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 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