Direct and Indirect Taxation – Income tax, international taxation and GST
Taxation is one of the most important, if not the most important factor in any business since it affects the cash flow of the business in a manner which does not give returns to the businessman. Therefore, any error in the direct and indirect taxation calculations leave the businessman vulnerable.
Direct taxation is mainly concerned with Income tax in India whereas indirect taxes were quite varied and complex in India until the advent of Goods and Service Tax (GST) in 2017. Now, indirect taxes mainly comprise of Customs, GST, Entertainment taxes, VAT and excise on certain products like Petroleum products etc.
GST has been one of the biggest revolutionary changes in indirect taxation in independence India. It promotes the concept of ‘One India - One Tax.’ It has created a pan- India market, lowered entry barriers to states, abolished octroi and check points and virtually improved the speed of transportation in India.
Our firm makes all attempts to update ourselves with respect to the latest changes in direct and indirect taxes by constant reading and attending seminars.
We practice in the following areas:
- Advise for income tax and GST both with respect to regular and non-recurring one time transactions.
- Pre-transaction tax advice to plan future transactions and events carefully and optimise tax liabilities.
- Registrations with income tax and GST authorities.
- Timely deposit of taxes and filing of returns under income tax, Tax deducted at Source (TDS) provisions and GST.
- Representation before the income tax and GST Departmental authorities and Appellate authorities with respect to notices, assessments and appeals.
- International taxation matters related to tax advise pertaining to direct tax avoidance agreements, classification of incomes for tax purposes, transfer pricing etc.
- Transfer pricing studies, audit reports and assessments.