Tax Advisory Services and Statutory Compliance Services
The tax related environment is becoming extremely complex in India. The Direct Tax Code, which is proposed to be introduced with effect from April 1, 2012, is a complex legislation, trying to replace the very comprehensive Income Tax Act, 1961. The Direct Tax Code proposes several drastic changes to the levy of income tax, including some major changes in respect of transfer pricing provisions. Most Companies would need to plan their activities to meet the challenges arising out of the introduction of the Direct Tax Code. The Direct Tax Code Bill has already been introduced in the Indian Parliament.
The Indian Government is also working on the introduction of the Goods and Service Tax regime. The draft of this code has also been circulated. The GST regime proposes to merge central indirect taxes such central excise duty and service tax with taxes such as VAT, which is levied by the States. Needless to say, this is a very ambitious exercise, which is expected to bring its own complications, while improving the quantum of taxes.
Not-withstanding these significant developments, the legislation governing service tax has been undergoing major changes including several measures, aimed at restricting the availability of cenvat credit. The Finance Act, 1994, which is the governing legislation for service tax, has been amended, providing for prosecution of the assessees for the specified offences.
The law related to transfer pricing, under the Income tax Act, 1961 has been undergoing a lot of changes, due to the decisions that are getting delivered by the various benches of the Courts and the Tribunal. The position is very similar to the one prevailing, in respect of service tax law.
Many companies including MNCs, might find it extremely difficult to comprehend the various laws and rules, related to service tax, central excise duty, customs, VAT, DGFT, FEMA, etc. and to keep track of the day to day changes that are happening in this area.
With a view to help these companies, we offer advisory services in the area of direct and indirect taxation. Please contact us for your requirements related to tax advisory services, tax compliance services and statutory compliance services.
Some Of The Areas Which We Cover Are:
- advisory services in respect of central indirect taxes such as service tax, customs and central excise duty to cover classification of services, maintenance of cenvat credit records, filing of returns, ensuring that cenvat credit is availed, etc,
- advisory services in respect VAT related issues including classification of goods, filing of returns, ensuring availment of input tax credit, etc.
- advisory services in respect of entry tax, entertainment tax, luxury tax, etc.
- advisory services in respect of FEMA, DGFT, RBI related compliances, etc.
- advisory services in respect of income tax covering filing of returns, ensuring availment of all eligible exemptions and deductions, assistance in choosing the most appropriate transfer pricing model, help in transfer pricing documentation, etc.
- keeping our customers informed, of the latest developments in respect of indirect and direct taxes, through mails, newsletters, etc.