Income Tax Advisory

Income Tax Advisory

We provide expert support across Income Tax, Corporate Tax, GST, Service Tax, Excise, Customs, and VAT/CST, ensuring comprehensive compliance and tax efficiency. Our services include detailed analysis, implementation of best practices, and liaison with authorities to address notices or other regulatory matters.

Our offerings span audit assurance, consultancy, adjudication, and litigation representation, with specialized expertise in export refunds, pre-GST transition issues, and regulatory updates.

Key services include:

  • Analysis and implementation of tax-efficient compliance practices.
  • Representation before authorities for notices and other matters.
  • Audit assurance, assessments, and advisory services.
  • Adjudication, litigation, and legal opinions.
  • Export-related refunds and rebates.
  • Continuous updates on relevant regulatory changes.
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Income Tax

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Corporate Income Tax Advisory

We offer comprehensive income tax consultancy for corporate entities, addressing the complexities of corporate taxation, DTAA, withholding taxes, and tax on foreign remittances. These provisions can be challenging to interpret and implement, requiring the expertise of professional tax advisors to meet client needs effectively. As experienced Income Tax Consultants, we thoroughly understand corporate requirements and deliver tailored tax consultancy after meticulous due diligence.

Individual Tax Advisory Services

Individual tax advisory is a key service offered by our firm. With a significant rise in the number of individual taxpayers and frequent changes in tax provisions, individuals often require expert guidance to navigate their tax obligations effectively. Many individuals may lack the expertise to interpret complex tax laws and require professional advice to ensure compliance and optimize their tax positions. As experienced Income Tax Consultants, we provide tailored professional consultancy for individual taxation. Here are the areas where individuals typically need expert tax advisory services.

Key Areas of Individual Tax Advisory

  1. Salary Allowance Deductions: Assistance in calculating deductions like House Rent Allowance (HRA).
  2. Home Loan Benefits: Guidance on claiming deductions for principal and interest payments on home loans.
  3. Income from House Property: Accurate calculation of income from house property and applicable deductions.
  4. Capital Gains on Property Sales: Advice on capital gains arising from the sale of house property and strategies to save on capital gains tax.
  5. Capital Gains on Shares and Securities: Expert guidance on short-term and long-term capital gains from share and securities transactions.
  6. Deductions Under Chapter VIA: Identification and application of relevant deductions under this section.
  7. Income from Other Sources: Assistance with income from sources like interest, business, or professional earnings.

Failing to account for these factors can lead to issues such as defective return notices under Section 139(9), tax demands, or reduced refunds. For instance, lack of awareness about exemptions under Section 54 for capital gains on house property sales can result in hefty tax liabilities if funds are not reinvested within the prescribed timeline. Seeking expert advice is crucial, especially for property transactions, to ensure compliance and safeguard your financial position.

Individual Tax Advisory Services

Individual tax advisory is a key area of expertise at our firm. With the growing number of individual tax assessees and frequent changes in tax provisions, individuals often face challenges in understanding the complexities of taxation. Most individuals aren't equipped to navigate these complexities, and that's where professional advice becomes crucial. As experts in individual taxation, we provide tailored consultancy to help individuals manage their tax obligations effectively.

Key areas where individuals benefit from professional income tax consultancy include:

  1. Salary Allowance Deductions: Calculation of allowable deductions, such as House Rent Allowance (HRA).
  2. Home Loan Benefits: Guidance on claiming deductions for home loan principal and interest payments.
  3. Income from House Property: Proper calculation of income from house property and applicable deductions.
  4. Carry Forward of House Property Loss: Assistance with carrying forward house property losses to future years.
  5. Capital Gains from Property Sales: Advice on capital gains arising from the sale of property, and strategies for tax-saving under Section 54.
  6. Capital Gains on Shares & Securities: Expertise in managing capital gains tax on the sale of shares and securities, including short-term and long-term capital gains.
  7. Deductions under Chapter VIA: Identification and application of deductions under relevant sections.
  8. Income from Other Sources: Tax planning for income from sources like interest, investments, business, or professional earnings.

Failure to consider all relevant provisions and receive proper advice may result in defective return notices under Section 139(9), leading to additional tax demands or reduced refunds. For example, lack of knowledge about capital gains exemptions on property sales can result in heavy tax liabilities if funds are not reinvested within the prescribed period. Thus, seeking expert advice is essential, especially when entering property transactions, to avoid financial setbacks and ensure compliance.

Representation Services

Our representation services involve acting on behalf of the assessee before various tax authorities during the assessment process under different provisions of the Income Tax Act. Representing a client before tax authorities is a specialized task that requires skill and expertise, as it involves addressing complex queries raised by tax officials and ensuring the proper defense of the assessee’s case.

There are several types of tax assessments where representation is required, including:

  1. Summary Assessment under Section 143(1)
  2. Scrutiny Assessment under Section 143(3)
  3. Best Judgment Assessment under Section 144
  4. Reassessment under Section 147
  5. Block Assessment under Section 153A

Our team of experienced tax professionals has successfully represented numerous clients before tax authorities, handling a wide range of cases with favorable outcomes.

NRI Taxation

NRI taxation is a key area of expertise in our firm. We are fully equipped to handle all matters related to NRI taxation, ensuring a thorough analysis of all income sources and the application of relevant provisions for each client. Given the complexity of NRI taxation, expert advice is essential for accurate return filing. Failing to consider all aspects of NRI taxation can lead to notices at a later stage. However, by conducting a careful analysis at the outset with the guidance of our professionals, clients can avoid potential issues, including during the assessment process.

TDS on Sale of Property / TDS on Rental Property

TDS on Sale of Property
TDS must be deducted if the sale transaction of property is worth Rs. 50 lakh or more. In such cases, the buyer is required to deduct 1% TDS from the sale consideration. If the sale consideration is below Rs. 50 lakh, no TDS is required. It is important to note that TDS is deducted on the entire consideration amount. As a buyer, you do not need a TAN number to deduct TDS, but the seller must have a valid PAN; otherwise, the TDS rate will be 20% on the full consideration. TDS should be deducted either at the time of payment or when credit is given to the seller, whichever occurs earlier. The deducted TDS should be deposited via Form 26QB within 30 days at the end of the month in which TDS was deducted. After depositing the TDS, the buyer must issue a TDS certificate in Form 16B, which is available on the TDS CPC website 10-15 days after the deposit.

TDS on Rent of Property
As per Budget 2017, Section 26QC was introduced, which mandates that if an individual or HUF pays rent of Rs. 50,000 or more per month, they must deduct TDS at a rate of 5%. TDS can be deducted either on an annual basis or at the end of the tenancy period. The deducted TDS must be deposited within 30 days at the end of the month in which the deduction was made using Form 26QC. The tenant must issue the TDS certificate in Form 16C within 15 days of the due date for furnishing the Form 26QC challan.

Top Financial Investment Advisors in Mumbai

In today’s world, everyone needs a reliable financial planner and advisor to guide them in areas such as:

  • Accurate Tax Planning
  • Financial Planning and Advisory
  • Investment and Wealth Advisory
  • Risk Management Advisory

These services are interconnected and essential for individuals seeking sound financial guidance. People are constantly on the lookout for expert financial planners who can provide these crucial services.

With our expertise and experience, we specialize in delivering these services and currently assist numerous individuals and high-net-worth clients in managing their finances effectively.

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Tax Planning Advisory
Tax planning is a crucial aspect for every individual, especially with the complexity of Income Tax laws. Many taxpayers struggle to understand the provisions and fail to utilize remedies available within the law, such as tax exemptions under sections like 80C, 80CCD, 80D, and 10(10D). Every taxpayer needs an expert advisor to analyze their income structure and maximize tax savings within the legal framework. Our firm provides precise tax planning, tailored to each client’s unique financial situation, ensuring optimal tax savings while aligning with their overall financial and investment goals.

Financial Planning Advisory
Proper financial planning is essential for making informed investment decisions that align with future goals and deliver optimal returns. Without a strategic plan, people often invest in unsuitable avenues, resulting in missed opportunities. Financial planning varies from person to person, and personalized advice is necessary to ensure investments meet individual needs. Our expert team provides comprehensive financial planning services, guiding clients to make sound decisions that align with their unique objectives. Over time, our clients have come to trust and recognize the value of our advisory services.

Risk Management Advisory
Risk management, particularly in the form of life and medical insurance, is critical for every individual. Many people fail to understand the importance of proper insurance coverage. As life is unpredictable, key family members who depend on others for support should ensure they have adequate insurance to protect their loved ones in case of unforeseen events. Our team of experts offers tailored risk management advisory, ensuring clients receive the right insurance coverage for their needs. Over time, clients have benefited from our advice, recognizing the importance of securing their family’s future.

Investment Planning and Wealth Advisory
Investment and wealth advisory is about choosing the right investment at the right time to generate maximum returns, while minimizing risks. Retirement planning is a crucial component of this process. Every individual needs expert advice on how to allocate funds based on their risk tolerance, as each person’s capacity to bear risk varies. Our expert advisory team helps clients optimize their risk-return profile, ensuring their investments grow while minimizing potential risks. We guide clients in making informed investment choices that align with their financial goals.

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