A company is required to make quarterly advance tax payments on the profits which they earn during the year. We prepare/analyse the income and expense projections every quarter and consider the tax adjustments to minimise/nullify interest cost to the company by making adequate advance tax payments. We also ensure that excessive funds are not blocked in advance payments when not required.
Hassle free Income Tax Return
Our services under direct taxes for companies include:
Non deduction of TDS from specified payments makes the company ineligible for claiming the full amount of expense for tax purpose. In other words portion of expense is added back to the profits. There are interest implication on late deduction and late payments also. The team at Greenvissage conducts TDS reviews for clients on regular basis and ensures that the payments where TDS is applicable are identified and tracked for compliance at an early stage. Service of quarterly filing of TDS returns is provided.
These certifications are required for payments against services taken from a non resident. The certification is mainly for the tax rate which should be made applicable on the transaction. There are certain incomes of a non resident company where tax is applicable even if there is no business connection/permanent establishment in India. Banks cannot release payments unless the certifications are available. We advice on the taxability of the transaction, withholding rate which needs to be applied, co-ordinating and liaison with the Bank for documents/explanations required regarding the transaction.
Every company is required to file an income tax return every year declaring the profits made and the taxes paid.
This is a methodical examination of books of account from tax perspective mandatory for businesses having total gross receipts exceeding Rs 1 crore. The report of tax audit is to be filed before the due date prescribed for this. Penalty is applicable if the report is not filed on time.
The transactions with associated enterprises are studied and the pricing is evaluated for the value of the products transferred against the comparable prices of non associated enterprises. A transfer pricing audit is mandatory for a company if there are a, international transactions with associated enterprises. There is no threshold limit for this. A report of the audit is required to be filed and there are significant penalties for non reporting of any transaction, incorrect reporting and non filing of report or late filing.
In India, there is computer aided scrutiny selection. If the company meets any of the set criteria’s, its accounts are scrutinised by the tax department and the returned profits/losses are verified. Today, online assessments have been introduced by the government where written submissions are made as against the manual assessments where visits and oral interaction with the tax officials was possible.
We help companies with respect to repatriation strategies. Selecting the appropriate strategy from amongst dividend payouts, capital reduction, payment for services, royalty payments, share buyback is crucial. Each of them has tax implications to be taken care of. We guide the company through the entire process of repatriation.
There are various other certifications and forms to be filed under the Indian Income Tax Act like a Form 61A required to be filed if any specified significant financial transaction has been entered into, 80JJAA certification is required if the new employment generation deduction is to be claimed on the return of income, 29B is required to be filed for Minimum Alternate Tax requirements, Form 67 is required to be filed for claiming foreign tax credit relief etc.
If you have queries regarding Expat Taxation, transfer pricing and other international laws, you can talk to our advisors.
Our clients have the advantage of being updated with the recent relevant tax judgements, circulars, notifications issued by the Government through our e-mails, newsletters and blogs. Companies can focus on their business and not worry about the compliances required under Direct Taxes. Our Team is excellent in fulfilling the companies obligations with minimum inputs required from the company. The team ensures that all compliances are met well before the timelines.