K.R.Sriram & Co.
Direct Tax Advisory
Income Tax in India has evolved over years from a complete manual process to a e-based , faceless and dynamic process. In today’s scenario the need for accurate filing of returns be it Individuals, Companies or any other entity has become the need of the hour and we at K.R.Sriram & Co., have adopted to this evolution in a very seamless manner. Today we are proud to have a set of highly satisfied and happy clients who become our referral points. This to us gives more strength and zeal to improve the services that we render.
To our credit , we are happy to announce a near “Zero” rate of Scrutines and Return Rejections by the Income Tax Department which definitely establishes credentials of the accuracy in our services.
The area of Income Tax Advisory now heavily depends on the clients getting immediate and relevant information so that they can better plan their activities. We have developed an inhouse team to ensure that Information is generated , updated and shared among our clients in a timely manner.
Assessment Services :
In terms of our services we offer the full range of services starting from Data Compilation , Data Validation, Income Tax Return Filing , Following up of Return Processing to our clients. We have been successful in handling of :-
Detailed Scrutiny Assessments done by the Department.
Filing , Appearing and Successfully handling of Appeals with the Commissioner of Income Tax ( Appeal).
Filing , Appearing and Successfully handling of cases with the Dispute Resolution Tribunal.
Filing , Appearing and Successfully handling of Appeals with the Income Tax Appellate Tribunal.
Faceless Assessment :
In terms of the changing assessment scenario, the Income tax Department has now started the faceless assessment scheme and we at KRS & Co., are fully and adequately equipped to handle such faceless assessments. In fact we have already handled such assessments with the Service Tax Department in the past few months.
Tax Deduction Compliance :
In addition, the aspect of compliance with the Withholding Tax Provisions ( Tax Deduction at Source) for businesses and other applicable persons have become the pivotal point of taxa compliance for then. It is to be noted that non-compliance in these areas have serious penalties which in some cases can lead to prosecution along with other monetary punishments.
We have developed and equipped our team with the necessary learning and training to ensure that they keep an “Hawks” eye on the data generated by the clients to ensure that there are no slip-ups regarding compliance with the withholding tax provisions and reducing the penal and additional costs of non-compliance.
Transfer Pricing – International & Domestic
With the increased globalisation of businesses in India and the advent of Arms-length pricing of related party transactions as envisaged by the Income Tax Act , the need for compliance in reporting and disclosure of Related party transactions with special emphasis on Arms Length pricing has grown in Importance. This has been compounded by the fact that in the year 2017 , the Income Tax also included related party domestic transactions in the fold of Arms Length pricing subject to some threshold limits. This has cast various obligations on companies to independently evaluate its related party transactions and ensure that they do not get caught up in the nuances of the Income Tax Act , with respect to its transactions. It may be noted that this area of reporting and compliance is very specialised which requires a detailed knowledge of the provisions of the act and the entire gamut of international taxation principles. We have over the years developed our own expertise in this field and have served various multi-national companies for compliance with the provisions of Transfer Pricing. It is also important to note that we have also successfully defended our reports and conclusions of Arms-Length Transaction at various levels of dispute resolution under the Income Tax Act.
Finally, the area of Taxation of Non-Residents/Expats has undergone a sea change and now it is imperative for all NRI’s and Expats have a clear understanding of the tax system in India to ensure that due compliance is done. We at KRS & Co., provide the necessary services to our distinguished list of NRI/Expat Clients to help them understand, compli and effectively solve the taxation issues that are being faced.