The duties of tax planning department in a widely held company can be summarised as below.
12 Duties of tax planning department
1. Full knowledge of corporate objectives and functioning of various departments,
2. Salary structure details of executives working at different levels.
3. Adequate documentation and collection of various accounting information.
4. Up-to-date knowledge of tax laws, latest circulars, case laws, rules and provisions of direct lax laws.
5. “Working out various alternatives from tax angle for consideration by management.
6. Claiming appropriate allowances and deductions and availing of different incentives.
7. Planning of tax holiday, benefits and claiming refunds etc.
8. Observing various dates and compliances of legal provisions regarding deduction of tax at source, filing various returns and depositing tax dues on statutory dates.
9. Filing of tax return and follow up action, adherance to various notices issued by the department and appellate authorities.
10. Filing appeals before appropriate courts or revision before the Commissioner.
11. Conducting assessment proceedings and appeal matters.
12. Keeping liaison with accounts and secretarial departments. And Providing legal consultancy on tax matters to those who take decisions.