DIRECT TAX
Direct Tax Services
Direct tax refers to taxes that are directly levied on an individual’s or organization’s income, wealth, or assets, such as income tax, corporate tax, and property tax. These taxes are paid directly to the government by the entity on whom they are imposed.
Our Key Direct Tax Services
Tax Impact Assessment
Enterprise Risk Management, Risk Assessments
Preparing for audits to meet regulatory requirements.
Internal control Over Financial Reporting (ICOFR)
Addressing and resolving audit findings for compliance improvement.
Corporate Governance
Addressing and resolving audit findings for compliance improvement.
Entity Level Policies
Addressing and resolving audit findings for compliance improvement.
Policies & Procedures (SOP & Process Flows)
Addressing and resolving audit findings for compliance improvement.
Forensic Investigations
Addressing and resolving audit findings for compliance improvement.
Business Health Check Assessment
Addressing and resolving audit findings for compliance improvement.
Assets Tagging and Physical Verification Services
Addressing and resolving audit findings for compliance improvement.
Mystery Shopping
Addressing and resolving audit findings for compliance improvement.
Tax Impact Assessment
A Tax Impact Assessment, also known as a Tax Analysis or Tax Impact Analysis, is a financial evaluation that assesses the implications of various tax-related decisions or changes on an individual or organization. This assessment is important for making informed financial and strategic decisions.
Few key aspects to consider when conducting a Tax Impact Assessment:
Tax Planning
Before making any significant financial decision, it's crucial to understand the tax implications. This includes evaluating the tax consequences of various investment choices, business strategies, or personal financial decisions.
Business Taxes
For businesses, it's essential to analyze the tax impact of various business decisions. This includes choices related to the business structure, tax credits and incentives, and international tax considerations for multinational corporations.
Compliance and Reporting
Ensure that you are in compliance with all tax laws and regulations. Accurate reporting is essential to avoid penalties and legal issues.
Scenario Analysis
Run different scenarios to understand the potential tax impact of various choices. This helps in making well-informed decisions.
Long-Term Planning
Consider the long-term impact of your tax decisions. What might be beneficial in the short term could have adverse consequences in the long run.
Tax-Efficient Investing
For investors, tax-efficient investing involves minimizing the tax impact of your investment decisions.
It’s important to note that the specific scope and focus of internal audit can vary depending on the organization and its industry.
Diagnostic Review
A Diagnostic Tax Review, often referred to as a tax diagnostic or tax health check, is a comprehensive assessment of an individual’s or a business’s tax situation. The primary purpose of a Diagnostic Tax Review is to identify potential tax issues, risks, opportunities, and compliance requirements.
Scope
Tax Compliance
Tax Risks and Liabilities
Tax Documentation
Record Keeping
Tax Efficiency
Tax Reporting
Tax Compliance Changes
Documentation of Tax Positions
Legal and Regulatory Compliance
Assessment Report
A Diagnostic Tax Review is an essential tool for individuals and businesses to ensure they are meeting their tax obligations, optimizing their tax positions, and avoiding potential tax issues and liabilities. It is typically performed periodically to address changing tax laws, evolving financial circumstances, and to maintain a proactive and compliant approach to tax matters.ERM frameworks, such as the COSO ERM framework or ISO 31000, provide guidelines and best practices for organizations to establish and enhance their risk management processes. However, the specific approach to ERM may vary depending on the organization’s size, industry, and risk appetite.
Transitional & Post CT Implementation
Transitional and post-corporate tax implementation refers to the process of managing and adapting to tax changes or reforms as a corporation. This may involve transitioning from one set of tax laws and regulations to another and then effectively implementing and complying with the new tax rules.
Transitional Tax Implementation
Scenario Analysis
Adjust Financial Planning
IT Systems and Reporting
Legal and Regulatory Compliance
Post-Corporate Tax Implementation
Continuous Compliance
Monitor Changes
Regular Reporting
Document and Maintain Records
Training and Education
Adapt to Regulatory Changes
In both transitional and post-corporate tax implementation, it’s crucial to remain proactive, compliant, and adaptable to the evolving tax environment. Engaging with tax experts, staying informed about tax changes, and maintaining meticulous records are key strategies for managing corporate tax effectively.
Return Validation & Submission
Tax return validation and submission are crucial steps in the process of filing your taxes with the relevant tax authorities. It’s essential to ensure the accuracy and completeness of your tax return before submission to avoid errors, penalties, or audits.
Here are the key steps involved in tax return validation and submission:
Gather Financial Information
Validation of all the financial information with records generated over the period of time.
Understand Filing Deadlines
Attach Supporting Documents
Calculate and pay your Tax Liability
File and Confirm Submission
Payment Confirmation
Record-Keeping
Tax return validation and submission should be taken seriously, as errors can lead to legal consequences and financial penalties. Seek professional assistance to ensure the accuracy and compliance of your tax return.
