Direct taxes are directly paid by those on whom it is imposed. Examples of direct taxes are income tax, real property tax, personal property tax, and taxes on assets, all of which are paid by an individual taxpayer directly to the government. Direct taxes are imposed on the basis of individuals ability to pay principle, which says that those individuals or entities having access to more resources and earning a higher income need to pay higher taxes. The direct rules are framed such that taxes turn out to be a method to redistribute money in the country. The companies and individuals on whom the direct taxes are applied are solely responsible for paying the taxes. Failure to pay taxes on time may result in fines and imprisonments.
Following advisory services may be provided for Direct Taxation:-
- Preparation and filing of corporate tax returns.
- Tax representation before Assessing officer and other tax authorities during the course of audit and investigation by revenue authorities.
- Representations & Litigation Support including assessments & appeals.
- Advise on domestic as well as international transfer pricing.
- Compliances for Religious and Charitable Trusts.
- DTAA advice on cross-border investment & transaction structuring.
- Expatriate Tax Advisory & Compliance services`.
- Advisory on litigation strategy and its implementation.
- Assistance in preparation and filing of withholding tax returns.
- Diagnostic review of litigation history and assistance in litigation risk analysis.
- Representation and litigation support in proceedings under The Undisclosed Foreign Income and Assets Act (UFIA)/ Black Money Act.
- Outbound investment advisory.
- Applicability of BEPS and GAAR for international tax structures advice on equalisation levy and other forms of digital payments such as cloud computing etc.
- Representation and support in investigation matters including foreign assets investigations, investigations based on information received from Foreign institutions, investigations w.r.t Suspicious Transaction Report (STR) etc.
- Advise and provide assistance on specific provisions applicable to non-residents such as shipping companies etc.
- Assistance with Mutual Agreement Procedure under the tax treaties.
- Tax minimisation and optimisation strategies, availability of tax deductions, etc. and other tax planning ideas.
- Advising on Income Tax Planning of Individual as well as Corporate.
- Withholding Tax (TDS) compliance services.
- Assistance in availing exemption certificates and approvals.
- Tax advice and optimisation on various transactions such as EPC contracts, turnkey contracts etc.
- Assistance in obtaining Tax Clearance Certificates.
- Advice and assistance in seeking advance rulings from the Authority for Advance Rulings in India on international tax issues.
