In simpler terms, tax is government's practice of collecting money from citizens and businesses within its domain to support its operations. "Taxes, after all, are dues that we pay for the privileges of membership in an organized society."
Though tax can be a real burden at times, it is imposed for a reason, for the benefit of the society as a whole. Of life's two certainties, tax is the only one for which you can get an automatic extension.
Our highly professional and experienced workforce here at VSM strives to provide comprehensive solutions to your problems and guide you through the meticulous procedures required to comply with the complex tax laws.
It is a tax that is imposed directly by an individual or an organization to the imposing entity. It is mainly in the form of income
tax which the governments impose on the financial income generated by all entities.
Like it or not, we all have to pay taxes and understanding the complex tax system can prove to be quite a task. Albert Einstein
has even quoted that, "The hardest thing in the world to understand is income tax. It is too difficult for a mathematician. It
takes a philosopher."
Everyone is subject to taxation. The amount of taxes you owe is based on your income. We enable our clients to pay taxes
throughout the year on a payasyougo
system. Our highly experienced and knowledgeable team here at VSM helps you
control your tax liability and reduce the same by taking advantage of various tax benefits.
We help our clients to manage their financial affairs via tax planning to select the most viable tax benefits and prepare a plan
that will optimize their tax position.
It is a tax levied on goods and services. Due to the wide coverage of the indirect tax regime they have an impact on almost
every aspect of the businesses. They are difficult to seclude as they are hidden in the prices of the commodities which are paid
gradually over time so their burden is not felt at once.
Our separate department at VSM handles matters relating to indirect tax implications that enable us to work efficiently and
provide customized services to our clients. Our services include:
The entire system of VAT relies greatly on proper documentation of invoices and bills. We assist our clients in maintaining
systematic records and also obtain relevant certificates for recognition in the Maharashtra Value Added Tax Act. We also
conduct VAT audits, represent our clients before the authorities and file periodical returns and structure transactions effectively
so as to optimize tax incidence.
Service tax is a form of indirect tax imposed on specified services called taxable services. Over the past few years, the scope of
service tax has expanded to include new services. We fulfill the registration requirements on behalf of our clients. Our services
include computation of the service tax amount and preparing quarterly challans. We also assist our clients in the payment of
service tax by filing regular returns including efiling
Globalization has affected our economy in phenomenal ways. In the everdynamic
business world, it is inevitable that
businesses are growing locally as well as globally. This has encouraged foreign collaborations leading to overseas transactions.
Traditionally, international taxation refers to any treaty provisions relieving international double taxation. Double taxation means
taxing the same income twice, once in the home country and again in the foreign country.
In such a scenario, we help our clients to manage their local as well as foreign taxes leading to tax savings and effective
management of their business operations.
At VSM, with our innovative approach, we assist our clients with their cross border structuring and planning including guidance
on matters such as tax treaties, double taxation relief and double taxation avoidance.
The growth in the size of the companies and the resultant complexities of their crossborder business transactions has led to the emergence of the concept of transfer pricing. Transfer price is the price at which the divisions of a company transact with each other.Our objective here at VSM is to assist our clients in developing an effective transfer pricing mechanism for distributing adequate revenue between different divisions which will enable them to ascertain each division's profit and loss individually.Our team of experts provides comprehensive solutions to our clients by evaluating intercompany transfer pricing policies to maintain pricing within Arm's Length Price which reduces the tax burden and thereby enhances the profit margins and allows our clients to optimize their global tax position.With the increasing challenges faced by global corporations, we have tailored our spectrum of services to cover a wider range of services which include preparing transfer pricing documentation and providing an industry analysis, Transfer Pricing Audit, risk management and representation before appellate authorities.