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.

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.

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.

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.

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.

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.