Tax Management Handle tax billing and property appraisals in-house with integrated systems for auditor, treasurer, delinquent tax collector and assessor. Each system accesses a comprehensive database supporting appraisals, assessments, taxation, collections and more. Frequent updates ensure your office is in compliance with current taxation requirements. Extensive reporting capabilities accurately track and report tax dollars throughout the system.
The evolution of transaction tax management is a rapid affair. In the early 1990s transaction tax specialists were mostly the domain of the big accounting firms. Now any self-respecting multinational wouldn't be seen without at least one international transaction tax specialist.A second evolution is occurring. Tax departments are benchmarking their headcount and services to be best-in-class. There is more focus on value creation, and on how much time is spent on compliance versus more value-added activities, such as planning and business advising. Within transaction tax such opportunity exists in the world of supply chain management a world of logistics, global sourcing, customs duties, incoterms and free trade agreements.Rarely are transaction tax and supply chain management mentioned in the same sentence. Yet there are many dependencies where the tax department and the supply chain team need to be working together.
While there is a thin line between tax avoidance and tax planning , simply stating, global tax management is the act of rearranging one's affairs in a manner that global taxes may be minimized as much as possible. In today's era of globalization, when emerging transnational organizations are expanding their operations in various parts of the world and through mergers and acquisitions, it becomes extremely important for such transnational companies to structure their operations in a tax effective manner. One way of effective tax planning could be by way of use of holding companies set up in intermediate jurisdictions for investments in other jurisdictions. A holding company could bring alongwith it several benefits like helping retain capital abroad while achieving tax deferral, assisting in availing benefits under tax favorable treaties and hence effectively reducing costs, providing future restructuring flexibility, and so on. Further, a holding company brings alongwith it the benefits of consolidating different ventures under one company while providing oversight functions for the entire group and also helps capture value at one level which could be useful for taking the entity public in a jurisdiction. This also gives the company to leverage on the group strength, raise capital and at the same time achieve overall group tax rationalization.
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The Income Tax Act, 1961, as an individual, you have to pay advance tax if the total tax payable in the relevant financial year exceeds Rs 5,000. Apart from the regular sources of income, like salary, business/profession and other sources like interest, advance tax is also payable on non-regular income like capital gains.Advance tax has to be paid before the relevant financial year comes to an end. So, for the year 1 April 2001 to 31 March 2002, any amount that is paid before 31 March
Small business tax deductions. This means, Certain expenses, are allowed to be deducted from your sales value to reduce your overall taxable profit and hence your small business taxes.These Small business tax advantages are changed regularly by law, and it is important to check the latest information with a good firm of tax accountants.
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