Taxation service is the most
important and complex component of any financial planning. Tax
consultants have special expertise in rendering taxation services
which include suggesting incometax saving tips,
consultancy on tax laws and planning for future taxation. Companies
that render taxation services to people and firms work with a highly
competent and knowledgeable team of professionals who provide
multi-faceted facilities related to tax. The areas where these
companies actually help are country and inter country tax advisory,
tax accounting, tax performance advisory, tax policies and
controversies, transaction taxes, VAT, GTS and other sales taxes. The
details of the taxation services in India are as follows:
Direct
Tax Consultancy
The
tax experts act as consultants and prepare tax returns for
individuals, companies and NRIs. They also play the role of
executors, assessing officers and trustees under the will. Tax
consultants help the clients to obtain PAN, tax deduction account
number, TDS services, filing income tax returns and e-TDS returns and
providing guidelines on incometax saving tips.
International
Tax Consultancy
Tax
experts assist client in international taxation affairs getting
necessary approvals and sign-offs on foreign investments from
controlling bodies like Reserve Bank of India,
Foreign
Exchange Promotion Board and Secretariat of Industrial Assurances
(SIA) together with Liaison with Directorate General of Foreign Trade
(DGFT) and Ministry of Industries. The services also include:
- Suggesting the process of withholding tax on foreign remittances as per tax laws
- Guiding the process of issuing Foreign Remittance Certificates
- Providing technical knowhow about various international tax legislation policies and acts
- Helping to get certificates from the International taxation department
- Assisting in documentation and remittance support
- Guiding expats in understanding tax requirements in global business
Transfer Pricing
Transfer
pricing resolutions can play an important role in addressing the
issues of limited cash flow and reduced credit facilities of
companies. Tax consultants render service in helping firms in the
transfer pricing policies in India along with reporting,
documentation and certification.
Tax
Consultancy for Corporate Clients
Rendering
tax consultancy services for corporate clients is another vital
taxation services in India. Such services include:
- Communicating to various tax notices and providing essential assistance on regular tax matters.
- Managing tax records, documents and reports in both Soft and Hard copies
- Maintaining tax compliance that includes advance Income tax and Fringe Benefit Tax and filing returns on time and assembling of Corporate tax returns such as IT and Wealth Tax
- Compilation of tax reports for scrutiny and audit
- Support to get online tax credits
- Tax reporting to parent companies on monthly, quarterly and annual basis.
- Helping companies to manage report indirect tax benefits such as VAT
- Guide in various processes of tax computations and complex calculations
- Supervises as an advisory on various tax issues like capital gains, profit and loss
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