MCA’s Prime Services - Tax

Filing of Returns 

Indian:

Assisting in filing their income tax returns as per Indian Income Tax Act, 1961

USA:

Assisting in filing their income tax returns as per the US tax laws.

Industry Experience

• Aerospace
• Banking & Financial services
• Entertainment & Media
• Hospitaity & Leisure
• Industrial Manufacturing
• IT & ITES
• Pharma & Healthcare
• Power & Infrastructure
• Telecommunications

 Assessments

The process of examination of return of income is called "Assessment". After filing return of income by the assessee, the return of income shall be processed by the department. During this process, the income-tax department may select the return of income for assessment and a notice would then be issued to the tax payer requiring him to furnish documents or information in support of the return filed. We assist clients in responding and furnishing the relevant details to the tax department.

Industry Experience

• Aerospace
• Banking & Financial services
• Entertainment & Media
• Hospitaity & Leisure
• Industrial Manufacturing
• IT & ITES
• Pharma & Healthcare
• Power & Infrastructure
• Telecommunications

 Transfer Pricing

With the growing importance on leveraging the geographical advantage such as skill set, abundance of resources, etc. has made many of the business entities to spread their wings across the borders. When the presence of an organization grows boundless, it should be equipped to face the legal requirements in various locations. To avoid exploitation of the rightful revenue for a country, the transfer pricing mechanism is adopted as a tool to regulate, control and manage such revenues. Our Transfer pricing team ensures that the business transactions are carried out with a proper pricing mechanism without jeopardizing the interests of any country in which the multinational enterprise are operating

Industry Experience

• Aerospace
• Banking & Financial services
• Entertainment & Media
• Hospitaity & Leisure
• Industrial Manufacturing
• IT & ITES
• Pharma & Healthcare
• Power & Infrastructure
• Telecommunications

Income Tax Appeals and Settlement of Tax disputes

Appeals before CIT(A)/DRP

In case a tax payer is aggrieved with an appealable assessment order, an appeal to the Commissioner of Income Tax (Appeals)/DRP, the first appellate authority, is often a direct recourse available. We assist the tax payer by drafting and filing an appeal to the CIT(A)/DRP and later represent the tax payer during the course of appeal to its logical conclusion.

Appeals before ITAT

Any person aggrieved with an appealable order may prefer to file an appeal before the Income Tax Appellate Tribunal (ITAT). Here, we analyse the case, identify additional grounds, if any, carry out legal research and prepare and file the appearl as well as the paperbook. We also represent the tax payer before the ITAT either on our own or in consultation with a senior counsel if required.

Settlement Commission

 Income Tax Settlement Commission is a premier Alternative Dispute Resolution (ADR) body in India. The settlement mechanism allows taxpayers to disclose additional Income before it over and above what has already been disclosed before the Income tax Department. An assessee may make an application to Settlement Commission at any stage of the case. The Commission has wide power of granting immunity from penalty and prosecution which are major sources of litigation. The orders passed by the Commission are final and conclusive. We assist in making the application to the Commission and representing the tax payer before it.

Industry Experience

• Aerospace
• Banking & Financial services
• Entertainment & Media
• Hospitaity & Leisure
• Industrial Manufacturing
• IT & ITES
• Pharma & Healthcare
• Power & Infrastructure
• Telecommunications

Corporate Taxation

Income tax law in India requires corporates having total sales, turnover or gross receipts exceeding Rs. 1 Crore to get their accounts audited under Section 44AB. Our expert tax advisory team provides solutions on availing possible tax benefits and tax shelters under the provisions of the Income Tax Act. The core value of the corporate tax services revolves around optimization of tax benefits to the entity.

The various services covered by our corporate tax team, includes:

• Tax audits U/s.44AB 
• Transfer pricing Audits for International Transactions
• Compliance with E-TDS requirements
• Compliance with Double Taxation Treaties
• Opinions on intricate Tax issues
• Handling of Assessments
• Handling of Appeals

Industry Experience

• Aerospace
• Banking & Financial services
• Entertainment & Media
• Hospitaity & Leisure
• Industrial Manufacturing
• IT & ITES
• Pharma & Healthcare
• Power & Infrastructure
• Telecommunications

Firms & Individuals Taxation

Income tax law in India requires assessees having total sales, turnover or gross receipts from business, exceeding Rs. 1 Crore (Rs. 2 crore and Rs. 50 lakh in case of person, who declares profit in accordance with the provisions of Section 44AD and 44 ADA of the Income Tax Act, respectively) to get their accounts audited under Section 44AB. Our expert tax advisory team also provides solutions on availing possible tax benefits and tax shelters as per the provisions of the Income Tax Act. The core value of the tax services for firms and individuals revolves around optimization of tax benefits to the taxpayers.

The various services covered by our corporate tax team, includes:

• Formation & Registration of Firms
• Tax audits U/s.44AB
• Transfer pricing Audits for International Transactions
• Tax compliance of Tax Deducted At source
• Compliance with Double Taxation Treaties
• Opinions on intricate Tax issues
• Handling of Assessments
• Handling of Appeals

Industry Experience

• Aerospace
• Banking & Financial services
• Entertainment & Media
• Hospitaity & Leisure
• Industrial Manufacturing
• IT & ITES
• Pharma & Healthcare
• Power & Infrastructure
• Telecommunications

NGO Taxation

NGO's operate under a different system which requires specilaised domain expertise to handle. With a large amount of social activities inflow of contributions and government involvement, NGO's are a special set of Clientele for us.

With over two decades of domain expertise, we bring in whole range of services including:

• Registration of Trusts/Societies
• Obtaining approval / registration under IT laws
• Audit of trusts
• Monitoring agency for utilization of funds
• Representation Services

Industry Experience

• Colleges & Schools
• Government funded NGO's
• Multinational NGO's
• Microfinance NGO's

Indirect Taxation

India has an unique system of Indirect taxes applying across various industries. Indirect taxes such as Excise duty for concerns involved in the manufacture of goods, Customs duty on import of Capital goods or other merchandise, VAT on sale of goods and service tax on select services has been the major areas of interest concerning the industries and the common public. Many of the provisions of these tax regulations have a high degree of technicality on practical applications. 

Our clients are supported right from the initial identification of the applicability of these laws and their implementation.

The bouquet of services offered by us includes:

• Registration and back office operations for compliance and filing of returns under:
  • Central Excise Act
  • Sales Tax Act (VAT & CST)
  • Service Tax
• Opinions on
  • Sales Tax
  • Value Added Tax
  • Service Tax

Industry Experience

• Aerospace
• Banking & Financial services
• Entertainment & Media
• Hospitaity & Leisure
• Industrial Manufacturing
• IT & ITES
• Pharma & Healthcare
• Power & Infrastructure
• Telecommunications