Direct Taxx Law

 ROLE OF COMPANY SECREATARIES IN DIRECT TAX LAW

The company Secretaries as 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. The Company Secretaries can provide with an insight into how to best work to meet the business needs.

THE FOLLOWING ARE THE KEY IMPORTANT AREAS UNDER THE DIRECT TAX REGIME WHERE A COMPANY SECRETARIES CAN PLAY A VITAL ROLE.

TAX COMPLIANCE:      As the complexities of businesses increase, the amount of time spent by professionals in cracking up the law codes increase. 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-disclosures require businesses to gear up for efficient tax compliance.

FOLLOWING ARE THE AREAS OR AVENUES WHERE COMPANY SSECRETARIES CNA ASSIST CLIENT:

(@) Assist in obtaining Permanent Account Number "PAN No" Tax Deduction/Collection Account Number "TAN No."

@ Filling of Income tax Returns

@ Filling of TDS/TCS Returns

@ Tax payroll assistance

@ Income tax clearance certificate

@ Tax Residency Certificate

@ Establishing tax efficient Indian business presence for an MNC.

@ Planning a heavy capital outlay in the existing business

@ Addressing concerns about cash flow and examining tax inefficiencies

@ Ensuring that the tax function is aligned with the business plan

@ Assessing the impact of any tax and regulatory changes/amendments

REPRESENTATION SERVICES:

The Appellate hierarchy in India consists of assessing officer, first appellate authority Appellate Tribunal, High Cout and Supreme Court. The Company Secretaries can provide the following range of services comprise of:

1. Assisting in filling appeals before the appellate authorities and complying with appellate requirements and procedure.

2. Determining the appeal strategy and approach and drafting of legal submissions.

3.In-house service of the expert counsel with experience in representation before appellate authorities

4. Advising on the course of action to be adopted before revenue authorities to mitigate the risk of penal consequences

5. Reviewing pending litigation and other uncertain tax positions, to comment on adequacy of defense, probability of success and prevention of recurrence

6. Assisting the external legal counsel in preparing or representing for appeals. writ petition and special leave petition before the Supreme Court and court subordinate to it (High

 Court)

TO PROVIDE ADVANCED KNOWLEDGE ON PRACTICAL APPLICATION OF DIRECT TAX PRACTICE.

A. Computation of Income under the head of Capital Gains: Chargeability, Capital Gains, Capital Assets & Transfer, Types of Capital Gains, Mode of Computation of Capital Gains, Exemptions and Deduction, Special Provision - Slump sale, Compulsory Acquisition, Fair market value, Reference to valuation officer, Practical case studies.

B. An overview of Income Tax Act, 1961: Background, Important definitions, Residential status, Basis of charge, Scope of Total Income tax rates in accordance with the applicable Finance Act for the relevant assessment year.

C. Computation of Income under the head of Salary: Salary- coverage, Employer and Employee Relationship, Allowances, Monetary and Non-Monetary Perquisites - Valuation and Taxability, profits in lieu of Salary, Deductions against Salary, Incomes exempt from Tax and not includible in "Salary" Deduction to be made from salary in respect Fund the provisions of the Provident Fund and Miscellaneous Provisions of Act 1952 and Tax treatment of employers'  contribution to provident Fund, tax Deduction at source on Salary and Compliances, Practical case studies.

D. Computation of Income from Sources: Taxation of Dividend u/s 2(22)(a) to (e), provisions relating to Gifts, Deductions, other Miscellaneous Provisions, Practical Case Studies.

E. Computation of Income under the head of House Property: Chargeability owner of house property, Determination of Annual Value, Deduction from Net Annual Value, Treatment of Unrealized Rent, Arrears of Rent, Exemptions, Computation of income from a let-out House Property, Self-Occupied Property, practical Case Studies.

F. Computation of Total Income and Tax Liability