DIRECT TAX ADVISORY

Ensure hassle free Direct tax compliances.

We are in the practice of Income Tax Laws. The services we offer in this regard include:

• Obtaining PAN, TAN
• E-TDS return filing
• Income Tax Planning and IT Return filing Corporate and Non corporate returns,
• Certificates/Reports as per income tax act 1961,
• Pre transaction Advisory, Tax Risk Assessment, Tax planning for corporates and non-corporates.
• Representation before Tax & Appellate Authority (CIT (A), ITAT, Strategies for litigation.
• ICDS Impact Analysis
• Obtaining Lower Tax Certificate both for Resident and Non-Resident assesses.
• Obtaining Tax Residency Certificate (TRC)
• Attending scrutiny assessment
• Drafting appeals and appearing before the CIT
• Conducting Tax Audit and submission of Audit Report
• Conducting Transfer Pricing Study and submission of TP Report
• Issue of Certification for repatriation of funds from India
• Tax planning and tax consultancy for Resident as well as Non-Resident assesses

Income tax Notices:

Income tax notices are sent by the Income Tax Department for various reasons like not filing income tax return, defect in filing of tax return or other instances where the tax department requires additional information or documents. On receiving an income tax notice, there is no reason to be alarmed or frightened. However, the taxpayer must take steps to understand the nature of notice, the request or order in the notice and take steps to comply.
Based on our past experience, we have short listed the most commonly asked questions by the companies regarding Income tax notices and tax treatment on trading of futures and options , We are sure the following FAQs will answer most of your questions

Types of Income Tax Notice

Notice u/s 143(1) - Intimation
This is one of the most commonly received income tax notice. The income tax department sends this notice seeking a response to the errors/ incorrect claims/ inconsistencies in an income tax return that was filed. If you want to revise the return after receiving this notice, it must be done within 15 days. Else, the tax return will be processed after making necessary adjustments mentioned in the 143(1) tax notice.

Notice u/s 142(1) - Inquiry
This notice is addressed to the assessee when the return is already filed and further details and documents are required from the assessee to complete the process. This notice can also be sent to necessitate a taxpayer to provide additional documents and information.

Notice u/s 139(9) - Defective Return
An income tax notice under Section 139(9) would be issued if the income tax return filed does not contain all necessary information or incorrect information. If tax notice under Section 139(9) is issued, you should rectify the defect in the return within 15 days.

Notice u/s 143(2) - Scrutiny
An income tax notice under Section 143(2) is issued if the tax officer was not satisfied with the documents and information that was submitted by the taxpayer. Taxpayers who receive notice under Section 142(2) have been selected for a detailed scrutiny by the Income Tax department and will have to submit additional information.

Notice u/s 156 - Demand Notice
This type of income tax notice is issued by the Income Tax Department when any tax, interest, fine or any other sum is owed by the taxpayer. All demand tax notice will stipulate the sum which is outstanding and due from the taxpayer.