Domestic Taxation & International Taxation

Taxation

Domestic Taxation & International Taxation

Direct Taxation is one of the most important tax law to be complied with, else businesses may have to suffer severe penalties and other consequences. But that's not how direct tax should be looked upon. If properly complied with, direct taxation can be very beneficial since it provides various exemptions, tax benefits and tax holidays to the corporates, partnerships, start-ups and individuals.

Our expert team at Especia Associates LLP is well equipped to consult about direct taxes and help you gain maximum benefits. We offer day-to-day direct tax consultancies along with advising on complex matters and handling all departmental related issues. We have advanced tax softwares, calculators and IT system to integrate with the ERP system so that books of accounts are always complying with the provisions of income tax laws.

Tax Audit

According to the income tax rules, persons are required to get their accounts audited from a chartered accountant if their turnover crosses the threshold limit. The primary purpose of tax audit is to ensure that the books of accounts are maintained in accordance with the income tax laws.

Our expert team comprising of Chartered Accountants ensure that all the books and accounts are thoroughly checked to ensure the compliance of the rules.

Our approach to conduct tax audit

  • Analysis of the business environment and internal controls

  • Checking the previous audit reports to understand prior audit observations

  • Reconciling the opening and closing balances

  • Thorough check of the sales & purchase registers along with expense files,

  • Examining and reconciling various tax returns

  • Obtaining written representations from the management,

  • Drafting the audit issues and discussing them with the management

  • Drafting the audit observations and finalising the audit report

We also ensure that the person avails the deductions and benefits according to the provisions of income tax and there should not be any contravention.

Tax Related Certifications

Clients may require certificates for various purpose under different rules & regulations. We issue following main types of certifications to our clients

  • Certification for Transfer Pricing,

  • Certificates for claiming various deductions & exemptions under various rules & regulations,

  • Net worth Certificates needed for the purpose of Bank finances, furnishing of Bank guarantee and issuance of Visa by Embassy,

  • Certificates for foreign remittance to be made by resident in India to foreign entity outside India u/s 195 of the Income Tax Act, 1961,

  • Utilization certificates of various grants being discharged by Govt. of India to NGO's, Statutory Bodies, Autonomous Bodies, and charitable organizations.

International Tax Advisory

We offer the extensive consultancies on various international tax matters which help the businesses to achieve global tax productivity. Our advices help our clients to reduce the compliance cost in multiple jurisdictions besides reducing the tax implications.
We cover following main aspects in our international tax advisory:

  • Assisting the businesses in complying with the provisions of 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 investments in lines with better and efficient tax planning,

  • Consulting the clients on transfer pricing issues

We also help our clients in re-designing the supply chain to ensure better tax compliances and minimum litigations.

Tax advisory for corporates and partnerships

We offer income tax related advisory and consultancy services to corporate companies and partnerships 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 income tax act and ensuring the evidences of compliance,

  • Filing the forms and relevant certificates prescribed under various sections and rules,

  • Advising the corporates and partnerships on various day-to-day tax matters,

  • Intimating the businesses about notifications/ circulars/ clarifications issued by Income Tax Department from time to time,

  • Assisting the statutory or management auditors in relation to tax matters by providing necessary information

  • Compilation for details, documents and records for tax assessment purposes for income tax and transfer pricing

Tax planning for individuals

  • Assisting the salaried individuals in structuring their Cost to Component (CTC) to increase the take home salary by maximum tax saving,

  • Helping the individuals in submitting Form 15G/ Form 15H to avoid TDS deduction,

  • Helping the individuals in planning their taxes in advance through proper investments and expenses,

  • Advising the individuals on on-going tax matters

Preparation & Submission of ITR

  • Collecting the required documents such as Form 16, interest certificates and receipts of expenses/ investments,

  • Discussing about the incomes from all the heads,

  • Calculating the taxable income and the tax thereon,

  • Filing the income tax return and e-verifying it,

  • Updating the status of refund and intimation of 143(1) intimation

Representation before tax authorities

We handle various matters related to representations before tax authorities up to Income Tax Appellate Tribunal (ITAT) on various tax related matters.

  • Preparing and submitting requests for tax rulings,

  • Representing the clients during tax rulings before tax authorities,

  • Preparing complaints and cassation appeals on behalf of clients