Direct Tax Advisory

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In recent times, India’s tax environment has changed dramatically. With a view to increase transparency in the economy, the Indian Government has taken several measures to make organizations tax compliant. Various incentives in the form of tax advantages are being introduced in order to attract investments and promote economic development for setting up units in certain parts of the country. The corporate tax rates are being reduced and steps are been taken to phase out certain deductions.
However, the compliance burden in order to avail these tax benefits and advantages has increased manifold making the tax landscape in India complex. The income tax return forms are more elaborate

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with even more detailed disclosures required. Non – disclosure of correct and complete information attracts penalties and increases the chances of litigation.  Organizations need to ensure correct tax advisory in the light of the ever changing laws and amendments.

Organizations not only have to adopt and adhere to the ever increasing compliances, but also strategize and execute their business plans in order to minimize their tax liabilities within the framework of the existing regulatory framework. For this, our team of tax professionals are constantly in the process of decoding the complex tax structures in order to help clients keep at pace with the necessary compliances and address their tax concerns.
We offer integrated services – advisory and assistance to procedural compliances under both – Direct & Indirect Taxation.

Direct Taxation

A. Corporate Taxation and Compliance

Corporation Tax or Company Tax is a direct tax which is imposed on net profits of a company. Our  team of tax advisors and tax analyst are equipped with a deep understanding of organization needs in order to help clients perform better and meet their obligations. Our services include :

  • Advising and executing business restructuring keeping in mind the tax implications
  • Adhering to corporate tax and compliances
  • Helping organizations set up business plans in order to minimize tax liabilities within the given regulatory framework
  • Assessing the impact of the various amendments in law on the business of the organization
  • Assessing the tax impact on the organization on account of the policies of the organization
  • Analyzing tax implications of cross – border taxation
  • Advising and analysis of transactions
  • Providing tax opinions in the light of the applicable laws
  • Adhering to tax compliances – filing of income tax returns, e-TDS returns and other forms mandated by the Income Tax
    from time to time.
  • Assisting in managing the taxation related aspects of a M&A and liaison with Indian tax authorities

B. Representations before Tax Authorities and Dispute Resolution

With stringent and more complex tax structures becoming the norm of the day, revenue authorities are becoming even more active in enforcement activities in the entire tax spectrum. Under such circumstances, every organization needs technical support to understand the judicial framework of the jurisdiction in which the organization operates, resolve tax disputes and understand the tax implications of the various transactions undertaken by the organization.

Our team of tax professionals which also include former government officials who have hands – on experience in resolving tax disputes, handling tax litigation, making tax representations both from the revenue and client perspectives support organizations to strategically plan their transactions in order to avoid tax litigations and disputes. However, in the wake of such disputes, we help represent the cases before the taxman, make presentations and settle disputes efficiently and favorably.

Our support services include :

  • Assistance in pre – filing rulings i.e filing of Advance Pricing Agreements
  • Drafting submissions / replies and representations before tax officers / Commissioner of Income Tax (Appeals) / Income Tax Appellate Tribunals (ITAT)/ Dispute Resolution Panel (DRP)
  • Assistance in preparation of advance ruling application and support for representation before Authority for Advance Rulings (AAR)
  • Addressing questions from revenue authorities and defending the clients before revenue authorities
  • A continuous effort to reduce the scope of tax litigation

C. Taxation of High Networth Individuals (HNIs)

India is a high tax paying country. HNIs in particular would be more affected by the higher tax rates owing to their various income and investment sources. Several reforms have been introduced by the Government in the last few years in order to make India a tax – compliant which directly impact such HNIs.
We provide personalized services based on client needs. These include :

  • Accounting for transactions in India under the various applicable laws
  • Advice on Capital Gain transactions within the given regulatory framework
  • Preparing computation of income in line with the provisions of the Income Tax Act
  • Computation of advance tax liabilities and ensuring timely payments
  • Filing of Income tax returns and reporting under the Indian Black Money Law
  • Liaising with Income Tax Authorities
  • Assisting in responding to intimations received from the Income Tax department and also in obtaining refunds from income tax authorities

D. Taxation of Non – Resident Indians and Expatriate Taxation

Over the years, India has witnessed a large number of NRI’s increasing economic interests. Similarly, a large number of expatriates are deputed in India by foreign companies. However, NRI’s and expatriates often face challenges in terms of tax and regulatory compliances. Keeping in mind the issues faced by NRI’s and expatriates in India in regards to their taxation, PMH provides a personalized and comprehensive solution to NRI  and expatriate taxations which includes :

  • Obtain Permanent Account Number (PAN)
  • Determining residential status, advising on tax deductible investments and tax advisory
  • Accounting of transactions in India in accordance with the applicable laws
  • Capital gain advisory
  • Computation of advance tax liabilities and ensuring timely payments
  • Filing of returns of income in India and ensuring reportings are made as per the applicable laws
  • Communicating with Income Tax Authorities and assisting with tax representation before authorities
  • Communicating with Income Tax Authorities
  • Assisting in responding to intimations received and obtaining pending refunds from the income tax authorities
  • India has signed the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Information (AEOI) with many countries. Hence, there is an increasing need to stay compliant with tax laws in India as well as disclosure requirements as required at the time of filing of Income Tax Returns.
PMH & Associates LLP