What exactly is the Domestic Taxation?
Domestic Taxes are charged on profits or gains under the laws of the country in which an entity is established or a person is a resident.
This Domestic tax is divided into two categories, Direct taxes and Indirect taxes.
District tax is intended to be paid by the person or the organisation on whom the tax is actually levied, the impact and incidence being on the same organisation.
Tax Audit Services in India
According to the income tax rules, people are required to have their accounts audited from a Chartered Accountant if their turn over crosses the threshold limit.
The ultimate goal of tax audit is to make sure that your accounting books for domestic as well as International Taxation Service are well maintained in accordance with the income tax laws.
Our tax firm with an expert tax auditors team comprising the chartered accountant ensures that all the books and accounts are thoroughly checked to ensure the compliance of the rule.
What is Domestic Tax Department
In 2011, the Domestic Taxation Department was founded with an ultimate aim to simplify tax administration and make it easier for all the taxpayers to comply with other tax obligations.
During the last few years National Revenue Authority has modernised the program which focuses on effective customer service delivery and the formation of the Domestic Taxation Department was to stick to the rules and the principles.
The direct Tax Department is structured along functional lines of these below mentioned four functions:
- Taxpayers Registration and Services
- Returns and Payment Processing
- Compliances and debt enforcement
- Audit and Assessment
Domestic Taxation are classified into two Groups
Large Taxpayers
Those who come under large taxpayers are with bigger organisations and businesses with annual turnover including company assets of at least 10million $. Some entities like banks, oil & Gas companies and Insurance companies naturally come under the large taxpayers category.
Small or Medium Taxpayers:
Those who come under small or medium taxpayers are with smaller or medium organisations and businesses with annual turnover including company assets of 5 crore. These organisations are managed by the Taxpayers Service centre and are also further classified under two groups named Small Taxpayers Office and Medium Taxpayers Office.
What Especia offers to clients?
Especia Associates LLP, a leading tax advisory firms in India with expertise as domestic tax services, corporate tax specialist, without holding taxes, offshore tax services, corporate tax specialist, with holding taxes, offshore or international tax consultants in delhi with presence in Noida, Gurgaon, Greater Noida and other Regions in India also, is well equipped to consult about direct taxes and help you gain maximum benefits.
We offer day to day direct tax services, tax risk management & related tax consulting services along with advising on complex matters and handling all departmental related issues.
We have advanced tax software, calculators and IT systems integrated with the ERP system.
We offer both Domestic & International Taxation Services
Especia offers Tax Audit Services for both Domestic Taxation and international Taxation. Our team of tax auditors comprises of experts and well qualified CAs that with following services covered:
- Analyse the business environment and internal controls.
- Study and examine previous audit reports with previous observations.
- Reconcile the balance sheet.
- Examine the sales and purchase along with the expenses made.
- Reconciling tax return services.
- Discuss the drafted audit issues with management.
- Preparing the audit report.
Especia’s Tax advisory services ensures that
- Compliance with all provisions and regulations for income tax.
- Compliance with all the previous income tax within deducting tax and credits.
- We ensure that every form and relevant certificate provided under various sections and rules must be filled and compiled.
- We offer management advice everyday where tax matters.
- We act as a licence between the tax department and our clients. And also we intimate all relevant circulars and clarifications issued by the department.
- International and domestic taxation services include these two that are, preparing and submitting of income tax returns.
- We aim to represent our clients before tax authorities, prepare and submit requests for a tax ruling, and several complaints and appeals on behalf of our clients.
Especia’s approach for conducting Tax Audit
- Business environment and internal controls must be analysed.
- Keeping an eye on previous audit reports to make clear prior audit observations
- Reconcile the opening and closing balance
- Along with expense files, thorough check of the sales & purchase registration is necessary.
- Examining and reconciling various tax returns services.
- Obtaining written representations from the management
- Drafting the audit issues and discussing them with management
- Drafting the audit observation and finalising the audit report
Certificates related to Tax
Clients require different certificates for various purposes among different rules & regulations. We issue the following main types of certifications to our clients.
- Certification for Transfer pricing.
- under various rules & regulations.
- Net worth certificates needed for the purpose of bank finances, furnishing of bank guarantee and insurance of visa by Embassy.
- Certificates for foreign remittance to be made by residents in India to a foreign entity outside India u/s 195 of the Income Tax Act, 1961
- Utilisation certificates of various grants being discharged by govt. Of India to NGOs, statutory Bodies, Autonomous Bodies and charitable organisations.
International Taxation Services & Advisory
Especia, one of the top International Taxation Services, Advisory firms in India which is offering cross border taxation specialist, cross border taxation, international tax specialist, cross border tax specialist, NRI taxation & other extensive consultancies on various international tax matters which can help the business to achieve global tax productivity.
Our advisers help our clients to reduce the compliance cost in multiple jurisdictions beside reducing the Tax Implications.
We cover the following main aspects of our international tax advisory
- Assisting the businesses in complying with the provisions of the income tax related to international tax matters.
- Assisting the clients in complex tax issues like international mergers and acquisitions, besides providing ancillary services like due diligence reviews and benchmarking analysis.
- Planning cross border investment in lines with better and efficient tax planning.
- Consulting the clients on transfer pricing issues
- We also help our clients in redesign the supply chain to ensure better tax compliance and minimum litigations.
Tax Advisory for Corporates and Partnership
Especia one of the best firms in Transfer pricing in India related to advisory and consultancy services in Delhi NCR to corporate companies and partnership through our experienced team of Chartered Accountants and Lawyers.
Ensuring the compliance of all the provisions of income tax. Ensuring that all the deductions and tax credits are in compliance with the rules of the income tax act and ensuring the evidence of compliance Filing the forms and relevant certificates prescribed under various sections and rules.
Advising the corporate and partnership on various day to day tax matters.
Intimating the businesses about notifications/ circulars and clarifications issued by the income Tax Department from time to time
Assisting statutory or management auditors in relation to tax matters by providing necessary information Complication for details, documents and records for tax assessment purposes for income tax and transfer pricing.
Tax Planning for individuals
- Assisting the salary of an individual in structure to their Cost Component (CTC) that will increase the in hand salary by maximising the tax saving.
- Helps individuals to submit their form 15G/ from 15H that will lead to avoiding deduction in TDS.
- Helps individuals to plan own taxes in advance through proper investment and expense structure.
Procedure & Submission of ITR
- Collecting the required documents such as form 16, interest certificates
- Discussing the incomes from all the heads
- Calculating the taxable income and the tax
- Income tax return filing along with its e-verification
- Uploading the status of refund and intimation of 143(1)intimation
