The Direct Tax Services provided by us would cover the following statutes and any amendments thereof:
- Income Tax Act, 1961 and the Rules framed thereunder;
- Wealth Tax Act, 1957;
- Foreign Exchange Management Act, 1999 and regulations thereunder;
- The extant Double Taxation Avoidance Agreement(s) entered into by India;
- International Taxation
- Transfer Pricing
Domestic Tax Services
- Tax Diagnostic Services: The same includes review of direct tax related transactions, tax returns, pending litigations etc., submission of detailed report of areas of exposure, neutral areas and planning options available to save / mitigate on tax and assistance in implementing our suggestions, post review, to ensure maximum benefit of the review.
- Tax Structuring: We provide assistance in restructuring your existing entity or in formulating a structure of a proposed entity to ensure tax optimization and minimal tax costs, from a direct tax and international tax perspective.
- Tax Advisory: We provide expert advice in relation to specific queries relating to direct tax and international taxation raised by you either on a case to case basis or on a retainer arrangement, based on the nature of engagement. The same would cover:
- Identifying tax exposures and planning;
- Providing advise on domestic tax law queries, Double taxation avoidance agreements including withholding tax issues;
- Alignment of tax with business strategies;
- Documentation, preparation and review of advance tax calculations, computation of total income and tax returns;
- Litigation Support: On a need basis, we provide litigation support services in relation to direct tax disputes which includes assistance in drafting of replies, appeals, submissions etc., appearing before the assessing officer, appellate authorities (including tax tribunals), assisting / liasoning with the legal counsels appointed by you etc.
- Other Direct Tax Services: Apart from the above we also provide assistance in relation to routine compliances, processing refund claims and other services relating to direct tax and international taxation.
- Examination of the market/industry in which the company is functioning including factors such as industry structure, market share and trends etc, at a national as well as global level;
- Providing a brief business profile of the company and its associated enterprises;
- Research of comparable companies and comparable transactions for determining the arm’s length price and review of contracts entered into by VARD with the associated enterprises;
- Selecting the appropriate method for determining the arm’s length basis considering the risk profile of the activity of the Company and availability of comparable data;
- Preparation of the transfer pricing documentation on the basis of the data extracted from databases used by the tax authorities in India whilst undertaking the audit;
- Preparation of the accountants report in Form 3CEB, which would need to be filed before the due date of filing the tax return. The accountants report would be finalized in line with the comments emanating from the transfer pricing study
International Tax Services
- Selection of jurisdiction which would best meet the tax and commercial objectives;
- Tax efficient structuring of holding company;
- Appropriate capital structure addressing issues like ease of funding and tax optimization;
- Business models that ameliorate permanent establishment risks;
- Tax efficient cash repatriation and Cross border treasury and finance;
- Review of international tax attributes including planning for group Effective Tax Rate reduction.
Foreign Exchange Regulations
- Advice on permissibility of transactions/payments from a FEMA perspective;
- Advice on FEMA regulations to be complied with for Foreign Direct Investment and Overseas Direct Investment;
- Advise on the repatriation outside India of the sales proceeds of shares, immovable properties, etc.
- Advise on and preparation of letters seeking approval/permission from the exchange control authorities