Page 38 - Quick Insights Book 2022

Direct Taxation 7

Income-tax Act, 1961 is the prime legislation in the area of
direct taxes in India. With the continuous development and
growth of economy, rapid changes have been taking place in
tax laws. With the increasing compliances and complexity in
Income Tax, need of Chartered Accountants is increasing day
by day.

Superior knowledge of tax laws and business environment,
guidance of Chartered Accountants is much sought after by
trade, commerce and industry.
Chartered Accountants are competent enough to provide
consultancy services related to all Income Tax matters to their
clients. Overview of services which can be rendered are as
follows –
1. Tax Planning and Tax Management.

2. Suggestions on tax effective and complient module for
transactions and business vechiles
3. Audit and certification under income tax law.

4. Representation before Revenue Authorities
5. Compliance to notices and communications from Income
tax officials and CPC.
6. Preparation and filing of appeals and appear before
CIT(A) and ITAT.
7. Preparations for scrutiny and assessments / Re-
assessments case.
8. Providing Consultancy in relation to taxation associated
with purchase and sale of assets, house property
including capital gain i exemptions
9. Sole proprietor, partnership, companies , societies ,LLP
Direct 10. etc. compliances and litigations.

Advice for bifurcation of Capital and revenue expenditure.
Taxation 11. Tax audit and filling of income tax returns and various

other statements.
12. Compute monthly TDS/TCS liabilities, reconciliation,
preparations and deposit of challan, filing TDS/TCS
returns and providing certificates.

13. Advice on tax issues in acquisition, merger and
demerger.

14. Tax issues on cross border deals including international
and NRI taxation (explained in separate topic).
15. NPO registration, licensing, planning and return filing
work (explained in separate topic).

Quick Insights on Professional Opportunities for Chartered Accountants 25