Income Tax Advisory

Today rapid changes in economy leads legislator to bring frequently changes in taxation. Indian economy is growing and domestic as well as overseas people showing interest to do business in India. In recent time tax growth in direct and indirect tax is unprecedented and number of tax payer also increased in many fold. So today Individual and business people need professional tax adviser who do proper advise in respect of their tax issue and do tax compliance in timely basic. We as professional Income Tax Consultant in Mumbai/Navi Mumbai provide all types of Income Tax consultancy and we are best Income Tax Advisor in the region.

We provide following direct tax services

• Income Tax Advisory to Corporate
• Individual Tax Advisory Services
• Certification Services
• Representation Services
• Transfer Pricing

INCOME TAX ADVISORY TO CORPORATE

We provide Income Tax Consultancy to corporate assessee. There are so many complexity in corporate taxation, DTAA , withholding tax , tax on foreign remittance etc. where in some where the provision is difficult to understand as well its implementation so it lead professional tax advisor who convey client requirement. We as professional Income Tax Consultant do understand the corporate client requirement and after proper due diligence provide our tax consultancy.

INDIVIDUAL TAX ADVISORY SERVICES

Individual Tax advisory is important advisory service part of our firm. Today individual tax assessee number has been increased in many fold and every year substantial changes noticed in individual taxation provision and individual assessee need Income Tax Consultant who understand their requirement because they are not much more expert to understand taxation and lots of place where they need professional advice so we as expert provide professional consultancy in respect of Individual Taxation. Following the area where Individual need Professional Income Tax Consultant.

• Calculation of allowance deduction from Salary (Eg. HRA)
• Home loan payment (Principal and Interest deduction)
• Income from House Property calculation and applicable deduction.
• Carry forward of house property loss in subsequent years.
• Capital Gain arises from sales of House Property and provision to save capital gain tax.
• Capital gain on sales of share and security.
• Deduction applicable under section chapter VIA.
• Income from other sources like interest Income from various sources.
• Any other forms other sources like business professional etc.
• Short term and long term capital gain

These all are above impact individual tax and if not do adequate advise and not file proper return after considering all the relevant provision than assesses can get defective return notice U/s. 139(9), may be possible he need to pay extra tax demand or get less income tax refund. It is observe that people have lack of knowledge about some important aspect of individual taxation like capital gain on sale of house property and its exemption u/s 54. So if the money is not in time interval mentioned in section than assessee need to pay heavy tax liability which will definitely impact his financial position so it is always better to take expert advice when enter in property transaction.

REPRESENTATION SERVICES

Representational services includes represent the assessee before various tax authority. Representation required when assessee going through assessment process under various provision of Income Tax Act. Representation before tax authority itself expert Job and need skill and experience. Because he need to represent assessee and also give various question and query raised by tax authority. There are many types of tax assessment where representation is required i.e.

• Summary Assessment U/s. 143(1)
• Scrutiny Assessment U/s. 143(3)
• Best Judgement Assessment U/s. 144
• Reassessment U/s 147
• Block Assessment U/s. 153A

We have team of tax expert who have rich experience to represent the assessee case before tax authority and we successfully closed so many cases in past.

NRI TAXATION

NRI Taxation is important service area in our firm. We are well equipped firm to handle NRI taxation matter. We proper analysis the all income related to NRI and apply all applicable provision to assessee. Today NRI taxation is complex and it need expert advice to proper filing of return because if we do not consider all aspect that it is possible to get notice in later stage so if we carefully analysis all aspect in beginning with proper professional than we don’t need to worry in later stage even at the time of assessment.

TDS ON SALES OF PROPERTY/TDS ON RENTAL PROEPRTY

TDS on Sales of Property

Tds is required to be deducted if the property sales transaction worth of Rs. 50 lacs or more, in that case 1% TDS need to be deducted by buyer from sales consideration. If sale consideration is less than 50 Lacs than not TDS need to be deduced by buyer. We should note here that TDS need to be deducted on whole consideration.as a buyer you don’t need to obtain TAN number to deduct TDS and in the case of seller obtain a PAN numbers must otherwise TDS amount will be @20% on while consideration. TDS need to deduct at the time of payment or at the time of giving credit to seller whichever is earlier. The TDS amount needs to deposit in 26QB form within 30 days at the end of month in which TDS has deducted. after deposit of TDS the buyer required to issue TDS certificate in form 16B. form 16B are available in tdscpc website after 10-15 days from deposit the TDS amount in 26QB form.

TDS on Rent of Property

In budget 2017 new section was inserted section 26QC where if individual and HUF paying rent of Rs. 50,000/- or above than they need to deduct @5% on rent value. TDS can be deducted on yearly basic or during the year at the end of tenancy period. TDS need to be deposited within 30 days at the end of the month in which TDS was deducted and it has to be deposit through form 26QC challan form and that tenant should issue TDS certificate in form 16C within 15 days from the due date of furnishing of 26QC challan.