tax laws.

There has been a tremendous change in the way tax authorities function today and, in the information, required for undertaking various tax compliances. The advent of technology will only augment such requirements in the future. Accordingly, businesses that are operating effortlessly to progress globally would need to be more agile and proactive to meet the requirements of tax authorities.

Tax is usually a key issue on the board’s agenda and a central factor in business decisions. Boards are looking for pragmatic ways to efficiently manage tax risks, reputation, and operations. Tax professionals combine technical knowledge with experience to deliver value to every engagement. The following are prime services offered with respect to Direct Taxation: -
Stat Audit

Corporate tax advisory

  • Statutory compliance support
  • Tax diagnostic reviews to identify uncertain tax positions and ensure risk mitigation
  • Tax withholding health checks
  • Tax minimization and optimization strategies, availability of tax deductions, etc., and other tax planning ideas
  • Advise and plan optimization of capital structure and debt equity ratio
  • Tax advice and optimization on various transactions such as EPC contracts, turnkey contracts, etc
  • Review of applicability of ICDS and related disclosures
  • Review of Ind-AS applicability and related action points
  • Review and applicability of POEM
  • Advice regarding the applicability of GAAR
  • Identification of uncertain tax positions for FIN-48 purpose

Tax compliance

  • Assistance in preparation and filing of withholding tax returns
  • Assistance in preparation and advice on advance tax payments and optimization
  • Preparation and filing of corporate tax returns
  • Preparation and filing of overseas entity tax returns in India
Tax Audit

Tax representation and litigation services

  • Tax representation before the Assessing Officer and other tax authorities during the course of audit or investigation by the revenue authorities
  • Tax litigation support before the Tax Commissioner (Appeals, Dispute Resolution Panel, and ITAT)
  • Tax briefings and support to the external counsel in respect of representation before ITAT/ High Courts/Supreme Court
  • Advisory on litigation strategy and its implementation
  • Diagnostic review of litigation history and assistance in litigation risk analysis
  • Assistance in evaluating the sustainability of tax positions and assistance in remedial actions

Domestic Tax planning

Tax planning is the analysis of one's financial situation from a tax efficiency point of view so as to plan one's finances in the most optimized manner. Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions, and benefits to minimize their tax liability over a financial year. Through the various tax deductions and exemptions provided under the Income Tax Act, a company can substantially reduce its tax burden in a legal way.

Revenue Audit

Other Services

Apart from annual compliances, there are increased interactions between businesses and tax authorities based on their requests to provide information and documents on various transactions/arrangements undertaken by businesses and thus requiring organizations to manage their tax compliances efficiently.

Professionals also assist in carrying out the following tax compliances:

  • Assistance in the preparation and filing of corporate tax return
  • Assistance in preparation and filing of quarterly withholding tax return
  • Assistance in the preparation and filing of Income tax returns (ITR 1,2,3 & 4) for individuals, sole proprietors, firms, and charitable institutions
  • a.) Tax audit certificate
    b.) Certificates for foreign remittances
    c.) Other certificates from tax deduction or computation perspective.
  • Review ongoing tax litigations and other tax positions, to comment on the probability of success and prevention of recurrence (FIN 48)
  • Assistance in obtaining tax registrations, lower/NIL withholding tax certificates from tax authorities, etc.
  • End-to-end assistance in undertaking tax withholding compliances (including review of monthly tax liability, preparing and filing quarterly returns, etc.)
  • Assistance in preparing quarterly tax computations from an advance tax perspective and other ancillary compliances from a tax perspective
  • Other additional services including PAN registration, TDS compliance (26AS), tax refund status, Assessment & Re-assessment, etc.
  • Assistance in appeals before the Commissioner (Appeals), Appellate tribunal

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