SERVICES

International

Preparing Financial Statements

Audit professionals deliver by holding an imperative role of being a trusted body between the business information providers and it’s users. With the rising economic crisis and fraud in recent times, we believe an independent team of auditors is the need of the hour to bring a big change. With the help of the stakeholders and the concerned, we enable data and analytics to make the auditing procedure more legit.

We welcome the challenges and opportunities we get as auditors. Core to our mission is acknowledging the responsibility we have as auditors to society and the capital markets. Innovations that lead to enhanced audit quality, like our application of LEAN methodologies to the audit, are important to the organizations we serve.

We acknowledge the responsibilities as auditors and assure high quality work to maintain our client’s confidence. We come up with ways to make the process better, not only for the clients but also for ourselves. Understanding our client’s business and industry, we serve the best we can as per market standards.

International Tax Planning & Consulting

This process can be one of the most complex and costly challenges faced by companies with operations across the globe. With an increasing focus on international compliances and constantly changing business and legal environment, multinational businesses are hampered by several tax issues, challenging priorities, and limited resources.

Consulting on Double Tax Avoidance Agreement

The Double Tax Avoidance Agreement (DTAA) is a tax treaty signed between two or more countries to help taxpayers avoid payment of double taxes on the same income. This agreement becomes applicable in cases where an individual is a resident of one nation but earns income in another.

This agreement can be either made comprehensive or capturing all income sources or limited to certain areas i.e. taxing of income from shipping, air transport, etc. Our country now has more than 80+ Double Tax Avoidance Agreement and are planning to sign such more treaties with more countries to broaden the scope of business.

Assisting in Transfer Pricing and Specified Cross-Border Transactions

Transfer price is the price at which related business parties transact with each other, such as during the trade of supplies or labor between departments. Transfer prices are used when individual entities of a larger multi-entity firm are treated and measured as separately run entities. It is common for multi-entity corporations to be consolidated on a financial reporting basis; however, they may report each entity separately for tax purposes.

Cross border transactions can also be termed as an international transaction as the term explains. It is the transaction between two entities from different countries. These transactions do not take into account territorial limits or boundaries. Our team of accountants and consultants are fully aware of all the terms and conditions involved and adhere to help our clients with such matters efficiently.

Assessment Proceedings

Assessment under section 143(1) is like preliminary checking of the return of income. At this stage no detailed scrutiny of the return of income is carried out. At this stage, the total income or loss is computed after making the right adjustments.

However, no adjustments are made unless an intimation is given to the assessee of such adjustment either in writing or in electronic mode. Further, the response received from the assessee, if any, shall be considered before making any adjustment, and in a case where no response is received within 30 days of the issue of such intimation, such adjustments shall be made.

Income Tax Appellate Tribunal Proceedings

It is a quasi-judicial institution set up in January 1941 and specializes in dealing with appeals under the Direct Taxes Acts. The orders passed by the ITAT are final, an appeal lies to the High Court only if a substantial question of law arises for determination.

Starting in 1941 with six Members constituting three Benches - one each at Delhi, Kolkata (Calcutta) and Mumbai (Bombay), the numbers of Benches have progressively increased and presently ITAT has 63 Benches at 27 different stations covering almost all the cities having a seat of the High Court.

Historically speaking, a tax was introduced in India by the Act of 1860, where the assessment was made by a Panchayat and a person feeling aggrieved by the order could appeal to the Collector of the District, whose order was final. Subsequently, the successive Acts of 1868, 1869, 1870, 1872, 1886, 1916, and 1917 made improvements providing for an appeal from the order of the Collector of the District to the Commissioner of Revenue of the Division but no reference was available to the High Court under these Acts. "Income Tax Act" in its modern form, as we know, was introduced which legislated advisory jurisdiction to the High Courts.

Domestic

Preparing Financial Statements

Audit professionals deliver by holding an imperative role of being a trusted body between the business information providers and it’s users. With the rising economic crisis and fraud in recent times, we believe an independent team of auditors is the need of the hour to bring a big change. With the help of the stakeholders and the concerned, we enable data and analytics to make the auditing procedure more legit.

We welcome the challenges and opportunities we get as auditors. Core to our mission is acknowledging the responsibility we have as auditors to society and the capital markets. Innovations that lead to enhanced audit quality, like our application of LEAN methodologies to the audit, are important to the organizations we serve.

We acknowledge the responsibilities as auditors and assure high quality work to maintain our client’s confidence. We come up with ways to make the process better, not only for the clients but also for ourselves. Understanding our client’s business and industry, we serve the best we can as per market standards.

Domestic Tax Planning & Consulting

Tax planning is an important aspect of any individual. It is an integral part of any savings plan. Most of the individuals fail to assess their tax liability and postpone the tax savings to the last minute and over 90% of financial mistakes by individuals are made during the tax planning.

As a result, many end up paying unnecessary taxes. Strategies for income tax planning in India often concentrate more on deduction under section 80C of the income tax act. Tax planning should be considered as an integral part of an overall financial plan. This would help individuals in optimizing their tax planning strategies.

Tax Returns, Assessment Proceeding Submissions

Filing of return is an individual’s constitutional duty and earns the dignity of consciously contributing to the development of the nation. Apart from this, IT returns validate one’s creditworthiness before financial institutions and makes it possible to access many financial benefits such as bank credits, etc. We help you file your income tax return by uploading Form 16 and promise you e-filing of income tax returns based on that. Our team guarantees you accurate income tax filing. Our expert layer checking ensures that your income tax returns are filed correctly.

Tax Advice Related to Mergers and Acquisitions

The Indian Income Tax Act 1961, has several provisions that deal with the taxation of different categories of mergers and acquisitions. In the Indian context, M&As can be structured in different ways and the tax implications vary based on the structure that has been adopted for a particular acquisition. There are different methods under which acquisition can be undertaken, and they are:

• Merger
• Demerger
• Share Purchase
• Slump Sale
• Asset Sale

Our team studies every aspect of M&As and act upon it accordingly. Taxations and legalities involved are researched, calculated, and presented to the client with all the terms and conditions to make them understand each aspect clearly.

Search, Seizure, and Survey Proceedings

Search operations are exploratory exercises based on information with the income tax department to find hidden income and wealth in cases of taxpayers, who have not disclosed their true financial state of affairs in the discharge of their tax obligations.

Seizure implies taking possession of assets, which have not been disclosed to the Income-tax Department and of accounts/documents, papers that contain details of unaccounted wealth/income not disclosed to the income tax authorities.

Thus, search and seizure is a very powerful weapon in the armory of the income tax department to unearth any concealed income or valuables and to check the tendencies of tax evasion thereby mitigating the generation of black money.