Taxation An Overview

In India, our tax structure is divided into two parts Direct Tax and Indirect Tax. It is very crucial to understand the overview of Direct and Indirect Tax. While direct taxes are levied on incomes earned by individuals and corporate entities, the burden to pay taxes is on the taxpayers themselves. On the other hand, indirect taxes are imposed on the sale of goods and provision of services where the burden to collect and deposit taxes is on the sellers instead of the taxpayer directly. However, indirect taxes are borne by the ultimate consumers of goods or services.

Central Governments and State Governments levy significant Taxes in our country. However, Local Authorities such as Municipality and Local governments have also been given some powers for levy and collection of taxes and charges in their jurisdictions.

Over the last few years, the Central and many State Governments have undertaken many reforms in policy formulation and implementations for the objective of Ease of doing business and regular efforts on simplification of processes towards great predictability, transparency and automation. Introduction of GST is one of such reforms to eliminate the cascading effect of taxes and to overcome the complexities in multiple indirect tax regimes in India.

As a firm of Chartered Accountants, we at CAJCC focus on providing the best consultancy for meeting your tax compliances on time. Taxation is a specialised and vast domain where right interpretation and analysis skills are required. Our team of experts have the requisite knowledge and technical expertise to carry out tax planning, administration, documentation and representations.

Domestic Taxation

All governments require revenue, and domestic taxes are the primary means for generating it. Yet both the size and shape of taxation vary significantly across countries and have been transformed over time. The main domestic taxes in India are Income Tax, indirect taxes on goods and services, taxes on property, wealth taxes. Property and wealth are taxed in most advanced industrial countries. In India, wealth tax has been abolished for last many years.

In the area of taxation services, we are provisioning to large multinational enterprises and private business houses. Our focus is on developing as well as engineering compliance tools and approaches that magnify your business. Our team is also proficient in managing assessment and representations.

1. Direct Tax:

With tax laws progressing each day, businesses must be informed with timely compliance challenges that may profess a threat and lead to penalties and prosecution. A tax-efficient structure for the businesses will release the load from the entity's shoulders and thereby assure related compliances. Direct taxes comprise of Corporate Tax and Personal Tax. We CA Jaiswal Chaurasia and Co.is one of the best Direct Tax Consultants in Delhi-NCR and audit firm in across India.

Personal Tax:

Apart from tax paid on business earnings, tax paid on personal income by an individual is termed as personal tax. We manage to file personal tax returns, withholding tax, advance tax of individuals, including high net worth individuals. We have an expert team of professionals who represent clients before revenue authorities. We are among few chartered accountants assisting NRIs and non-residents in filing tax returns and obtaining different registrations such as registration with foreign regional registration office (FRRO), permanent account number (PAN) etc.

Corporate Tax:

Corporate tax is a tax levied on profits earned by various corporate entities. Companies which are formed under Companies Act or any other act are obligated to pay tax on incomes earned at the rates specified under the Income Tax Act, subject to amendments in rates and related provisions from time-to-time. We serve corporates in the filing of tax returns, assisting in corporate tax planning, regular tax compliance services, legal opinions and representations.

Our service bag includes the following advisory and compliance services w.r.t. direct taxes:

• Tax Planning and Advisory
• Income Tax Return Filings
• Preparation for Income Tax Scrutiny Assessments and various other Tax Proceedings
• Filing and submission of Income Tax Appeals before CIT(A) and ITAT
• Representations before Income Tax Authorities
• Payments of Advance Tax, TDS and reconciliations
• E-Filing of TDS returns & Form 16/16A preparations
• Filing of Tax Audit Reports
• Applications for Lower Tax Deduction Certificates
• Capital Gain Calculations
• Assistance in Tax Litigations & related Controversies

2. Indirect Tax:

To reduce indirect tax incidence and risk of possible assessments and scrutiny, it is very crucial to outline significant tax and compliance strategies, which in turn needs appropriate professional guidance and assistance. CA Jaiswal Chaurasia & Co. is the best Indirect Tax Consultants in Delhi. We assist in obtaining GST registrations, returns filing, refunds, and representations before GST authorities, opinions, annual and transitional compliances. We also provide services relating to service tax, customs, VAT & CST, excise duties, etc.

3. Tax Litigations, Assessments and Representations before various authorities:

Sometimes, an assessee furnishes incomplete or incorrect information in returns or documents to the tax authorities that become the reason for examination by the department based on doubts over the reliability of the information provided. Department finds scrutiny assessments as their best tool in these circumstances. Departments issue notices to such assesses in their names and takes the necessary actions as per the directions provided to them.

CAJCC can be valuable to you in:

• Income Tax Scrutiny Assessments
• Transfer Pricing Assessment and Litigations
• Representation before Company Law Board, Registrar of Companies and Regional Director
• Filing and submission of Appeals before CIT(A) and ITAT
• Income Tax Appeal Hearings and Litigations
• Representations before GST authorities
• Replying to every notice and information asked by department
• Processing of refunds in Income Tax and GST

International Taxation:

Several multinational enterprises have entered the boundaries of India, resulting in an enormous penetration of foreign direct investment (FDI) in India. Also, since the advent of liberalisation, Indian entities have made overseas direct investments in diversified countries to apprehend global opportunities. We provide advisory services for corporate structuring and planning, Relief on Double Taxation and interpretation on tax treaties, outbound and inbound investments, assistance in foreign inward and outward remittances, transfer pricing and representation in assessments.

In International taxation we can assist you in:

• Transfer Pricing Matters
• Assistance in FIRC (Foreign Inward Remittance Certificates)
• Formation of Business in India
• Setting up of Branches/Liasion Offices/Permanent Establishment in India
• Filing of tax returns of Non-Resident Indians (NRI)
• Assistance in Foreign Direct Investment (FDI)
• Equalisation Levy
• Repatriation Assistance