Income Tax
Direct and International Tax Planning Made Easy with VPRP & Co LLP - Minimize Tax Liability to Maximize Your Savings
Personal Income Tax
Our personal income tax services can help streamline your income tax filing, maximize your tax returns, and ensure compliance with the government's latest regulations. We can help you navigate your income taxes with ease. Your income tax slab and tax rate depend on your income. Here are some of the key services we offer:
Tax planning
E-filing income tax returns and calculating your net worth
Withholding tax returns
Lower withholding certificates
Certificates under income tax
Compliances health check
Tax training
Family tax planning
Foreign Portfolio Investors
Businesses may have foreign investments in compliance with Indian regulations. Through our services for foreign portfolio investors, we prepare and file tax returns in compliance with Indian tax regulations. Other tax services include:
Advisory on structuring operations from an income tax perspective
Permanent Account Number application in the Common Application form (CAF)
Digital Signature Certificate (DSC) application
Providing daily/weekly/monthly/quarterly tax computation for NAV purposes
Issue of remittance letter/certificate for repatriation of funds
Signatory services
Regulatory and fund accounting services
Preparation and filing of Indian tax returns
Liaising with Indian regulatory authorities
Holistic India tax compliances
Tax litigation and representation
International Taxation
Tax complexities arise when local businesses expand overseas or international companies have a presence in India. Restructuring a company's legal and financial policies is a requirement for cross-border economic tasks. International taxation services help optimize tax strategies in compliance with international standards. Here are the international taxation services we offer:
Advising on an entry strategy
Inbound/Outbound investment structuring
Tax optimization and risk management
Permanent Establishment (PE) advisory and risk mitigation
General Anti Avoidance Rules (GAAR) advisory
Multilateral Instrument (MLI) advisory
Tax Litigation and Representations
Tax litigation and representations refer to the legal proceedings to resolve tax disputes between a company and individuals. VPRP & Co LLP engages and gathers income tax details of the business and helps you counter taxation and legal issues, supporting your stance with the authorities. We provide the following tax services:
Advisory on tax litigation and possibilities with practical insights
Representation for faceless or physical scrutiny proceedings by Indian Revenue Authorities
Representation before the Commissioner of Income Tax (Appeals)
Representation before the Dispute Resolution Panel
Representation before the Income Tax Appellate Tribunal (ITAT)
Coordinating with external counsel for representation
Transfer Pricing
Transfer pricing refers to allocating price value to goods and services with appropriate weight. It can help smooth transactions between companies locally and internationally. We examine your transfer pricing and set it in compliance with transfer pricing regulations. These are the transfer pricing services we provide:
Audit, certification, and compliance services
Litigation support, including representation services
Authority negotiations
Advance Pricing Agreements (APA) advisory and end-to-end pricing policies
Tax-efficient supply chain management
Base Erosion and Profit Shifting (BEPS) advisory
Benefits of Our Tax Services
Our income tax professionals offer tax guidance to undertake tax compliance and plan your taxes at the right time. With decades of experience and expertise, we help you overcome tax liability with exemption and deduction, reducing the stress associated with legal and financial risk. We offer hassle-free tax planning services for your business at a reasonable cost.
F.A.Q
Frequently Asked Questions
1. Who is eligible for income tax returns?
Individuals under 60 can file tax returns if their yearly income exceeds Rs. 2.5 lakhs. The limit is Rs. 3 lakhs for senior citizens aged 60-79 and Rs. 5 lakhs for those over 80.
2. Is it compulsory to file ITR?
Income tax return (ITR) filling is compulsory as per the income tax laws if certain specified transactions are carried out by the individual or gross total income is above the basic exemption limit. Additionally, filing ITR is also compulsory if someone's taxable income is higher than the basic exemption limit.
3. What is TDS in income tax?
Tax Deducted at Source (TDS) collects taxes at the time of income distribution or immediately from the source of revenue. While making payment or credit (in ledger of deductee) in books of accounts,, the deductor will deduct tax at source and remit the remaining money to the deductee. The TDS amount would be paid to the central government as per the specified due date.
4. How much income is tax-free?
The Budget 2023 has introduced new tax slabs as a part of the new tax regime. Upto Rs. 7 lakhs of taxable income, there is a full rebate. However, if the income exceeds Rs. 7 lakhs, then tax is calculated based on slabs. Earnings up to Rs. 3 lakhs would be exempted from taxes entirely. If an individual's annual income is within the bracket of Rs. 3 to 5 lakhs, a tax rate in the order of about 5% would be levied on him/her. For incomes exceeding Rs. 6 lakhs but less than Rs. 9 lakhs, 10% tax would be leveraged.