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V J M & Associates LLP

Delhi

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International Taxation And Advisory Services

We are a leading Service Provider of NRI Investments Services, International Transfer Pricing, US-GAAP & FIN 48, Consultancy on FEMA and RBI Issues, Transfer Pricing Audit Services and DTAA from Delhi, India.

NRI Investments Services
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NRI Investments Services

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WE provide income tax consultancy to various clients ranging from Individuals to Public limited companies. Our clients include Partneship firms , NRI, High Networth individuals requiring tax planning, Private Limited companies , Public Limited companies and private chartible trusts. OUr gambit of work includes return prepartion and filing, consultancy on tax planning, consultancy on entity formation like LLP v/s Privatle Limited companies looking at the tax advantanges, tax representation services. With our varied expereince of 25 years we are able to provide value addtion to our customers at most reasonable charges.

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International Transfer Pricing
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With an objective to conquer higher level of customer gratification and contentment we are immersed in providing International Transfer Pricing. These presented services are extensively acclaimed and accredited amid our patrons. Besides this, their delivery on time at inexpensive rates and ability to preserve reliability in our services has received us massive glory amid our customers.

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US-GAAP & FIN 48
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US-GAAP & FIN 48

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RISK ASSESSMENT – ARE YOUR FINANCIAL STATEMENTS PROTECTED? What is Section 92?

Public companies that file under US GAAP must quantify uncertain tax positions under US requirements that have become more definite and rigorous.

FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48) requires companies to recognize, measure, present and disclose undetermined tax positions they take, or expect to take, in their tax returns. FIN 48 has significant practical and technical results because it applies to the most complex areas of tax. Effects go well beyond FIN 48’s effect on amounts reported in financial statements because the accounting standard requires companies to disclose unpredictable tax positions, including significant transfer pricing issues.

These uncertain tax positions in respect of transfer pricing exist even when related companies use arm’s length transfer prices because a taxation authority may challenge transfer pricing policies on the basis of specific facts and circumstances. A systematic process for analyzing and updating the effect of uncertain tax positions is critical. All staff with transfer pricing responsibility should become thoroughly familiar with FIN 48 and consider its implications on their company’s transfer pricing policies.

The Financial Accounting Standards Board (FASB) issued interpretation no. 48, accounting for Uncertainty in Income Taxes- an interpretation of FASB Statement No. 109 (FIN 48). FIN 48 explains the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB Statement No. 109, Accounting for Income Taxes (SFAS 109). This Interpretation specifies a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This Interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years starting after December 15, 2006.

With FIN – 48 in application, the risk assessment of tax benefits recognized in the Indian local books of accounts is to be reviewed on the basis of the technical merits of the position and meeting US tax reporting requirements.

What VJM & Associates Offers

VJM & Associates global Transfer Pricing practice can provide seasoned assistance to determine and or quantify your FIN 48 transfer pricing exposure.

  • Review of various Tax positions occupied by the company and its evaluation under the present tax laws, decided judicial pronouncements, past history of the company, audit developments etc.
  • Supporting the review and advice on various tax Positions with clear and unambiguous tax law and more-likely-than-not recognition standards.
  • Supporting the evaluation with Documentation considering the appropriate level of evidence to hold management’s conclusions, materiality and complexity of the uncertain tax position.
  • Effective Tax Rates (ETR) Reconciliation.
  • Reporting under FIN 48 in the defined formats.

Contact a member of our Transfer Pricing Practice for assistance with FIN 48 Compliance.

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Consultancy on FEMA and RBI Issues
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We Provide FEMA related & RBI related following services:-

  • Compliance of the procedure including chartered Accountants Certification for repatriation of income/assets from India
  • Making applications to Reserve Bank of India for purchase/sale of shares, debentures & securities and directly to and from Residents in India and outside India.
  • Allotment of Shares to non residents
  • Transfer of shares from Indian resident to non-residents.
  • Setting up Joint Venture (JV)
  • Setting up Partnership / Partnership by NRI'S or persons of Indian origin.
  • Other Advisory Services on FEMA / RBI etc.
  • Issue of Statutory Certificates under FEMA & RBI regulation.

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Transfer Pricing Audit Services
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As part of our transfer pricing service, we offer advice and assistance in the following areas:

TRANSFER PRICING ISSUES / CONCEPTS /STRATEGY:

VJM & Associates transfer pricing Team has large practice in transfer pricing field and we have various Tax Consultants under the banner of our firm by giving guidance through professional consulting on various transfer pricing issues and concepts. Our main strategy is studying the concerned industry, billing methodology, transactions, pricing and adoption of correct Transfer Pricing Method. VJM develops transfer pricing solutions and strategies that respond to Associated Enterprises’ objectives and national tax authority’s requirements through proper Tax planning in this area. Analysis on various industries, their turnovers, their business activities, their profit margins, their trends, and reviews on the industries progress quarterly, half-yearly, annually, have been analyzing by us, both statistically and theoretically predicting the correct picture and their risks in various businesses at large. Our team helps in evaluation of alternative business structures from a transfer pricing planning perspective in order to optimize allocation of revenues between group entities.

TRANSFER PRICING INTEGRATED TAX PLANNING:

VJM & Associates specializes in solutions that provide international businesses with an opportunity to comprehensively assess tax position and drive benefits upwards through the company structure. We combine planning, coordination and execution of tax strategies in order to devise flexible solutions that effectively address business changes.

TRANSFER PRICING RISK MANAGEMENT :

VJM & Associates provide practical and consistent approach and solutions on various risk appraisal and transfer pricing strategy on different risks that guide clients to complete regulatory requirements and fulfill with arm’s length standards. VJM assists companies in preparing a defense against possible future inquiries from revenue authorities by assessing the current transfer pricing policies. The potential risks can then be evaluated and if required, appropriate corrective actions can be implemented. Our global controversy solutions and resources enable our clients to confidently address this dynamic issue with confidence.

APPELLATE AUTHORITIES / DISPUTE RESOLUTION PANEL:

Transfer Pricing cases would be taken up to Appellate Authorities or Dispute Resolution Panel or MAP etc. with good Analyzation of cases, facts, figures, data analysis and analysis on comparables and considering fresh or additional evidences. The cases will be presented before the Authorities by experts on Transfer pricing Group in our firm with quality consulting to you.

TRANSFER PRICING DOCUMENTATION :

VJM & Associates also offers clients / customers in providing online Transfer Pricing Documentation work, based on the inputs given by the clients. Further, suitable tax advise and consulting on fixation of Arm’s Length Price and adoption of most appropriate method will also be suggested. This documentation differs from industry to industry and company to company, but on the Transfer Pricing Laws and Concepts. We will provide similar functional comparables from various public data bases both locally and globally, after comparing the FAR Analysis (FAR: functional, Assets and Risk Analysis), basing on economic and market situation. 

COMPLIANCE TO TAX AUTHORITIES’ RULES AND REQUIREMENTS:

VJM & Associates guide customers on Transfer Pricing Study and document their global companies’ businesses, inter-company dealings in agreement with the tax regulation authority in the related countries in which they are functioning. VJM offers a more realistic and a dependable solution that help clients / companies to fulfill authoritarian requirements and to maintain with arm’s length standards.


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DTAA
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DTAA

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DOUBLE TAXATION AVOIDANCE AGREEMENT (DTAA) IN INDIA

The Double Tax Avoidance Agreement (DTAA) is necessarily a bilateral agreement entered into between two countries. The basic motive is to promote and foster economic trade and investment between two Countries by avoidance of double taxation.

International double taxation has adverse impacts on the trade and services and on movement of capital and people. Taxation of the same income by two or more countries would constitute a prohibitive burden on the payer of tax.

The need for Agreement for Double Tax Avoidance arises because of conflicting rules in two different countries about chargeability of income on basis of receipt and accrual, residential status etc.

UNILATERAL RELIEF

Under Section 91, an individual can be relieved from double taxation by Indian Government irrespective of whether there is a DTAA between India and the other country concerned. Unilateral relief to a tax payer may be provided if:

  • The person or company has been a resident of India in last year.
  • In India and in another country with which there is no tax treaty, the income should have been taxable

EXEMPTION METHOD: This assures complete avoidance of tax overlapping.

A. COMPREHENSIVE DTAA: Comprehensive DTAAs are those which cover almost all types of incomes covered by any model convention. Many a time a treaty covers wealth tax, gift tax, surtax etc. too. DTAA Comprehensive Agreements with respect to taxes on income with following countries :

  • Armenia
  • Australia
  • Austria
  • Bangladesh
  • Belarus
  • Belgium
  • Brazil
  • Bulgaria
  • Canada
  • China
  • Cyprus
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hashemite Kingdom of Jordan
  • Hungary
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Kazakstan
  • Kenya
  • Korea
  • Kyrgyz Republic
  • Libya
  • Malaysia
  • Malta
  • Mauritius
  • Mongolia
  • Morocco
  • Namibia
  • Nepal
  • Netherlands
  • New Zealand
  • Norway
  • Oman
  • Philippines
  • Poland
  • Portuguese Republic
  • Qatar
  • Romania
  • Russia
  • Saudi Arabia
  • Singapore
  • Slovenia
  • South Africa
  • Spain
  • Sri Lanka
  • Sudan
  • Sweden
  • Swiss Confederation
  • Syria
  • Tanzania
  • Thailand
  • Trinidad and Tobago
  • Turkey
  • Turkmenistan
  • UAE
  • UAR (Egypt)
  • UGANDA
  • UK
  • Ukraine
  • USA
  • Uzbekistan
  • Vietnam
  • Zambia

B. LIMITED DTAA: Limited DTAAs are those which are limited to certain types of incomes only, e.g. DTAA between India and Pakistan is limited to shipping and aircraft profits only. DTAA Limited agreements – With respect to income of airlines/merchant shipping with following countries:

  • Afghanistan
  • Bulgaria
  • Czechoslovakia
  • Ethiopia
  • Iran
  • Kuwait
  • Lebanon
  • Oman
  • Pakistan
  • People’s Democratic Republic of Yemen
  • Russian Federation
  • Saudi Arabia
  • Switzerland
  • UAE
What VJM & Associates Offers

We at VJM & Associates offer advisory services to Indian Clients, Multinational Clients having interest in India and NRI for better tax management keeping in view the laws of India as well as overseas countries and Double Taxation Avoidance Agreements (DTAA) if any executed.

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Expatriate Taxation Services
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IFRS Consulting

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Foreign Direct Investment Consultancy
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