4 minutes read
Corporate Taxation Services in India
The tax structure in India is divided into two components – direct and indirect taxes. While most taxes are levied by the Central and State governments, some minor taxes are also levied by the local governments, both rural and urban. Over the last few years, the Indian Government has introduced historic policy reforms like IBC, GST, reduced corporate tax rate, abolition of DDT, and simplified the corporate taxation process towards greater predictability, fairness and automation. With these initiatives, India is now ranked 63rd in World Bank’s Ease of Doing Business rankings, up from 142nd place in 2014.
What are InCorp’s Taxation services in India?
As noted above, the taxation system in India is a complex web of laws, rules and regulations; requiring extensive knowledge of tax-related provisions at local, state and central levels. As such, it becomes quite impossible for someone from a non-taxation background to interpret and apply the tax rules to an Indian company, or to a foreign company doing business in India. That’s where InCorp’s team of tax professionals, with expertise in Indian corporate taxation laws come in handy. When you partner with us, you get:
- Tax computation – for Individual, Corporates/ Body Corporates, Partnership Firms/ Limited Liability Partnership (LLP), Joint Ventures, Charity organisations, Private Family Trusts and Estate.
- Advisory and compliance on Withholding tax implication & remittances outside India
- Tax Litigation support
- Advisory on Business Structuring in India
- Advisory on complex Business restructuring
- Cross Border Transactions
- International Taxation services
Please note that this is not an exhaustive list, and if you have any other taxation matters not listed above, please do get in touch with our team. We might be of assistance.
Why are the benefits of InCorp’s India Taxation Services?
InCorp’s team has a blend of knowledge in direct and indirect tax who deliver compliant advice, you can be sure of availing the maximum benefits from the country’s newly-introduced business-friendly tax policies and navigate through its complex tax-regime, when you set-up a company in India.
Just pay the ‘effective tax’
India now offers 22% corporate tax rate, which is among the lowest globally. And if you take into account the various schemes, the “effective tax” rate is even lower. We help you to achieve that effective rate.
Avoid penalties and proper filing
We believe in preparing clients ahead of time to be compliant. Our team takes the commitment to serve clients with dedication and foresight in all accounting and tax statutory matters relating to Indian jurisdiction.
With us, you will know your Indian corporate taxation services cost well in advance which helps you manage your company’s finances better.
Cross-border taxation expertise
With InCorp’s expertise in India’s over 40 trade agreements – either in effect or signed or under negotiation or proposed – clients can minimise their tax barriers to the cross-border flow of – trade, investment, technical know-how, and expertise.
FAQs on Taxation in India
- Some of the benefits of GST are:
1) Lower compliance burden
2) Removal of cascading effect on taxes
3) Increase in demand for goods, thereby leading to increase supply of goods
4) Simplification of taxes
5) Decrease in cost incurred for manufacturing
6) Increase of government revenues
- Hiring a taxation service provider in India is not mandatory, however, experts in the tax industry will help you and your business achieve the following:
1) Maximum benefits and relief in taxes
2) Avoid penalties and ensure proper filing
3) Litigation support and documentation
- TAN is an alphanumeric 10-digit number required by a person who is liable to deduct TDS and file TDS return. Such a person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc. If a person fails to apply for TAN he may be penalized.