Our team of experts at Illume has a deep understanding of the ever-changing tax laws and regulations. We constantly endeavor to provide you with accurate and reliable advice on tax planning and compliance.
One of our key objectives is to help you minimize your tax exposure. We work closely with you to analyze your financial situation and identify opportunities for tax savings. Our experienced professionals will develop customized strategies tailored to your specific needs, ensuring that you take advantage of all available tax benefits while remaining fully compliant with the law. In addition to tax planning, we also specialize in providing regulatory services. The regulatory landscape is becoming increasingly complex, with numerous laws and regulations that businesses need to comply with. Our team has extensive knowledge of these norms and can assist you in understanding and complying with the various regulations that impact your business operations. We understand that each business is unique and faces its own set of challenges. That's why we adopt a solution-oriented approach to help you address these challenges effectively. Our team will work closely with you to identify the specific issues you face and develop practical solutions that align with your business goals. We strive to provide clear and actionable advice that enables you to make informed decisions.
At Illume, we are committed to supporting your business growth and success. Our tax advisory and regulatory services are designed to help you navigate the complexities of the business environment, minimize risks, and optimize your bottom-line. With our expertise and personalized approach, you can be confident that you are in good hands.
Direct tax
The advent of technology, emergence of the new age businesses and the globalization of Indian businesses have led to evolution of new business, operating and commercial models.
The functioning of tax authorities and the tax regime is also continuously evolving with the use of technology to align and keep pace with these changes. We at Illume provide proactive planning, structuring and compliance solutions to achieve tax efficiency and sustainability.
Advisory
Tax policy and advisory and tax diagnostic reviews including identifying tax exposures and suggesting planning avenues
Tax minimization and planning strategies, availability of tax deductions, capital structure and debt-equity ratio etc.
Structuring transactions to optimize fiscal benefits in tune with commercial objectives (EPC, joint venture, secondment etc.,)
Advising on maintenance of appropriate documentation, preparation and review of compliances.
Advising on POEM, GAAR, and other anti-abuse provisions etc.
Reviewing IGAAP or ICDS or IND-AS applicability and advising on implications thereon.
Advising on the applicability and implications under the black money laws
Advising on routine and non-routine tax queries
Representation
Diagnostic review of the litigation history including developing and implementing strategies
Preparing and filing of response and representation in assessment and reassessment proceedings or any other notices received from tax authorities.
Filing of appeal before revenue or appellate authorities and briefing tax counsels for representation at various levels for tax litigations.
Conducting health checks to identify areas of non-compliances and red-flag reporting or comprehensive due diligence reports
Compliance
Obtaining tax registrations, lower or NIL withholding certificates, no-objection certificates etc.
Preparing quarterly tax computations from an advance tax perspective and filing annual tax returns and tax audit reports.
Preparing and filing of quarterly withholding tax returns including review of monthly tax liability.
Issuing withholding tax certificates in form 15CA or CB for foreign remittances, 281 certificates, significant financial reporting etc.
Obtaining refunds
Reviewing IGAAP or ICDS or IND-AS applicability and advising on implications thereon.
Goods & Service Tax
GST regime requires robust compliance mechanism to collect and pay GST as well as claim the due input tax credits.
Further, with the frequent changes in the regime and dynamism of its applicability to different sectors make it an extremely critical compliance framework. We at Illume, provide proactive planning, structuring and compliance solutions achieve GST efficiency and sustainability.
Advisory
Advising on GST applicability and implications on existing or proposed business transactions
Review contracts and agreements in order to identify the GST impact, from the perspective of procurement, manufacturing and distribution.
Identifying optimal valuation model for related party transactions under GST, while aligning the same with the model adopted under transfer pricing provisions.
Representation
Diagnostic review of the litigation history including developing and implementing strategies
Preparing and filing of response and representation in assessment and reassessment proceedings or any other show cause notices received from tax authorities.
Filing of appeal before revenue or appellate authorities and briefing tax counsels for representation at various levels for tax litigations
Filing of and representation for advance ruling applications before tax authorities.
Conducting health checks to identify areas of non-compliances and red-flag reporting or comprehensive due diligence reports.
Compliance
Obtaining GST registrations and amendments thereto.
Verifying input tax credit records and identification of ineligible credits.
Preparing and filing of monthly or quarterly or annual returns including reconciliation and review of monthly tax liability.
Filing of letter of undertaking.
Obtaining refunds
International Tax
Global business investing and or doing business in or with India as well as Indian businesses investing and or doing business overseas require dealing with complex issues under the international tax regime to be achieve tax efficiency across the borders.
Further, the digitalization of the business has blurred boundaries and made the international tax regime more complex. We, at Illume, provide cross-border structuring and compliance solutions for our clients’ cross-border interests with global support from our network partners.
Advisory
Outbound investment advisory and due diligence
Advising on international tax treaties entered by India including BEPS rules and MLI entered in to by India and related tax planning
Advising on equalization levy and other forms of digital payments
Advising on investment treaties signed by India.
Advising in relation to disclosure of beneficial ownership of foreign assets.
Assisting with mutual agreement procedure under tax treaties and authority of advance rulings.
Representation
Diagnostic review of litigation history
Representing before Indian statutory and fiscal authorities, developing and implementing strategies
Briefing and support to external counsel in litigation before ITAT and above.
Assisting in obtaining foreign tax credits, refunds etc.
Compliance
Issuing of withholding tax certificates – 15CA or CB.
Filing FIN-48 report.
Transfer Pricing
Transfer pricing becomes a key aspect to be considered for global businesses with multi-country intragroup transactions.
Transfer pricing laws across countries requires benchmarking transaction with related parties' basis the functions, assets and risks matrix involved. We, at Illume, provide comprehensive transfer pricing solution from advisory,- benchmarking and compliances in India as well as across countries through network support.
Advisory
Maintaining of documentation and devising internal procedures and guidelines to ensure compliance with documentation requirements.
Pricing methodology and benchmarking analysis for existing and new intra-group transactions, business and operational models, etc.
Structuring management fee payments, royalty payments, etc. along with requisite documentation.
Reviewing and advising on deemed international transactions
Corporate governance under Companies Act and SEBI Regulations :
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Identification of related party transaction (‘RPTs’)
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Analysis of RPTs vis-à-vis arms length pricing
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Approvals required for RPT
Advising and reviewing compliances and approvals for related party transactions.
Representation
Assisting in filing of appeal before revenue or appellate authorities, tax counsels for representation at various levels for tax litigations
Filing application and response to queries raised by tax authorities for APA, MAP and safe harbour provisions
Compliance
Local transfer pricing compliance documentation for international transactions and specified domestic transactions, including:
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Identification of related party transaction (‘RPTs’)
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Analysis of RPTs vis-à-vis arms length pricing
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Approvals required for RPT
Assisting in obtaining accountant’s report in Form 3CEB
Regulatory Services
India has a robust regulatory framework for banking and financial services laws, capital and securities markets laws, corporate laws, exchange control laws, competition laws and insolvency laws coupled with ever dynamic and evolving sector specific regulatory regime for new businesses, new and innovative business models.
We, at Illume, provide comprehensive regulatory support through the mired of regulatory laws applicable achieve regulatory efficient and sustainable structures as well as compliance.
Regulatory services
Regulatory advisory including applicability, governance, reporting and compliances
Regulatory due diligence and audits
Obtaining regulatory licenses from RBI and SEBI.
Obtaining approvals and clarifications from regulators
Transaction support - listings, takeover code, CCI etc.
Implementing of the scheme of merger, demerger, etc., and representing at NCLT.
Insolvency assistance
Representation for informal guidance, compounding, enquiry etc.
Advocacy.
Coverage of laws
Securities laws and SEBI Regulations.
Exchange control regulations and FDI Policy.
Non-banking financial company laws.
LLP and partnership laws.
Insolvency and bankruptcy laws.
Stamp duty and trust laws.
Indian trust laws.