Corporate Tax Services
Indian Taxation has a complex structure of the central-level, state-level as well as city-specific taxation. Greenvissage provides corporate tax services and has an experienced team to provide quality corporate tax services to every client.
What is Corporate Tax?
The corporate tax also known as corporation tax is the tax applied by the government of India on the income or profits earned by corporations or legal entities separate from their owners. It is typically calculated as a percentage of a company’s net income, and the tax rate may vary depending on the jurisdiction and the size or type of company. Corporate tax is typically paid by the company, rather than the shareholders, and is usually separate from taxes imposed on the personal income of the company’s owners or employees. The funds generated by corporate taxes are typically used to fund government programs and services.
Why do Companies need Corporate Tax Services?
The business environment is changing rapidly. Companies need to be on top of tax compliances. To overcome the hurdles of complexities in managing tax compliances, companies need corporate tax advisory services. A few other reasons why companies need corporate tax advisory services are:
Compliance: Companies must follow ever-changing tax laws and regulations to avoid penalties and fines. Corporate tax services can ensure that a company is meeting all its tax obligations
Planning: Corporate tax advisory services help companies in planning their business activities. The goal is to cut tax liability and maximize profits. This includes identifying tax incentives, and deductions. It will also help in structuring business transactions in a tax-efficient manner.
Representation: Corporate tax services can provide representation and advocacy for a company in the event of an audit or dispute with the tax authorities. This can include negotiating settlements or payment plans and representing the company in court.
Specialized knowledge: Corporate tax laws and regulations are complex and ever-changing. Companies may not have the specialized knowledge to navigate them effectively. A corporate tax consultant can provide the expertise and resources needed to ensure tax compliance.
Saving time and resources: Many companies don’t have the time and resources to handle tax compliance internally. Corporate tax services can help to reduce this burden, allowing companies to focus on their core business activities.
A good corporate tax consultant will have a strong understanding of the government’s taxation policies, as well as your company’s specific situation. You’ll be able to take control of your company’s financial future and achieve maximum efficiency and profitability.
Hassle Free Income Tax Return Filing
In-Detail About tax preparation
Benefits of Greenvissage For Corporate Tax Return Filing Services
Professional Guidance: With highly experienced professional’s expertise over years in corporate tax returns filing, you can get the complete guidance and solution for your corporate tax return filing process.
Document Management: We manage all your IT documents in one place which can be retrieved easily when needed.
Accurate Tax Filing: With Greenvissage’s corporate tax services, you can always be sure that all your corporate tax return filing is accurate.
Your data is always safe and secure: We understand the value of your data and deliver the highest standards in keeping your data safe and secure.
Data Privacy and Confidentiality: We strictly adhere to legal guidelines of data privacy and will make sure that your data are 100% Confidential.
No Hidden Fees: Tax compliance needs will differ from each other. Just pay for your ideal needs and not for anything that you don’t require.
One-Stop Solution: Greenvissage is your one-stop solution for all of your corporate tax needs
Our Corporate Tax Services For Companies
A company is required to make quarterly advance tax payments on the profits that they earn during the year. We prepare/analyze the income and expense projections every quarter and consider the tax adjustments to minimize/nullify interest costs to the company by making adequate advance tax filings. We also ensure that excessive funds are not blocked in advance payments when not required.
Non-deduction of TDS from specified payments makes the company ineligible for claiming the full amount of expense for tax purposes. In other words, a portion of expenses is added back to the profits. There are interest implications on late deductions and late payments also. The team at Greenvissage conducts TDS reviews for clients on a regular basis and ensures that the payments where TDS is applicable are identified and tracked for compliance at an early stage. The service of quarterly filing of TDS returns is provided.
These certifications are required for payments against services taken from a non-resident. The certification is mainly for the tax rate which should be made applicable to the transaction. There are certain incomes of a non-resident company where tax is applicable even if there is no business connection/permanent establishment in India. Banks cannot release payments unless the certifications are available. We advise on the taxability of the transaction, the withholding rate which needs to be applied, and liaison with the Bank for documents/explanations required regarding the transaction.
We help companies with respect to repatriation strategies. Selecting the appropriate strategy from amongst dividend payouts, capital reduction, payment for services, royalty payments, and share buyback is crucial. Each of them has tax implications to be taken care of. We guide the company through the entire process of repatriation.
There are various other certifications and forms to be filed under the Indian Income Tax Act like a Form 61A is required to be filed if any specified significant financial transaction has been entered into, and 80JJAA certification is required if the new employment generation deduction is to be claimed on the return of income, 29B is required to be filed for Minimum Alternate Tax requirements, Form 67 is required to be filed for claiming foreign tax credit relief, etc.
Every company is required to file a corporate tax return every year declaring the profits made and the taxes paid. Under the guidance of corporate tax consultants, you will receive quality services on the entire IT filing process including Tax Return form submission, the guidance of tax structuring taxation and transaction advisory, and all others.
This is a methodical examination of books of account from a tax perspective mandatory for businesses having total gross receipts exceeding Rs 1 crore. The report of the tax audit is to be filed before the due date prescribed for this. A penalty is applicable if the report is not filed on time.
The transactions with associated enterprises are studied and the pricing is evaluated for the value of the products transferred against the comparable prices of non-associated enterprises. A transfer pricing audit is mandatory for a company if there are international transactions with associated enterprises. There is no threshold limit for this. A report of the audit is required to be filed and there are significant penalties for non-reporting of any transaction, incorrect reporting, and non-filing of a report or late filing.
In India, there is computer-aided scrutiny selection. If the company meets any of the set criteria, its accounts are scrutinized by the tax department and the returned profits/losses are verified. Today, online assessments have been introduced by the government where written submissions are made as opposed to manual assessments where visits and oral interaction with tax officials are possible.
Why Choose Greenvissage For Corporate Tax Services?
We are reasonable, economical & affordable with unmatched result-oriented consulting.
Having an experience of working with some of the world’s largest accounting firms.
I always found doing business with Team Greenvissage is very pleasurable. They helped us setup the company in India and guided us through the legal minefield & ensured all compliances were adhered to strictly.
Thanks to their legal & financial support, I could fully concentrate on the Business operations, knowing the legal and fiscal are in good hands.
Known Amit and Kethan for over 15 years now and have been utilizing their services for our end to end Accounting/Tax/Payroll needs..not only are they super professional and knowledgeable they also make the best of friends a business owner can ask for!
We have been receiving personal attention from the Directors at all times. The support staff is very helpful and they try to understand the issues at hand, with all sincerity and professionalism. For emergencies we do get immediate personal intervention.
The services they provide are exemplary on a professional and knowledgeable, yet friendly level.
We particularly value their pro-active style of suggesting ideas and solutions regarding all accounting/ compliance/ payroll/ tax/ forex matters of our business,
and the way a smooth transition and taking over of our accounting/ auditing tasks from our earlier CA was accomplished.
One of the key criteria for start-ups is that the accounting firm should be flexible, understanding and very approachable.
I am happy to state that Greenvissage and its team is exactly this.
The team is ably headed by Amit and Kethaan. Both of them very well understand that the business cycles go through tough times and they make sure to support during tough times too.
I believe this is the test of good partner organization.
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FAQ: Corporate Tax Services
Corporate tax in India is a tax imposed on the income or profits earned by companies and corporate entities.
Corporate dividend tax is a tax that's levied on the distribution (or payment) of dividends from a company to its shareholders. The amount of corporate dividend tax payable will depend on various factors, including the type and size of the dividend payout.
Corporate tax planning is the process of arranging a company's financial and business activities in a way that minimizes its tax liability and maximizes its profits.
There are various types of corporate taxes in India depending on the size and nature of the business. Some of the types of corporate tax would be income tax, MAT, DDT, GST, etc
For each type of return, the documents mostly required are the balance sheet, Bank account No, PAN details, and Profit & Loss account.
Filing your return will definitely make you contribute to the development of the nation. In addition to that, your IT return will offer you the benefits of accessing many financial benefits like bank credits and others.