Tax Compliance

As India's leading tax firm, we help enterprises formulate effective strategies to optimise their taxes, implement innovative tax planning strategies and effectively manage compliance-related requirements.

As the complexities of businesses increase, the amount of time spent by professionals in cracking up the law codes increases. However, tax and regulatory systems of even the most developed countries cannot keep pace with the developments across each industry as businesses emerge day by day. These also bring out the requirements for new compliances and the challenges of meeting them every single day. More detailed Income Tax Return forms including disclosures on tax residency certificates and details of foreign assets, and higher penalties for non-/erroneous disclosures require businesses to gear up for efficient tax compliance.

Indian tax legislative and judicial environment is constantly evolving along with globalization, economic shifts, and operational adjustments. Businesses are faced with a tax regime with greater complexities and challenges, nonetheless moving towards a globally cohesive tax world. Now, more than ever, businesses must have an ongoing system for adapting to and staying on top of these complex changes.

Compliance with local accounting legislation, standards and reporting timeliness is an important requirement in expanding into a new territory. With the speed of change in the tax and accounting laws in India, it may be difficult for companies to stay on top of changes both to the laws and their application in your tax filing and compliance procedures.

Additionally, due to uncertainties surrounding the interpretation of tax laws, there has been an increase in disputes arising. The increasing sophistication and expertise of the tax authority means that the taxpayer, now more than ever, needs support and advice from experts at all stages of the tax compliance life cycle.

Our team is dedicated to delivering tax compliance services, related tax consulting services, whilst meeting the higher standards typically required by major multinational groups. Our team consists of qualified and internationally experienced tax specialists, certified public and tax accountants (FCA ). We ensure compliance with tax laws and reporting requirements against ever-changing global standards. Our team consist of tax compliance and tax consulting specialists. This will combine the knowledge of your business and specific compliance expertise into one team.

Some of the recent developments in Indian taxation regime include alignment with proposals under the Base Erosion and Profit Shifting (BEPS) project, introduction of the General Anti-Avoidance Rules (GAAR), applicability of tax on gains arising out of indirect transfers of Indian assets, re-negotiation of tax treaties, Income Computation and Disclosure Standards (ICDS), change in tax residency conditions by introduction of the Place of Effective Management (PoEM) concept, etc. The latest among all this is signing of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).

Additionally, there may be tax impact on Corporates on account of applicability of the new Indian Accounting Standards (Ind-AS) which are a set of standards converged with International Financial Reporting Standards (IFRS).

Further, the Indian government has gradually reduced corporate tax rates and will soon phase out certain deductions including weighted deductions. And lastly, increased focus on the tax compliances by the foreign companies undertaking business in India. The emphasis is now shifting towards enforcing compliance and expanding the tax base with e-governance and digitisation gaining importance. Taxation is also used as a tool to promote investments in identified industry sectors, thereby spurring overall economic growth. As such, understanding the impact of developments in tax and regulatory aspects and strategically using them to the benefit of Indian business activities is becoming increasingly important.

Moreover, our team have experience working for the tax authority, which brings in-depth insight into the workings of the tax authorities, adding significant value to your business.

Our national network of experienced tax professionals can assist in resolving various challenges such as keeping abreast with tax regulations, efficiently manage compliances, address uncertain tax positions, among many others. They will provide you with an insight into how to best work with the taxman to meet your business needs and evaluate your company's tax position to ensure tax compliance, mitigate risks and undertaking transactions in a tax efficient manner.

Our multi-disciplinary tax teams help you in corporate tax advisory and compliance, and building an overall tax strategy.

Our typical compliance program evolves around:

  • Managing entire indirect tax compliances of the company on all-India basis
  • Strong in-house tax team to support the Company across locations
  • Use of the best-in-class GST Compliance Solution by the team for undertaking compliances, which leads to minimal human intervention
  • Automation of base data extraction from client ERPs and data transformation layer for ensuring standardisation of different data formats
  • Extensive control checks for ensuring accuracy and completeness of data and exhaustive validation checks for return finalisation
 
     
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