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What is Income Tax?

The term “INCOME TAX” refers to a type of tax that governments impose on income generated by business and individuals with their jurisdiction. As per the Act, taxpayer must file an income tax return annually to determine their tax obligation . Charterd Accountant firms provide the services of Income Tax in a which key role that a Charterd Accountant plays it to Manage Budgets , Auditing , Formulating taxes and business stratagies for clients and the organization for whom the work for. It include many Taxation under it-Taxation may be Direct Taxation and Indirect Taxation . This is one of the one most important services which is provided by CA firm.

Income Tax service includes the following :-

  1. Consultancy on various intricate matters pertaining to Income tax.
  2. Effective tax management, tax structuring and advisory services.
  3. Tax Planning for Corporates and others.
  4. Designing / restructuring salary structure to minimise tax burden.
  5. Obtaining Advance tax Rulings.
  6. Obtaining No Objection Certificates from Income tax department.
  7. Obtaining PAN for assessees, employees etc.
  8. Advance tax estimation and deposit.
  9. Assessing the liability towards deferred taxes.
  10. Providing regular updates on amendments, circulars, notifications & judgments.
  11. Filing Income Tax and Wealth Tax returns for all kinds of assessees.
  12. Filing Income tax returns for employees of corporate clients.
  13. Liaison with Income tax department for rectification, assessment, obtaining refunds etc.
  14. Expertise in complicated direct tax assessments.
  15. Filing and pleading appeals under various provisions of IT Act.
  16. Special expertise in search, seizure and prosecution litigation.
  17. Advice on future tax implications in respect of the potential acquisition.
  18. Opinions on the various Double Tax Avoidance Agreement related issues.
  19. Settlement of various issues raised under FEMA.
 
     
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