Advisory Services
Looking for expert tax advisory services? Check out the guide below to see how we can help you navigate complex tax regulations, optimise tax efficiency, and provide tailored solutions for your unique tax challenges.
To achieve your business objectives while optimising tax efficiency requires experience and strategic insights. Our advisory services are designed to provide your business with the necessary expert guidance to understand tax regulations while reducing liabilities.
Tax advisory services provide your business with all the essential insights into tax planning, compliance, and risk management, helping your business minimise liabilities and optimise financial outcomes. Whether it is strategic tax positioning, transaction structuring, or ensuring the accurate maintenance of records, expert guidance is essential to stay compliant and financially efficient.
Through well-informed decisions and proactive planning, tax advisory services help businesses not only adhere to the current regulations but also identify opportunities for tax savings, investment strategies, and long-term financial security.
At Benchmark, we combine industry-specific knowledge with our deep understanding of evolving tax laws to deliver a custom tax solution that aligns with your business goals.
Our Services
At Benchmark, we pride ourselves on delivering a wide range of specialised tax advisory solutions that are made for your business financial needs. With a focus on precision and compliance, we make use of advanced methodologies and technical expertise to ensure your tax strategies are on mark, and future-ready. Below are our distinct service offerings under tax advisory:
- We do diagnostic reviews of existing tax structures to identify compliance gaps and opportunities for optimisation in your business.
- We act as an advisory on the structuring of financial models for tax neutrality and long-term efficiency.
- We represent and assist you with your proceedings before tax appellate authorities and regulatory bodies.
- We provide you guidance on the provisions under Section 115BAB, Section 92A, and other industry-specific regulations.
- To make sure the deadlines are not missed out, we develop custom tax compliance calendars with real-time monitoring.
- We provide advice on cross-border taxation issues, including Base Erosion and Profit Shifting (BEPS) compliance and follow OECD guidelines.
- We provide advice on the tax implications of corporate restructuring, including spin-offs, hive-downs, and joint ventures.
- We keep you updated with any changes to tax laws and provide you with actionable insights for proactive compliance adjustments.
- Helps with preparing and reviewing Advance Pricing Agreements (APAs) for multinational entities.
- Advisory on payroll structuring for tax efficiency and compliance with TDS provisions under Section 192.
Key Features of Advisory Services
Tax advisory services offer an all-inclusive approach to managing tax-related matters, ensuring compliance while identifying opportunities for savings and strategic positioning. Here are the essential features that define a sturdy tax advisory service:
| Features | Description |
|---|---|
| Customised tax planning | Customised tax strategies based on individual or business needs, financial goals, and industry-specific considerations to minimise tax liabilities. |
| Compliance assurance | Guidance on staying compliant with local, state, and national tax regulations, reducing the risk of penalties and audits. |
| Transaction structuring | Advice on structuring financial transactions (e.g., mergers, acquisitions, or divestitures) to optimise tax benefits and reduce taxable exposure. |
| Tax risk management | Identification and mitigation of potential tax risks, ensuring that all financial activities comply with legal and regulatory requirements. |
| Record-keeping guidance | Assistance in maintaining organised and accurate records to ensure seamless tax filing and audits. |
| Tax optimisation strategies | Recommendations for maximising available deductions, credits, and allowances to minimise the overall tax burden. |
| Audit support & recommendations | Assistance with tax audits, providing representation before tax authorities and handling disputes efficiently. |
| Strategic investments | Guidance on tax-efficient investments to achieve long-term financial growth and reduce tax exposure on gains. |
Types of Advisory Services
Tax advisory services cover a wide range of specialised areas designed to address the needs of businesses and individuals. Each type of service is customised to specific tax-related challenges, ensuring compliance and optimisation. Here are the primary types of tax advisory services:
1. Direct Tax Advisory
This service focuses on taxes assessed directly on income and profits, including corporate tax, personal income tax, and capital gains tax. The advisory includes:
- Tax Planning: Structuring income and investments to minimise taxable income while adhering to the Income Tax Act, of 1961.
- Advance Tax and Self-Assessment: Ensuring proper calculation and timely payment of advance taxes, as mandated by Section 208 of the Income Tax Act.
- Tax Deducted at Source (TDS): Guidance on the correct deduction and remittance of TDS under Sections 192 to 196D, preventing penalties for non-compliance.
- Capital Gains Management: Strategies for minimising capital gains tax through exemption provisions under Sections 54, 54F, and 54EC.
2. Indirect Tax Advisory
Indirect taxes are assessed on goods and services, with advisory focusing on compliance with the Goods and Services Tax (GST) and other indirect tax regimes.
- GST Compliance: Ensuring adherence to GST laws, including proper filing of GSTR-1, GSTR-3B, and GSTR-9 returns, and accurate Input Tax Credit (ITC) claims.
- Customs Duty: Assistance in managing duties on imported goods, valuation methods under the Customs Act, and ensuring compliance with the Foreign Trade Policy (FTP).
- Excise and Service Tax (Pre-GST): Addressing legacy cases related to Central Excise and Service Tax under the old regime.
3. International Taxation Advisory
For businesses and individuals with cross-border transactions, this service ensures compliance with international tax treaties and transfer pricing regulations.
- Transfer Pricing: Advising on transfer pricing regulations under Section 92 to 92F of the Income Tax Act, ensuring arm's length transactions between related entities.
- Double Taxation Avoidance Agreements (DTAA): Assistance with claiming tax relief under DTAA treaties to avoid paying tax in two jurisdictions.
- Permanent Establishment (PE): Assessing and managing PE risk, ensuring businesses comply with international tax rules on foreign-sourced income.
4. Mergers & Acquisitions (M&A) Tax Advisory
In mergers and acquisitions, tax implications can significantly affect deal structures and overall transaction value.
- Transaction Structuring: Advisory on structuring the deal to optimise tax efficiency, including considerations of slump sale, amalgamation, and demerger under Section 2(19AA) and Section 50B.
- Stamp Duty and Capital Gains: Guidance on the stamp duty payable during the transfer of assets and optimising capital gains tax liabilities.
5. Corporate Restructuring Tax Advisory
This service provides expert advice on restructuring a company's legal or ownership structure to improve efficiency or adapt to new regulations.
- Demerger and Amalgamation: Ensuring tax-neutral restructuring under Section 2(19AA) and Section 47 of the Income Tax Act.
- Tax Loss Harvesting: Structuring business losses to offset gains in future years, ensuring compliance with the carry-forward provisions under Section 72.
- Employee Stock Options (ESOPs): Advisory on the tax implications of issuing ESOPs under Section 17(2) and Section 49.
6. Tax Risk Management
This service helps businesses manage their tax risks and avoid costly penalties due to non-compliance or errors in tax filing.
- Tax Risk Identification: Evaluating the organisation's financial activities to identify potential tax risks and non-compliance areas.
- Dispute Resolution: Advisory on settling disputes with tax authorities through litigation support, appeals, and representation at various appellate levels, including the Income Tax Appellate Tribunal (ITAT) and Authority for Advance Rulings (AAR).
Why choose us for Advisory Services
Our tax advisory services stand as a benchmark in the industry due to our exceptional expertise and customised solutions. With a team of expert professionals, we provide clear-cut, data-driven insights that coordinate with the latest regulatory frameworks, ensuring not just compliance but strategic tax optimisation. Our deep industry knowledge allows us to offer solutions that are both innovative and reliable, helping businesses navigate complex tax challenges with ease and confidence.
What sets us apart is our client-centric approach, where every strategy is customised to meet your unique financial goals. We prioritise transparency, ensuring you are informed at every step of the process. Our commitment to accuracy, efficiency, and proactive planning ensures that you're always ahead of compliance deadlines while minimising your tax burden. Trust us to be the partner that heightens your tax strategy to a new level of excellence.
Documents Required for Advisory Services
For efficient and accurate tax advisory services, it's essential to have a well-organised set of financial and legal documents. Below is a list of key documents typically required for advisory services:
- Financial Statements: Balance sheets, income statements, cash flow statements, and profit & loss accounts.
- Tax Returns: Previous years' tax returns (both direct and indirect taxes), including GST filings and income tax returns.
- Transaction Records: Documentation of significant financial transactions such as acquisitions, mergers, capital investments, and asset sales.
- Investment Records: Details of financial investments, including stocks, bonds, mutual funds, and real estate assets.
- Audit Reports: Internal or external audit reports that provide insight into financial operations and compliance status.
- Regulatory Filings: Documents related to compliance with tax laws and other regulatory filings, including TDS certificates and statutory registers.
Advisory Service Process
An advisory process is a structured approach designed to deliver precise, customised tax solutions that align with your financial goals. From the initial consultation to ongoing monitoring, each step ensures that your tax strategy is not only compliant but also optimised for efficiency and growth. Let's look at the process in detail.
Step 1: Initial Consultation
Advisory services get started with an in-depth consultation that helps to understand your business's financial situation, tax obligations and business objectives. This step helps in the assessment of the current tax strategy and potential areas of improvement.
Step 2: Data Collection and Analysis
Once the consultation process is done, the next step is to gather all the essential financial data, including tax returns, financial statements and regulatory filings. The collected data undergoes a thorough analysis to identify compliance gaps, opportunities for tax optimisation and areas of risk.
Step 3: Strategic Tax Planning
Based on the analysis made the tax advisors develop a customised tax strategy that addresses the client's specific need. And this process includes suggestions for minimising tax liabilities, optimising investments and ensuring regulatory compliance.
Step 4: Implementation Support
In this phase, advisors assist with executing the recommended strategies. This may involve restructuring transactions, filing necessary documents with tax authorities, and ensuring all tax-related procedures are correctly followed.
Step 5: Ongoing Monitoring and Review
Tax laws and regulations are constantly changing, so continuous monitoring is required to ensure the long-term success of tax strategies. Advisors provide regular reviews to adjust the plans as necessary, ensuring that the client remains compliant and benefits from the changes in the tax code.
Non-Compliance Issues
Failure to comply with tax laws can lead to some financial and legal consequences. Non-compliance not only results in penalties and fines but can also damage an organisation's reputation and operational efficiency. Here are the key non-compliance issues that businesses and individuals may face:
- Penalties and interest on unpaid taxes
- Risk of audits and investigations
- Disqualification from tax benefits and exemptions
- Legal actions and litigation
- Damage to business reputation
- Financial losses due to incorrect filings or missed deadlines
- Suspension or cancellation of licences and permits
Conclusion
Understanding the complexities of tax laws requires expert guidance to ensure compliance and optimise your financial strategy. Our tax advisory services provide you with the tools and insights needed to not only meet your tax obligations but also achieve long-term financial success.
Get in Touch
Take the next step toward financial clarity and security - contact us today for a personalised consultation and discover how our tax advisory services can elevate your business to new heights.
FAQs
What is the difference between tax planning and tax avoidance?
Tax planning involves legally optimising your tax liabilities through deductions and exemptions, while tax avoidance refers to using illegal methods to evade taxes, which can result in penalties.
How can tax advisory services help our business during a tax audit?
A tax advisor can assist by ensuring all documentation is in order, representing you before tax authorities, and providing expert guidance to resolve any disputes that arise during the audit process.
How does tax advisory handle indirect taxes in multiple jurisdictions?
Advisors help businesses navigate multi-jurisdictional tax regimes by providing strategies for indirect tax compliance, including GST, VAT, and customs duties, ensuring correct filings and optimising tax credits.
What are the benefits of advanced tax planning for businesses?
Advance tax planning allows businesses to predict their tax liabilities accurately, ensuring timely payments and reducing the risk of penalties or interest on delayed payments under provisions like Section 234B and 234C.
What is the significance of the audit trail in tax filings?
An audit trail is crucial for ensuring transparency in financial reporting. Tax advisory services help businesses maintain a clear, documented trail for all transactions, which is essential for audits and minimising disputes with tax authorities.
