Direct Tax
Direct Tax is broadly understood as income tax imposed on the income of a person vis-à-vis an indirect tax imposed on a transaction. When a taxable person is a corporate, such income tax imposed is called corporate tax and when it is imposed on an individual, we call it personal tax.
Income Tax is imposed in almost all the jurisdictions throughout the globe except a few jurisdictions where the income tax is either nil or negligible and therefore such tax jurisdictions are called tax heavens. It is such tax heavens which have given rise to the problem of Base Erosion and Profit Shifting (BEPS) to shift tax burden from higher tax jurisdictions to lower tax jurisdictions.
The Organization for Economic Co-operation and Development (OECD) define BEPS strategies as “exploiting gaps and mismatches in tax rules”. India has a complex Income Tax regime charging tax on domestic and international transactions in line with international practices. With the law that is constantly changing to reflect the current policies of the government, handling and planning the tax affairs and adapting to the changes can be a challenging task for any corporate tax payer. The application and interpretation of tax laws give rise to tax litigation which deserves efficient and effective management.
VGNC offers integrated services in the field of direct taxation including
- Tax advisory, tax structuring, and tax planning
- Optimizing tax payouts within tax incentives and scope of tax minimization as per law in force
- Assessment, Reviews and Analysis of grey areas in Tax Law and minimize Tax Disputes
- Compliance and representation before tax authorities in assessment, reassessment, penalty and revision proceedings, including faceless e-proceedings
- Settlement and Dispute Resolution
- Litigation before Appellate Authorities, Tribunals, High Courts and the Supreme Court.
- ICDS Compliance & Disclosures
- TDS and Withholding Tax Matters
- GAAR and SAAR provisions of Tax Laws and Planning & Advice thereon
- Search and survey proceedings