OUR PRACTICE
India has an extensive and intricate direct tax system. Managing income tax function in most organizations can be difficult, because the income tax legislation is constantly changing to reflect government policies and also because the income tax department is tenacious and often litigates most matters. The ever-evolving company landscape necessitates ongoing examination and assistance due to tax assessments, compliance, and amidst the growing importance of digital technology in businesses.
AQUILAW’s extraordinary blend of lawyers and chartered accountants enables us to provide clients with solutions that are both legally and financially sound in its Income Tax practice. We also collaborate closely with other practices areas within the Firm, to get the best possible solution for our clients.
We know that providing innovative, effective legal services and meeting our client’s demands largely depend on our ability to understand their overall objectives and how they connect to business or commercial implications.
We offer our clients all services related to assessment and appeals, tax planning and structuring, advisory, compliances and income tax litigations.
Our Service Offerings
Assessment and appeals
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Appeal before Hon’ble High Court under S. 260A of the Income Tax Act, 1961, along with filing stay application, as necessary;
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Drafting and filing writ petitions, affidavits and written submissions, before various High Courts in India, praying for setting aside/ quashing various show cause notices issued, orders passed by the Revenue, including proceedings Under Section 148 of the Act, in violation of procedures laid down in law, through undertaking detailed research and appearing before the Hon’ble High Courts;
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Drafting submissions and representing before ITAT;
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Briefing counsels, undertaking research, preparing counsel brief/ summary of the matter along with a list of relevant case laws / circulars/ notifications, as maybe applicable, prior to such briefing; and
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Preparing written submissions, replies for scrutiny assessment proceedings.
Tax planning and structuring
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Strategic and innovative tax planning and structuring complex transactions for private trusts, associations, corporates, high net worth individuals, NRIs, PIOs etc.; and
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Reviewing of transaction documents such as mergers and acquisitions, investment agreements, SHA, SPA, etc. from taxation standpoint.
Advisory services
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Advisory on scrutiny and assessment proceedings under S. 143, S. 144 & S. 147 of the Income Tax Act, 1961, business income, charitable and educational institutions, private trusts, capital gains, income from other sources, tax holidays, exemptions, tax returns;
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Corporate tax advisory;
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Advisory on TDS, TCS and Equalization Levy provisions including the recent virtual digital assets and e-commerce marketplaces;
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Handholding and assisting scrutiny assessments through Faceless Assessment Scheme, as amended from time to time; and
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Advisory and sensitizing clients on various amnesty schemes, released by GoI/ CBDT, from time to time.
Direct Tax compliance
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Assisting in tax audit compliance;
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Tax diligence and health check-up;
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Tax computation and filing of returns of corporates, trusts, AOP, firms and HNI;
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Withholding tax computation and advance tax computation;
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TCS/ TDS return filing; and
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Filing of various forms such as 15 CA/ CB, Form 3 CEAA/ 3 CEAB/ 3 CEAC, Form 3CEB, Form 10A/ 10B, Form 60, Form 61/ 61A/ 61B
Key Clients
Notable Deals
Advised a society formed under the West Bengal Societies Registration Act, 1961, under the aegis of Information and Cultural Affairs Department, Government of West Bengal, which organises International Film Festivals, on the taxability of the award money and the applicability of TDS provisions on the award money handed over to awardees.
Advised a State of West Bengal owned Company on the applicability of TDS and TCS provisions under the Income Tax Act, 1961, upon suppliers, distributors and the company, itself.
Advised a large conglomerate in identification of type of SPV for acquisition of land considering the tax implications and potential tax outgoings.