Direct tax consultancy together with innovative tax efficient strategies, provided by us, form an integral part of viable business decisions. These help our clients attain the desired goals. We adopt a "result oriented approach" which is flexible and emphasizes delivery and value. It enhances the effect of commercially viable decisions and minimizes the tax burden.
The assessment and appeals procedure (audit by tax authorities) under the Act involves the following:
Every assessee, before submitting a tax return, is required to make a self-assessment of income and, after taking into account the amount of tax already paid by way of TDS and advance tax, pays the balance tax (self-assessment tax) due on the income. Further, along with the tax, any interest arising on account of delay in furnishing of tax return or any default/deferment in payment of advance tax is also required to be paid.
Under the Act, a person making certain specified payments such as salary, contractual payments, rent, interest, professional or technical fees, commission, payments to non-residents, etc. is required to withhold tax at source from such payments and comply with the associated requirements in respect of deposit of taxes in the Government treasury in the prescribed manner, issue of tax credit certificates and filing withholding tax returns. Failure to comply with the prescribed withholding requirements could result in the levy of penal interest, penalty and prosecution under the Act, in addition to the liability to make up for the taxes not withheld/deposited.