Direct Taxes

• Income Tax: CAs are widely perceived to be the best equipped professionals to render all types of line and service function in the area of They can actively contribute as line managers in all areas of taxation, tax planning and tax management. The CAs are best fitted for all types of advisory and consultancy services in taxation. In fact tax planning is becoming a highly specialized service which can be the exclusive preserve of CAs. Outsourcing is the order of the day and CAs are well-placed to give this essential value-addition. The tax audit has been exclusively given to Chartered Accountants where most of the CAs are involved as stated  above. There are nearly two dozen certifications to be done by CAs under the various provisions of the Income Tax Act. They can also render a useful service in verifying whether the deductions given under the provisions of Section 10A & 10B have been correctly claimed.
• Wealth Tax: Though the area of application of Wealth Tax has been considerably pruned, CAs can still render useful service in the matter of valuation of assets, assessment procedures and appeal matters relating to Wealth Tax.
• House and Property Tax: House and Property Tax is becoming an important source of revenue for state governments. There has been an enormous increase in the value of real estate and house property and this area of tax practice can be profitably handled by
• International Tax Service: The process of liberalization which is now well entrenched in Indian policies has led to surge in the entry of multinationals in Simultaneously Indian companies have established their presence in the global markets. The CAs can provide  services  in areas like:
• Cross border investments
• Transfer pricing
• Services for Foreign Institutional Investors
• Structuring of entities
• Double Taxation Avoidance Agreements
• E-commerce taxation
• Foreign collaboration agreements
• Offshore operations

Indirect Taxes

1. GST: As the gamut of GST expands, there would be a great need for professionals to advice and assist the The GST laws envisage registration, payment of tax, filling returns and assessments involving interface with the excise department. CAs with his training and experience is well-equipped position himself for the new role as an advisor and facilitator for due compliance for GST laws by MSMEs.  CAs can offer the following services:

• • Advisory services with regard applicability of the tax, as well as procedural compliance such as registration, assessments etc.
  • Review of contracts and agreements to help mitigate the overall incidents of GST.
  • Conducting GST health checks in order to determine the GST implications on client operations, gauge compliance with legal provisions and suggest tax planning

2. Customs: CAs can provide advisory relating to various aspects of customs law and applicable regulations, covering rates of duties, exemption, valuation planning, classification assistance and Some other areas where CAS can render services include inter alia:

• • Rendering advice and wide range of custom procedures and documentation requirements, including those relating to import and export of goods, clearance of imports, warehousing, duty entitlements, to name a
  • Assisting clients on the policies and procedures set down under the Export-Import Policy, such as licensing
  • Providing the right guidance to enable the clients to make the most of ways in which benefits are available to specific entities/projects or to units in specified areas, as well as confections available under various export promotion

3 Anti-Dumping Duties: CAs can render services like analysis of the existing anti-dumping proceedings, preparation and filling of complaint with the Directorate General of Anti-Dumping (DGAD), and compliance procedures relating to these proceedings

(iv) Labour Laws

(i) Contract Labour (Regulation & Abolition) Act,1970 and Rules

(ii) Employee State Insurance Act, 1948

(iii) Employee’s Provident Fund and Miscellaneous Provisions Act, 1952

(iv) Payment of Bonus Act, 1965

(v) Payment of Gratuity Act, 1972

(vi)Payment of Wages Act, 1936

(vii) Workmen’s Compensation Act, 1923

• (v) The Foreign Contribution (Regulation) Act, 2010
  Regulates receipt and spending of foreign funds. Ministry of Home Affairs handles registration under the Act.
  Any person having a definite cultural, economic, educational, religious or social programme shall accept foreign contribution only after obtaining a certificate of registration under section 11 (1) of The Foreign Contribution (Regulation) Act, 2010.
  Persons other than above can accept any foreign contribution only after obtaining the prior permission of the Central Government under section 11(2) of The Foreign Contribution (Regulation) Act, 2010.