a. Tax Management / Compliance
Tax management/compliance is at the core of today’s business obligations that include filings and payment of taxes.
Filing of Income Tax Returns
Filing of TDS /TCS returns
Complainces related to advance Tax
b. Tax Representation and litigation
Scrutiny Assessment U/S 143(3)
Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence.
In the cases selected for scrutiny, the assessing officer conducts necessary enquiries during assessment proceedings to ensure that the assessee has not:
- Understated the income, or
- Computed excessive loss, or
- Underpaid tax in any manner.
Rectification U/s Section 154
Rectification of mistake apparent in intimation, assessment, revision and appellate orders.
Appeals U/s 246A [i.e. CIT(A)] and 253 [i.e. ITAT]
An appeal is applying to a higher authority for a reversal of the decision of an assessing officer/lower authority.
Revision U/s 263 & 264
Revision U/s 263 is the reversal of erroneous and prejudicial order of subordinates by CIT/Pr. CIT. Revision U/s 264 is an alternative option available to the assessee. Instead of going to appeal, he can approach CIT/ Pr. CIT.
- Representation before the tax department with respect to assessments, investigation, survey, search and other civil cases
- Representation before CIT(A) and ITAT
- Representation before the Authority for Advance Ruling with respect to residents
- Filing of replies to summons and other notices
c. Tax Due Diligence
Due diligence with regard to tax includes a review of all taxes, the company is required to pay and ensuring their proper calculation with no intention of under-reporting of taxes. Additionally, verify the status of any tax-related case pending with the tax authorities.
- Documentation of tax compliance and potential issues typically includes verification and review of the following:
- Copies of all tax returns – including income tax and withholding taxes
- Information relating to any past or present pending tax assessments against the company
d. Tax advisory and opinions
In today’s business world, every transaction/arrangement is subject to income tax. So, to avoid surprise tax burden, tax advice needs to be sought before entering into any sort of transaction/arrangement.
- Transaction/Arrangement structuring to avoid/lessen tax burden within the purview of tax laws
- Providing opinions on domestic taxation Issues i.e. interpreting of provisions, etc.
- Providing opinions with respect to DTAA and Domestic Law
Goods and Services Tax
A. GST Complainces
Every registered person needs to file many returns and forms within specified time frame failing of which results in payment of interest and penalties under respective provision of CGST Act, 2017. We have a dedicated GST Team to handle all compliances within due dates.
Filing of monthly GST returns
Filing of final return
Filing of letters of undertaking
Filing of all other Forms and declarations as required under GST law on GST common portal
Filing and preparation of annual return
Preparation of reconciliation statement between books of accounts and annual return in accordance with the GST Law
Review the books of accounts in accordance with the law
Filing of reconciliation statement in Form-GSTR-9C on GST common portal
Possible resolutions for errors
Refund of GST
B. GST Representation & Litigation
Representation before GST authority with respect to assessment, search and seizure, summons and other notices
Representation before Appellate Authority with respect to appeal against order of GST officer
Representation before Appellate Authority with respect to revision request against order of GST officer
C. GST Advisory & Opinions
Since the GST Act specifically excludes only a few transactions, every business transaction requires special attention and needs to be analyzed from a GST perspective.
Opinion on transactions to be undertaken by the client
Optimum and proper utilization of ITC
Providing value-added and optimal solutions to the client
Adherence and compliance with applicable GST provisions
Analysis of client specific issue and implication thereof under GST
1. Corporate Secretarial Services
Incorporation of a company
Incorporation of a LLP
Filing of Annual Compliances like AOC-4 (Balance Sheet) , MGT-7( Annual Return)
Event based compliances whenever occurred requires reporting to the Ministry of Corporate of Affairs through designated like filing of ADT-1 (Appointment of Auditor), CHG-1 (For creation of Charge)
2. Corporate Law Consultancy
Drafting of Minutes, Board Resolution etc.
3. Accounting Services
Review existing accounting policies and suggest changes as per compliance with Ind AS / AS
Assist in forming an opinion in any Ind AS / AS matter
Assist in filing Ind AS/ AS financial statements in XBRL format
Book Keeping Services
Finalization of Books of Accounts as per AS and Ind AS.
4. Transaction structuring
Our experts advise on outlining an optimal deal and assist in effecting the transactions. We provide better solutions to support a wide range of transactions by understanding the pros and cons involved and see that the ultimate objectives of the arrangement are achieved by providing a list of alternative routes available. We also ensure that the arrangement is in compliance with all applicable statutes.
Audit & Assurance
1. Internal Audit:
Companies Act 2013 mandates Company subject satisfaction of certain conditions to have internal Audit mechanism in relation to its size of operations.
2. Stock Audit:
Stock audit is a statutory process which every business institution needs to perform at least once in a financial year. As far the stock audit process is concerned, the process mainly involves the counting of physical stock presenting the specified premises and verifying the same with computed stock maintained by the company. The reason and purpose behind executing this is to correct the discrepancies present in the book stock when compared to physical stock by passing necessary adjustment entries.
3. Fixed Assets Management:
An accounting process to keep track of companies fixed assets for the purpose of financial accounting, asset maintenance and theft prevention.
i. Fixed Assets Verification (FAV)
ii. Maintaining Fixed Assets Register (FAR)
4. Tailored Audit:
Tailored Audit is the Customized Audit function to cater organization needs.