Masterbrains

income tax consultancy

RETURN FILING CONSULTANCY/REVIEW

Our consultants shall guide you in one of the most crucial aspects of Income Tax i.e., Review of Income Tax Return, so that you do not miss out any Deductions or Tax benefits and you do not violate the provisions of Income Tax Act like mandatory tax audits for certain taxpayers before filing return, filing of form 67 for certain taxpayers before filing return, etc. In addition, our consultants will review the returns prepared from a taxation perspective, suggest ways for better tax planning, and comment on the completeness and accuracy of the return prepared, before filing.

tds1

TDS & TCS CONSULTANCY

Compliance with provisions of Tax Deducted/Collected at Source is a tedious process. Most business owners fail to truly understand the applicability of these provisions on their transactions. Our consultants will simplify TDS, TCS Compliances and their applicability on your entity including opinions & replies to authorities in TDS/TCS matters. Our tax professionals will analyse your business and its transactions and train your accountant to comply with TDS and TCS provisions on a daily basis. In case, you just need a clarification on any amendment related to TDS/TCS under Income Tax, our professionals would be happy to deliver the same. Moreover, in case you need to analyse a specific transaction for applicability of Tax Deducted at Source or Tax Collected at Source, our consultants have the expertise to provide deep insights on the applicability of TDS/TCS provisions.

charity

TAX CONSULTANCY FOR CHARITABLE INSTITUTIONS

Charitable institutions are governed by Chapter III of the Income Tax Act constituting sections 11, 12, 12A, 12AA and 13. The taxation, reporting, book-keeping of trusts is different from other entities. MB will find you the right professional with deep knowledge of the subject for your taxation needs. Our consultants will decipher the Income Tax provisions applicable to charitable trusts. They are equipped to advise on the applicability of provisions on singular transactions, which may have a huge impact on the trusts.

search survey

SURVEY, SEARCH AND SEIZURE

Search, Seizure and Survey is a very powerful weapon in the armory of Income Tax Department to unearth any concealed income or valuables and to check the tendencies of tax evasion. Our team of expert Professionals will guide you in Post-Search Proceedings and Post-Survey Proceedings, including representation before tax authorities, preparation of replies to queries of the department, recovery of jewellery and other valuables seized during search, replies to the assessments opened for the entire group post-search, etc. Moreover, a lot of assessees take the route of Settlement commission. Our tax professionals can guide you, prepare your case and represent you before the Settlement Commission too.

tax openion

PROVIDING OPINION/CLARIFICATION

Are you planning a transaction or have you already made a transaction and now you are unsure of whether you have violated any provisions of Income Tax Act. Are you wondering whether this transaction will lead to any consequences when you file your Income Tax Return (ITR)? Stop wondering. Master Brains tax consultants will provide their expert opinion on any transaction undertaken or proposed to be undertaken or on applicability of a certain provision or clarification of any new/amended provision or notification.

legal compliance

HEALTH CHECK-UP OF LEGAL COMPLIANCES

We keep a check on your compliances by ensuring that you do not miss out on any Hidden Compliances which may lead to complications in future, guiding you in every step so that you can focus on what matters. Our professionals will also analyse your business model/transaction for Income Tax applicability, review its appropriateness to suggest better compliance practices and improvement measures. This is a preventative and check measure which every business should be aware of, as a lot of erroneous practices or mistakes would be pointed out by the professional which may prevent future litigations, fines and penalties.

tax representation

REPRESENTATION BEFORE TAX AUTHORITIES

With Professionals with over 30+ years of experience, you need not worry about the most mind-numbing process in the Income Tax Law. We will identify the expert for representation before authorities for any income tax matter (e.g., scrutiny, appeals) and will prepare/research the case for representation. Master Brains’ professionals have expertise in representing clients before all Income Tax Authorities right from Assessing Officer to the ITAT/ High Court.

tax advisory

CORPORATE TAXATION ADVISORY

A crucial aspect of doing business is the ever-changing and complex nature of corporate taxation and regulatory compliances. Master Brains’ professionals will make you aware of the developments in Income Tax provisions applicable to companies and their impacts to guide you strategizing every provision to your advantage. In addition, our consultants can analyse any transaction undertaken or anticipated by the company for Income Tax provisions applicable on them and can advise them to structure it in the best possible way.

FAQs on Income Tax Consultancy

What is the importance of review of income tax returns?

The review of income tax returns is important to ensure accuracy and proper compliance of tax provisions. Such reviews can help ensure that no income or tax benefits are missed out from reporting, as such mistakes can lead to tax penalties or even legal consequences. Further, this helps in maintaining proper records for a strong financial standing in the future.

What is the difference between income tax returns and assessments?

Income tax returns are the documents filed by taxpayers in which they declare the income earned by them throughout the financial year along with the deductions they can claim upon the income. The taxpayers hereby declare the tax liability due upon them after considering the income earned and the deductions claimed.
On the other hand, income tax assessments, are conducted by the income tax authorities to verify the details so provided by the taxpayers via IT returns. This process involves the verification of the filed tax returns to ensure the validity of the income reported in the returns. Through this process, the authorities determine the final tax liability due from or the refund amount owed to the taxpayer.

What is the penalty for non-compliance with TDS/TCS provisions?

The penalty for non-compliance with TDS/TCS provisions depends upon the nature and the extent of the non-compliance.For example, the penalty for failure to deduct TDS/TCS can differ from that of late filing of TDS/TCS returns. Our consultants at Master Brains are at your disposal to make you understand the nature and differences of different TDS/TCS compliances.

Can consultants help in tax planning and optimization?

Yes, tax consultants can suggest ways for better tax planning by analyzing the current financial position for example the current income, investments, and deductions which can further help to identify potential tax-saving opportunities for the taxpayers. Tax consultants have expertise in the fields of tax laws and provisions as specified under the IT Act and hence they can offer specialized advisory services to optimize the tax situation.

What are the different types of income tax assessments?

The different types of income tax assessments include regular assessment, summary assessment, best judgment assessment, complete scrutiny assessment and protective assessments.

What are the common mistakes made by taxpayers in income tax returns?

The common mistakes that taxpayers make in income tax returns include incorrect calculation of income, non-reporting of income, missing out on deductions, incorrect PAN, incorrect bank details, and incomplete personal information.

What is the role of the settlement commission in income tax matters?

The role of the settlement commission in income tax matters is to provide a platform for the settlement of tax disputes between the Income Tax Department and income tax aassessee outside the regular assessment and appeals process. It is like a premier Alternative Dispute Resolution body in India provided by tax authorities to taxpayers for the settlement of disputes.

How can consultants help in the preparation of income tax returns?

Tax consultants are well versed with the provisions of the Income Tax Act and are also aware of all the regular updates in tax rules and provisions. Their interpretation of tax laws can help taxpayers to understand the tax requirements which can further ensure accurate income and tax reporting, compliance with tax laws etc. Consultants can help identify the potential deductions and thus accurately calculate the tax liabilities for the taxpayers.

What is the difference between direct and indirect taxes?

Direct taxes are levied directly on individuals or companies, such as income tax and corporate tax. Direct taxes are imposed on an individual’s income or wealth. In contrast, indirect taxes are imposed on an individual who consumes goods/services. Such taxes collected by intermediaries who provide such services, such as Goods and Service Tax (GST) and excise duty etc.

What are the different types of tax audits?

The different types of tax audits include field audit, office audit and correspondence audit.

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We are a Delhi based Consultancy aiming to provide a host of Financial, Legal, and Taxation consultancy services.

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RETURN FILING CONSULTANCY/REVIEW
Our consultants shall guide you in one of the most crucial aspects of Income Tax i.e., Review of Income Tax Return, so that you do not miss out any Deductions or Tax benefits and you do not violate the provisions of Income Tax Act like mandatory tax audits for certain taxpayers before filing return, filing of form 67 for certain taxpayers before filing return, etc. In addition, our consultants will review the returns prepared from a taxation perspective, suggest ways for better tax planning, and comment on the completeness and accuracy of the return prepared, before filing.
RETURN FILING CONSULTANCY/REVIEW
Our consultants shall guide you in one of the most crucial aspects of Income Tax i.e., Review of Income Tax Return, so that you do not miss out any Deductions or Tax benefits and you do not violate the provisions of Income Tax Act like mandatory tax audits for certain taxpayers before filing return, filing of form 67 for certain taxpayers before filing return, etc. In addition, our consultants will review the returns prepared from a taxation perspective, suggest ways for better tax planning, and comment on the completeness and accuracy of the return prepared, before filing.
TDS & TCS CONSULTANCY
Compliance with provisions of Tax Deducted/Collected at Source is a tedious process. Most business owners fail to truly understand the applicability of these provisions on their transactions. Our consultants will simplify TDS, TCS Compliances and their applicability on your entity including opinions & replies to authorities in TDS/TCS matters. Our tax professionals will analyse your business and its transactions and train your accountant to comply with TDS and TCS provisions on a daily basis. In case, you just need a clarification on any amendment related to TDS/TCS under Income Tax, our professionals would be happy to deliver the same. Moreover, in case you need to analyse a specific transaction for applicability of Tax Deducted at Source or Tax Collected at Source, our consultants have the expertise to provide deep insights on the applicability of TDS/TCS provisions.
TDS & TCS CONSULTANCY
Compliance with provisions of Tax Deducted/Collected at Source is a tedious process. Most business owners fail to truly understand the applicability of these provisions on their transactions. Our consultants will simplify TDS, TCS Compliances and their applicability on your entity including opinions & replies to authorities in TDS/TCS matters. Our tax professionals will analyse your business and its transactions and train your accountant to comply with TDS and TCS provisions on a daily basis. In case, you just need a clarification on any amendment related to TDS/TCS under Income Tax, our professionals would be happy to deliver the same. Moreover, in case you need to analyse a specific transaction for applicability of Tax Deducted at Source or Tax Collected at Source, our consultants have the expertise to provide deep insights on the applicability of TDS/TCS provisions.
TAX CONSULTANCY FOR CHARITABLE INSTITUTIONS
Charitable institutions are governed by Chapter III of the Income Tax Act constituting sections 11, 12, 12A, 12AA and 13. The taxation, reporting, book-keeping of trusts is different from other entities. MB will find you the right professional with deep knowledge of the subject for your taxation needs. Our consultants will decipher the Income Tax provisions applicable to charitable trusts. They are equipped to advise on the applicability of provisions on singular transactions, which may have a huge impact on the trusts.
TAX CONSULTANCY FOR CHARITABLE INSTITUTIONS
Charitable institutions are governed by Chapter III of the Income Tax Act constituting sections 11, 12, 12A, 12AA and 13. The taxation, reporting, book-keeping of trusts is different from other entities. MB will find you the right professional with deep knowledge of the subject for your taxation needs. Our consultants will decipher the Income Tax provisions applicable to charitable trusts. They are equipped to advise on the applicability of provisions on singular transactions, which may have a huge impact on the trusts.
SURVEY, SEARCH AND SEIZURE
Search, Seizure and Survey is a very powerful weapon in the armory of Income Tax Department to unearth any concealed income or valuables and to check the tendencies of tax evasion. Our team of expert Professionals will guide you in Post-Search Proceedings and Post-Survey Proceedings, including representation before tax authorities, preparation of replies to queries of the department, recovery of jewellery and other valuables seized during search, replies to the assessments opened for the entire group post-search, etc. Moreover, a lot of assessees take the route of Settlement commission. Our tax professionals can guide you, prepare your case and represent you before the Settlement Commission too.
SURVEY, SEARCH AND SEIZURE
Search, Seizure and Survey is a very powerful weapon in the armory of Income Tax Department to unearth any concealed income or valuables and to check the tendencies of tax evasion. Our team of expert Professionals will guide you in Post-Search Proceedings and Post-Survey Proceedings, including representation before tax authorities, preparation of replies to queries of the department, recovery of jewellery and other valuables seized during search, replies to the assessments opened for the entire group post-search, etc. Moreover, a lot of assessees take the route of Settlement commission. Our tax professionals can guide you, prepare your case and represent you before the Settlement Commission too.
REPRESENTATION BEFORE TAX AUTHORITIES
With Professionals with over 30+ years of experience, you need not worry about the most mind-numbing process in the Income Tax Law. We will identify the expert for representation before authorities for any income tax matter (e.g., scrutiny, appeals) and will prepare/research the case for representation. Master Brains’ professionals have expertise in representing clients before all Income Tax Authorities right from Assessing Officer to the ITAT/ High Court.
REPRESENTATION BEFORE TAX AUTHORITIES
With Professionals with over 30+ years of experience, you need not worry about the most mind-numbing process in the Income Tax Law. We will identify the expert for representation before authorities for any income tax matter (e.g., scrutiny, appeals) and will prepare/research the case for representation. Master Brains’ professionals have expertise in representing clients before all Income Tax Authorities right from Assessing Officer to the ITAT/ High Court.
CORPORATE TAXATION ADVISORY
A crucial aspect of doing business is the ever-changing and complex nature of corporate taxation and regulatory compliances. Master Brains' professionals will make you aware of the developments in Income Tax provisions applicable to companies and their impacts to guide you strategizing every provision to your advantage. In addition, our consultants can analyse any transaction undertaken or anticipated by the company for Income Tax provisions applicable on them and can advise them to structure it in the best possible way.
CORPORATE TAXATION ADVISORY
A crucial aspect of doing business is the ever-changing and complex nature of corporate taxation and regulatory compliances. Master Brains' professionals will make you aware of the developments in Income Tax provisions applicable to companies and their impacts to guide you strategizing every provision to your advantage. In addition, our consultants can analyse any transaction undertaken or anticipated by the company for Income Tax provisions applicable on them and can advise them to structure it in the best possible way.
HEALTH CHECK-UP OF LEGAL COMPLIANCES
We keep a check on your compliances by ensuring that you do not miss out on any Hidden Compliances which may lead to complications in future, guiding you in every step so that you can focus on what matters. Our professionals will also analyse your business model/transaction for Income Tax applicability, review its appropriateness to suggest better compliance practices and improvement measures. This is a preventative and check measure which every business should be aware of, as a lot of erroneous practices or mistakes would be pointed out by the professional which may prevent future litigations, fines and penalties.
HEALTH CHECK-UP OF LEGAL COMPLIANCES
We keep a check on your compliances by ensuring that you do not miss out on any Hidden Compliances which may lead to complications in future, guiding you in every step so that you can focus on what matters. Our professionals will also analyse your business model/transaction for Income Tax applicability, review its appropriateness to suggest better compliance practices and improvement measures. This is a preventative and check measure which every business should be aware of, as a lot of erroneous practices or mistakes would be pointed out by the professional which may prevent future litigations, fines and penalties.
PROVIDING OPINION/CLARIFICATION
Are you planning a transaction or have you already made a transaction and now you are unsure of whether you have violated any provisions of Income Tax Act. Are you wondering whether this transaction will lead to any consequences when you file your Income Tax Return (ITR)? Stop wondering. Master Brains' tax consultants will provide their expert opinion on any transaction undertaken or proposed to be undertaken or on applicability of a certain provision or clarification of any new/amended provision or notification.
PROVIDING OPINION/CLARIFICATION
Are you planning a transaction or have you already made a transaction and now you are unsure of whether you have violated any provisions of Income Tax Act. Are you wondering whether this transaction will lead to any consequences when you file your Income Tax Return (ITR)? Stop wondering. Master Brains' tax consultants will provide their expert opinion on any transaction undertaken or proposed to be undertaken or on applicability of a certain provision or clarification of any new/amended provision or notification.
Land & Building Valuation
we believe in providing you with more than just numbers; we offer strategic insights that elevate your real estate investments. Whether you're looking to buy, sell, or simply understand the true value of your property, our meticulous approach ensures you're armed with the most accurate and up-to-date information. Gain the upper hand in negotiations, secure fair deals, and maximize your returns with our PAN India valuation services. Trust Master Brains to turn real estate into real opportunities
OPERATIONS PLANNING
Ideating a startup is easy but making it operational is the biggest challenge for a startup owner. Masterbrains consultants will help you plan your operations, including marketing plan, sales plan, logistics plan, supply chain management, personnel plan, etc. Our professionals are skilled in detailed operations planning as they have working experience in various industries. Plan and execute your operations efficiently with Masterbrains consultants.
Share Valuation
At Master Brains, we understand that success in the world of investments demands precision and insight. That's why we offer Share Valuations that go beyond mere numbers. Our seasoned experts specialize in providing meticulous assessments of shares and equities, giving you a competitive edge in the financial landscape. Whether you're an investor seeking growth opportunities or a business owner navigating complex transactions, our comprehensive valuations provide the clarity you need to make strategic decisions. Count on Master Brains for accurate, trustworthy, and PAN India Share Valuation services that unlock the full potential of your investments. With us, you're not just investing; you're investing wisely
OPERATIONS PLANNING
Ideating a startup is easy but making it operational is the biggest challenge for a startup owner. Masterbrains consultants will help you plan your operations, including marketing plan, sales plan, logistics plan, supply chain management, personnel plan, etc. Our professionals are skilled in detailed operations planning as they have working experience in various industries. Plan and execute your operations efficiently with Masterbrains consultants.
Business Valuation
At Master Brains, we recognize that every business holds a unique story and value. With our Business Valuation services, we don't just assess numbers; we uncover opportunities. Our team of seasoned experts specializes in providing comprehensive business valuations that empower you to make strategic decisions with confidence. Whether you're a business owner planning an exit strategy, an investor seeking the right opportunity, or a professional navigating mergers and acquisitions, our precise assessments guide your path to success. Trust Master Brains for accurate, trustworthy, and PAN India Business Valuation services that reveal the true worth of your enterprise. With us, you're not just valuing a business; you're unlocking its full potential
OPERATIONS PLANNING
Ideating a startup is easy but making it operational is the biggest challenge for a startup owner. Masterbrains consultants will help you plan your operations, including marketing plan, sales plan, logistics plan, supply chain management, personnel plan, etc. Our professionals are skilled in detailed operations planning as they have working experience in various industries. Plan and execute your operations efficiently with Masterbrains consultants.
Other Assets Valuation
we understand that not all assets fit into standard categories like real estate or financial investments. That's where our expertise comes in. With our team of seasoned professionals, each a specialist in their own domain, we excel in valuing assets that are unique and diverse. Whether it's intellectual property, equipment, inventory, or any other valuable asset, we have the experience and knowledge to provide you with accurate and reliable valuations. Trust Master Brains for a personalized and precise assessment of your assets, tailored to meet your specific needs. Your financial decisions and compliance requirements are in capable hands with us.
OPERATIONS PLANNING
Ideating a startup is easy but making it operational is the biggest challenge for a startup owner. Masterbrains consultants will help you plan your operations, including marketing plan, sales plan, logistics plan, supply chain management, personnel plan, etc. Our professionals are skilled in detailed operations planning as they have working experience in various industries. Plan and execute your operations efficiently with Masterbrains consultants.
Foreign Accounting
Going global? Trust Master Brains for Foreign Accounting services covering the United States, United Kingdom, Singapore, and more. Our team of professionals has a deep understanding of international accounting standards and regulations. We'll help you navigate the complexities of foreign accounting, ensuring your financial reporting meets the specific requirements of each jurisdiction.
OPERATIONS PLANNING
Ideating a startup is easy but making it operational is the biggest challenge for a startup owner. Masterbrains consultants will help you plan your operations, including marketing plan, sales plan, logistics plan, supply chain management, personnel plan, etc. Our professionals are skilled in detailed operations planning as they have working experience in various industries. Plan and execute your operations efficiently with Masterbrains consultants.
Drafting and Preparation of Financial Statement​
Master Brains offers end-to-end support for your financial statement needs. Whether you require assistance with drafting, preparation, or finalization of financial statements, our team has the expertise to deliver accurate and compliant reports. We ensure that your financial statements are professionally crafted, reflecting your financial health accurately and meeting all regulatory standards. Trust us to handle this critical aspect of your business with precision and efficiency.
OPERATIONS PLANNING
Ideating a startup is easy but making it operational is the biggest challenge for a startup owner. Masterbrains consultants will help you plan your operations, including marketing plan, sales plan, logistics plan, supply chain management, personnel plan, etc. Our professionals are skilled in detailed operations planning as they have working experience in various industries. Plan and execute your operations efficiently with Masterbrains consultants.