Corporate Tax Services

Corporate Tax Advisory And Its Need For Businesses In India

We understand that India isn’t perceived as a tax-friendly jurisdiction, yet we tend to focus on solutions instead of lamenting on the problems. From a tax standpoint, we believe that it’s a balanced mixture of planning, management, and efficacy which helps the business sustain in any given market.
While corporate tax does apply universally, its impact can be layered and must be understood carefully on the type of business in question: domestic or foreign companies, an existing venture or a new company, etc. And secondly, it’s further imperative to understand how tax benefits apply across markets and industries – which comes with developing a tailored tax strategy.

How Coinmen Undertakes Corporate Tax Advisory Services

Simply put – we look at businesses and their needs, objectives, and aspirations holistically. This gives us an edge in our modus operandi, where we provide solutions keeping the Indian tax system and its evolutionary nature in mind to add maximum value to the said business – regardless of the venture’s size, scale, and years of market presence it has had.
Strategizing and doing things with a big picture mindset, we are proud to have a team featuring a blend of seasoned tax experts as well as young blood brimming with talent and ideas.

Our Key Offerings At A Glance

We undertake a detailed set of functions and services under corporate tax advisory, which is elaborated as follows:

  • Advisory and opinion on complex tax issues
  • Corporate tax planning for short-term and long-term business presence in India
  • Review of tax strategy vis-à-vis business strategy and eliminating loopholes
  • Computation of capital gains, undertaking business valuations, etc. for mergers and acquisitions
  • Corporate re-organization, including business model structuring
  • Group re-structuring
  • Divestment advisory
  • Assistance with corporate tax compliance and consulting related to advance tax computations
  • Advisory on withholding tax and compliances
  • Assisting with income tax returns & other corporate compliance matters
  • Obtaining necessary registrations with tax authorities
  • Representation before authorities for tax-related matters
  • Support in preparation of tax litigation strategy
  • Liaising with counsels for representation before high-level litigation authorities
impact of Direct Taxes on a business in India

To know more about the impact of Direct Taxes on a business in India

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Frequently Asked Questions (FAQs) in Corporate Tax

What is the difference between TDS and income tax in India?

TDS (Tax Deducted At Source) is a recovery mechanism comprised within the overall Income Tax Law in India whereas the income tax is the tax that the taxpayer has to pay on his incomes. A simpler way to understand this would be to classify TDS as an advance payment of tax by having the same deducted at source at applicable rates.

The recipient of the income or the taxpayer is entitled to have the TDS deducted against his name set off against his final income tax liability and is only required to pay any shortfall that may arise after such a set-off. In case of excess TDS deducted, a refund is granted to the taxpayer.

To obligate the person making the payment to deduct taxes at source, mandatory provisions have been included in the Income Tax Law coupled with interest and penalties for failure to comply with the TDS provisions. The provisions also benefit the person receiving the income as it seeks to save him from the hassles of having to pay the taxes at a later point of time, which may then be payable along with interest.

What is AY and FY in terms of income tax in India?

Simply put, FY stands for Financial Year where income is earned by an individual or any other entity. It is the period from April 1 of a given year to March 31 of the succeeding year. AY stands for Assessment Year and it is the period of 12 months immediately succeeding after the closing of a given FY. It is the year in which the income earned by an individual or any other entity from the corresponding financial year is computed and reported to the income tax authorities.

The AY succeeds the FY and the FY precedes the AY by the same logic. Assuming the case of FY 2019-20 would mean that it starts from April 1, 2019 to March 31, 2020. For the same FY, the AY will be from April 1, 2020 to March 31, 2021. Both the years begin and end on the same date and for tax computation purposes; FY 2019-20 and AY 2020-21 are treated as the same.

Reporting Partners

Vikrant Suri - Partner - Coinmen Consultants LLP

Vikrant Suri
Co-Founder and Partner
Experience: 15 years
Specializes in Direct Tax Matters
Former Manager, EY India (TRS)
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Nitin Garg

Nitin Garg
Co-Founder and Partner
Experience: 15 years
Specializes in Transfer Pricing
Former Manager, EY India (TRS)
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