Direct Tax

Direct Tax

In India, direct taxation is primarily governed by Income Tax Act, 1961 which defines the scope and manner of computation of tax liability for individuals, partnerships firms, companies and other persons as defined in the Act.

At Shiv & Associates, we have a team of Direct Tax experts led by partners handling various aspects such as tax consultancy, tax compliances, international taxation, assessment proceedings and appeals.

Our direct tax services include:

1. Filing of Income Tax Return-

Our team understand that while filing of Income Tax Return, each case has its own uniqueness and complexity. We do take leverage of the use of technology and a set Standard Operating Procedure for filing of returns. At the same time, instead of blanket filing of returns, we follow a methodology of comprehensive review of all the transactions before filing of return.  This methodology ensures accuracy in filing of return and avoid tax litigations in future.

2. TDS Compliance-

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. The deductor is required to deposit tax deducted to the government on a monthly basis and file a return on quarterly basis.

Our compliance team provides complete outsourcing solution of TDS compliance for salary payments, domestic payments and international remittances to corporates and SMSEs.

3. Assessments and Appeals-

In recent times, with the adoption of new technologies such as big data analysis, the revenue department has been able to curb the instances of tax evasion. Further, with the introduction of e-proceedings and faceless assessments, the government has been able to make the whole assessment process transparent and more robust. In such times, it has become more significant to handle notices from revenue department and assessment proceedings in an assiduous manner.

At Shiv & Associates, tax compliance operations are segregated into two teams- Compliance Team and Appellate Matter Team. Compliance team manages regular compliance related matter, assessment proceedings and appeals up to the level of CIT (Appeals). Appellate Matter Team, lead by partner with a renowned reputation in handling tax matter, represents corporates in appellate tribunals.

4. International Taxation

International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries, or the international aspects of an individual country’s tax laws as the case may be. International taxation has gained significance is past few decades as India adopted a more global outlook, attracting more investments from outside India. India has entered into Double Taxation Avoidance Agreement (DTAA) with all major countries in the world, to avoid taxation of income twice in India and in any other country. Further, provisions such as transfer pricing and withholding tax have been incorporated, to curb practices of avoidance of tax in India.

Shiv & Associate has been an advisor on matters related to international taxation, withholding tax and expatriate tax for corporates as well as individuals. International Taxation Advisory is led by our senior director having multi-years of experience working in this field in and outside India.