Tax Representation & Compliance

Besides handling the Taxation Matters of the clients of the Audit Division, taxation services are rendered to approximately 200 regular clients including both Corporate and Individuals. Our tax practice is particularly strong in the Real Estate industry sector. The range of services includes:-

	Tax representations before Income Tax Officer (ITO), Commissioner of Income Tax (CIT) for assessments;
	Assisting in preparation and filing of E-TDS Returns
	Filing tax returns; and
	Transfer Pricing matters;
	Handling Appellate Matters before CIT(Appeals) and Income Tax Appellate Tribunal (ITAT)
	Representations before the Authority for Advance Rulings (AAR) for Non Resident matters
	Submitting Written Opinions on various contentious and current tax issues

E-Intermediary Services

As part of our commitment to provide efficient and quality service to our clients, we strive to use the latest available technology. Towards that end, we have recently registered with the NSDL as an E-Intermediary for Online filing of Income Tax Returns with effect from Assessment Year 2005-06. Under this Scheme eligible tax payers can file their Income Tax Return as per their convenience in an economical and hassle free environment. The Income Tax Department is also committed to processing such returns on priority which implies faster refunds for assessees’. For details of the process flow, please click here.

We offer the following E-Tax solution to our corporate clients using this technology interface:-

	Preparation and filing of PAN Applications for all employees
	Preparation of Form 16A for employees attracting the provisions of TDS u/s 192 of the Income Tax Act, 1961
	Preparation, computation and E-filing of Return of Income for salaried employees of the Corporate client

The Advantages of the E-Tax Solution are as follows:-

	Simplified and easy tax compliance
	Immediate Receipt of filing thru E-Intermediary Scheme
	Priority in processing of refund applications
	Hassle free on site service for all employees
	Greater employee satisfaction and increased work focus

Regulatory Services

With the opening up of the Indian economy and the increasing globalisation of the economy cross border business transactions have increased manifold. All foreign exchange regulatory matters have been bifurcated into two categories, namely Government Approval Route or Automatic Route, depending upon the nature of the transaction and the authority in charge. India has among the most liberal and transparent policies on FDI among the emerging economies. FDI up to 100% is allowed under the automatic route in all activities/sectors except the following which require prior approval of the Government:

	Activities/items that require an Industrial License;
	Proposals in which the foreign collaborator has an existing financial / technical collaboration in India in the ‘same’ field,
	Proposals for acquisition of shares in an existing Indian company in:
	Financial services sector; and Where Securities & Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 is attracted;
	All proposals falling outside notified sectoral policy/caps or under sectors in which FDI is not permitted.

Compliances under the extant Reserve Bank of India regulations and Foreign Exchange Management Act, 1999 (FEMA), including Structuring both outbound and inbound long term investments and obtaining approvals from the Reserve Bank, wherever necessary, and matters related to the Export Import Policy and foreign investments are rendered by this Division. The Division is engaged in rendering the following services:

	Setting up Liaison Offices,
	Structuring Real Estate SPV’s for obtaining Foreign Direct Investment (FDI) in Real Estate sector and
	Making applications to the Foreign Investment Promotion Board (FIPB) under the Government Approval route
	Advise and ensuring compliances for repatriable FDI in various sectors
	Obtaining permission for obtaining Overseas Corporate Borrowings (OCB)
	Advise and ensuring compliances for making overseas direct investment

India is on the threshold of the most exciting period of its history where it is expected to witness large scale growth and development. India has been rated as the Second most attractive investment destination after China by the AT Kearney FDI Confidence Index 2005. Almost every sector is seeing a boom and with it there has been a discernible shift in the spending habits of the average Indian consumer, not only in the metros but also in the B and C grade cities of India. The new found confidence and lifestyle related expenditures among the middle class are spurring the economic boom even further.

Basic Indian Economic Statistics*:

	GDP at current prices(2004-05): Rs.28,30,465 billion
	GDP(PPP) (2004) =US $ 3319 billion (4th largest in the world)
	GDP growth rate : 2004-05 : 6.9%
	Exchange rate: Rs.43.55/ $ (as on August 9, 2005)
	Foreign Exchange reserves: US$ 140.6 billion (as on 29.07.2005)
	Exports: 2004-05: US $ 79.24 billion, Growth Rate: 24 %
	Imports: 2004-05: US $ 107 billion, Growth Rate : 37 %
	Foreign Direct Investment: 2004-05: US $ 5.3 billion Growth rate : 18.2%
	Portfolio Investment 2004-05 : US $ 9.9 billion

* Source: Manual for Foreign Direct Investment- Policy & Procedure (November 2005), DIPP, Ministry of Commerce & Industry, Govt. of India
As per the Goldman Sachs BRIC Report, in less than 40 years the economies of Brazil, Russia, India and China together could be larger than the G6 in US dollar terms, with the Indian economy expected to show the fastest growth over the next 30 to 50 years. It is expected to overtake the Italian economy as early as 2015.