What is Income Tax?

An income tax is a government levy (tax) imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer. Details vary widely by jurisdiction. Many jurisdictions refer to income tax on business entities as companies tax or corporation tax. Partnerships generally are not taxed; rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions thereof. Most jurisdictions exempt locally organized charitable organizations from tax.

 

Services We Offer

Our team of tax consultants and financial advisors specialize in providing Income Tax to individuals, small scale and medium scale businesses which are highly effective and efficient. Our range of services include preparation of returns, getting assessment done, TDS and withholding tax compliance, fringe benefit tax compliance and income tax appeals before CIT and ITAT that are aimed at offering business solutions to Manufacturers, Traders, Dealers as well as Service providers of industry.

 

As part of our Income Tax Service, we offer advice, assistance or preparations in the following areas:

1. Preparation of Return
2. Getting Assessment Done
3. Consultancy in Tax matters & Tax planning
4. Foreign Taxation Consultancy
5. TDS & Withholding Tax Compliance
6. Income Tax Appeals before CIT (Appeals)
7. Income Tax Appeals before ITAT

 

Kinds of Income Tax

1. Annual Tax which is levied on income earned in a financial year and is based as per the rates declared in annual budget. With rates varying with each budget, the tax is payable in advance by way of quarterly installments during financial year.
2. Minimum Alternate Tax (MAT) is tax levied @ 18% of book profit. Here, the surcharge is at the rate of 7.5% of such income tax provided that total income exceeds Rs. 1 crore. Further, the Education Cess is @ 3% of total Income-tax and Surcharge.

What is Transfer Pricing?

The price at which divisions of a company transact with each other. Transactions may include the trade of supplies or labor between departments. Transfer prices are used when individual entities of a larger multi-entity firm are treated and measured as separately run entities. It is also known as "transfer cost".

 

Services We Offer

We at Sreekanth.U & Associates, have skilled team of tax practitioners, economists and financial analysts who are masters in the respective fields. They focus on reducing threats and increasing opportunities to enhance corporate performance through proactive transfer pricing planning.

 

The integration of tax and economics is one of the most important attributes of our transfer pricing capabilities. This unified approach enables us to develop and implement transfer pricing methodologies that are analytically sound, flexible to deal with "real world" situations and fully compliant with the transfer pricing regulations. Further, this approach also ensures a creative and dynamic tax planning process for our clients.

 

As part of our transfer pricing service, we offer advice and assistance in the following areas:

 

1. Transfer Pricing Planning - Our team helps in evaluation of alternative business structures from a transfer pricing planning perspective in order to optimize allocation of revenues between group entities.
2. Compliance and Documentation - We provide assistance in various aspects of transfer pricing documentation preparation and compliance. A transfer pricing study prepared and supported by sound technical positions significantly reduces the risk of a possible tax contingency.
3. Controversy Resolution - As revenue authorities become more aggressive in applying transfer pricing regulations, disputes are likely to arise. Mukesh Raj & Co. provides a range of services such as transfer pricing audit management and assistance in handling competent authority negotiations.
4. Managing Risk - MRC assists companies in preparing a defence against possible future inquiries from revenue authorities by assessing the current transfer pricing policies. The potential risks can then be evaluated and if required, appropriate corrective actions can be implemented. Our global controversy solutions and resources enable our clients to confidently address this dynamic issue with confidence.
5. Integrated Tax Planning - MRC specialises in solutions that provide international businesses with an opportunity to comprehensively assess tax position and drive benefits upwards through the company structure. We combine planning, coordination and execution of tax strategies in order to devise flexible solutions that effectively address business changes.