7 Important Compliance and Advisory Services

1. Income Tax Advisory

The five sources of income i.e. income from Salary, House Property, Business and Profession, Capital gains and Income from other sources. So advisory in returns with clubbed income, Stock Option Transactions, NR Tax Returns, requiring understanding of DTAA, Advance Tax Issues etc. and Services in Income Tax advisory includes:

i.                    Provides Advisory service relating to changes in tax policies, administration & regulations and Domestic & International taxation.

ii.                  Identify potential threats & opportunities and advise on appropriate strategies to mitigate exposure and optimize tax incidence on clients. 

iii.                Develop a detailed understanding of our clients’ business system and industry sector to offer insights on sectorial developments

iv.                 Assist our clients to develop effective strategies and business models.

v.                   Identifying and implementing comprehensive strategies for corporate, international and local taxes

vi.                 Ensure that the cascading effect of all taxes together is minimal on our clients.

vii.               Tax effective Compensation Structuring for all class of people

viii.             Assistance in getting tax refunds

ix.                 Assist in E filing your Tax Return of corporate, firms, LLPs, Individual and Trusts etc. on time.

2. Sales Tax Advisory

As we know there are multiple Taxation laws applicable to an entity. It is essential to have complete knowledge and understanding of these laws to ensure necessary compliances. Even for multinational companies tax compliance is one of the most problematic areas. Out of all multiple laws one of the tax forms is Value Added Tax (VAT). It is a multistage tax levied as a proportion of the value added (i.e. sales minus purchase. It is tax registration which is required for trading and manufacturing concerns in India. It is also known as tin registration, there are multiple compliances under VAT, The non-compliance of which results in following consequences:

Ø  Levy of punitive fines

Ø  Imprisonment for owners

Ø  Cancellation of operating licenses

Ø  Closure of business

Services in Sales Tax which includes:

i.                    Provide Advisory Services in relation to Sales Tax Registration (VAT + CST), Filing of Returns and other compliances.

ii.                  Advising on tax implications on day–to-day operations as well as implications on specific business activities /transactions.

iii.                Assisting in various compliances, structuring transactions to ensure the most tax efficient structure.

iv.                 Advising on claims of Input Vat Credit.

v.                   Assistance in Issuance of Statutory Forms.

3. Service Tax Advisory

There are multiple compliances under service tax, the non-compliance of which results in following consequences:

Ø  Levy of punitive fines

Ø  Imprisonment for owners

Ø  Cancellation of operating licenses

Ø  Closure of business

Services in service Tax which includes:

i.                    Provide advisory service in relation to Assessment of Service Tax and Compliance services.

ii.                  Advisory service on applicability of Service Tax & on Procedural Compliances including registration of premise

iii.                Consultancy in getting Service Tax refunds.

iv.                 Filing of Periodical Returns (half yearly return and annual return) with department.

v.                   Assist Exporters of service to get rebate of Taxes and duties paid.

vi.                 Advising on claims of Cenvat Credit on Inputs, input Services and Capital Goods purchased as per CCR Rules.

vii.               Evaluation of Abatements and exemption notification issued.

viii.             Advisory in registration of special category person such as Input Service Distributors etc.

ix.                 Consultancy to Small service providers for availing exemption.

x.                   Assistance on cases of advance rulings, settlement commission, Demand and Appeals.

4. Excise and Custom Advisory

Services in Excise & Custom which includes:

i.                    Advising on whether manufacturing or production of goods leads to levy of Excise Duty

ii.                  Valuation of excisable goods, Classification of goods as per Excise rules

iii.                Assistance on claims of Cenvat credit

iv.                 Assistance in getting Refunds of Excise duty.

v.                   Assistance in getting excise registration, availing SSI exemption etc.

vi.                 Advisory service relating to various aspects of custom law and applicable regulations - covering rates of duties, exemptions, valuation planning, classification assistance and assessments

vii.               Rendering advice on a wide range of custom procedures and documentation requirements, including those relating to import and export of goods, clearance of imports, warehousing, and duty entitlements.

viii.             Advice in cross border and international excise issues

ix.                  Assisting clients on the policies and procedures set down under the Export-Import Policy, such as licensing requirements.

x.                    Providing the right guidance to enable our clients to make the most of various benefits available to specific entities/projects or to units in specified areas, as well as concessions  available under various export promotion schemes, like EOUs & SEZs

xi.                 Advise on Customs Tracking - Import & Export

xii.               Anti-Dumping Duties - Rendering Advisory Services, Including Analysis of the Existing Anti-Dumping Proceedings.

xiii.             Preparation and Filing of Complaints with the Directorate General of Anti-Dumping (DGAD). Compliance Procedures Relating To These Proceedings.

5. Corporate Tax Advisory Service

Services in Corporate Tax Advisory which includes:

i.                    Advisory on  corporate tax compliance work

ii.                   Understand the effect your business strategies may have on your tax profile.

iii.                Advise on  establishing  the most beneficial tax model

iv.                  What impact tax regulatory changes will have on your business

v.                   Reduction of  overall tax leakage in your business

vi.                 Increasing  post-tax profits

vii.               Minimizing exposure to Capital Gains

viii.             Advice on the effect of legislative changes

ix.                 Advice on Applicability of MAT Provisions

x.                   Advice on assessment procedures, demand and adjudication

xi.                 Advice on payment of Corporate Dividend Tax

6. Transfer Pricing Advisory Service

Transfer pricing regulations in India have emerged as one of the most important and critical areas of tax policy and administration.

i.                    Transfer Pricing Documentation Services

ii.                  Preparation of comprehensive Transfer Pricing study, which includes

Ø  A fact-finding exercise, where an analysis is conducted of the functions performed and risks assumed by each entity.

Ø  Evaluation of prescribed Transfer Pricing Methods and selection of the most appropriate Transfer Pricing Method and identification of the tested party or parties.

Ø  Undertaking a search for comparable companies /comparable transactions using domestic/ global databases and conducting economic and financial analyses on the selected comparable.

Ø  Preparation of a comprehensive Transfer Pricing Documentation incorporating the above steps.

Ø  Arranging issuance of the Accountant’s Report in Form 3CEB as required under Indian Income-Tax Act, 1961.

iii.                Domestic Tax Advisory Service

iv.                 Planning , Compliances, Assessment and Appeal for various client

7. TDS (Tax Deduction at Source)/ TCS (Tax Collection at Source) Advisory Service

Services in TDS/TCS Advisory which includes:

i.                    Advisory service in relation to TDS Return preparation and filing of TDS  Return

ii.                  Advising on TDS and TCS  Matters

iii.                Advice on Issuing of Forms 16 / 16A

iv.                 Advice to Non Resident(Individual or Company) regarding applicability of TDS provisions

v.                   Advice on penalty and interest levied

Note: For any service or more information visit www.rbgconsultants.com