SERVICES
Tax & Regulatory
1. Direct Taxes
Direct taxation in India broadly refers to the Income Tax laws which involve personal tax, corporate tax, minimum alternate tax, capital gains tax, international tax and transfer pricing.
We offer services in each of the above mentioned areas of tax and regulatory.
2. Tax Strategy & Compliance
Our Endeavour is to formulate an ideal tax strategy for our clients which is compliant with the law, legitimately reduces the tax bills and yet is not prone to invite litigation.
Our specialist tax partners have a responsibility to ensure that the clients tax bill is optimised and they do not pay any unnecessary taxes. This involves a complete understanding of the ever changing tax laws which offer innumerable tax optimisation opportunities in the form of deductions, exemptions and claims for losses and expenses. Coupled with an intimate understanding of the clients business and structure the potential tax strategies are formulated, discussed and finalised to minimise the tax bills and having said so, we also recognise the fact that the tax strategy should not be overly aggressive and should not increase clients tax risks so as to plunge them into protracted litigation.
Our tax teams constantly monitor the development of jurisprudence, the statutory pronouncements and the amendments in tax laws which invariably have far reaching consequences on the clients’ tax strategies. Our knowledge plays a pivotal role in tax planning, advisory and compliance services. Our regulatory compliance services ensure that the clients attain a high level of stringent tax law compliances.
3. Tax Representation
We provide representation services to clients at all levels of tax hierarchy ranging from assessment to administrative and appellate stages. We have competence and resources to serve clients at all levels of appellate stages ranging from Appellate Commissioners, Dispute Panel, Income Tax Appellate Tribunals. We also provide services Resolution relating to obtaining rulings from Authority for Advance rulings.
4. International Taxation
With the globalisation and integration of economies large corporations are operating in different tax regimes with each one of them vying for their share of the corporations profit pie in taxes. The end result can often be paying taxes in multiple tax jurisdictions on the same income. We assist the foreign clients in entity structuring for Indian forays, transaction structuring, advising on the agreements and contracts from tax perspective, understanding and advising on treaty benefits, regulatory compliances and establishing sound global taxation policies.
Audit & Assurance
Our audit and assurances service offerings are based on a complete understanding of the clients’ business specifics, industry peculiarities and the applicable laws. The audit approach is based on the compliance issues, the nature and requirement for audit, the clients’ requirement and key risk issues involved.
Our audit and assurance solutions range from statutory audits, internal audits, tax audits , management audits, concurrent audits etc. The audit deliverables range from reporting for statutory compliances to enhancing the clients business financial and operational performance.
1. Statutory Audit
We conduct statutory and regulatory compliance audits for filing of annual or periodic financial results. We review compliance with accounting procedures, provisions of various law, standards and guidelines in accordance with the Generally Accepted Accounting principles to ensure that financial statements are free of any misstatements, errors and discrepancies.
Statutory audits are aimed at achieving compliance with regulations, assessing the strength of controls, confirmation of accounting treatments of recorded transactions, independent review of reported information and preparation of accountants’ report.
2. Tax Audit
Tax Audit refers to the independent verification of the books of accounts of the assessee to form an opinion on the matters related to taxation compliances carried out by the assessee. Tax audits have been made mandatory by the Income Tax Act that states that all taxpayers are required to get the accounts of their business or organisation audited according to the provision of the act.
We conduct Tax Audit of assesses as required under Section 44 AB of the Indian Income Tax Act, 1961. This involves reporting on the certain factual details by assesses to the Income Tax Department to enable proper assessment of tax by the Department.
3. Internal Audit
The internal audits are conducted with varying client requirements but essentially the objective thereof is to provide assurance on controls and processes. The objective of an internal audit is to educate management and employees about how they can improve business operations and efficiency.
The scope of internal auditing within an organization is broad and may involve topics such as an organization’s governance, risk management and management controls over: efficiency/effectiveness of operations (including safeguarding of assets), the reliability of financial and management reporting, and compliance with laws and regulations.
Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation professionals, and conducting post investigation fraud audits to identify control breakdowns and establish financial loss.
4. Stock Audit
An inventory audit is when an auditor uses analytical procedure to check a company’s inventory methods and confirm that the financial records and actual count of goods match.
Inventory is a key asset in a company’s financial statements as it can be used as collateral for bank loans and also can be misappropriated for fraudulent reporting purposes. Companies typically put in place internal controls such as a custodian of inventory or a segregation of duties between the custodian of inventory and the individual with access to the perpetual records to reduce risks of inventory fraud and misappropriation.
5. Bank Audit
Statutory audit of banks can be defined as an audit to ensure that the financial statements and books of account presented to the regulators and the public are fair and accurate. It is an audit that is prescribed by a different statute such as Income Tax, Reserve Bank of India, Companies Act and so on.
The Statutory Audit of Banks is mandatory and, the RBI in association with the ICAI appoints Statutory Auditors for the same. At the end of every financial year, a rigorous statutory audit is conducted in every branch of a bank.
6. Proprietory Audit
The term ‘propriety’ has been defined as “that which meets the tests of public interest, commonly accepted customs and standards of conduct and particularly as applied to professional performance, requirements of Government regulations, and professional codes.”
Propriety Audit evaluates the underlying evidence, but also attempts to examine the regularity, reasonability, prudence and impact of various acts. In propriety audit, instead of too much dependence on documents, vouchers and evidences, it shifts emphasis to the substance of transactions and looks appropriateness thereof on a consideration of financial prudence, public interest and prevention of wasteful expenditure. The propriety audit seeks to ensure that expenditure is not only appropriate to the circumstances, the objectives for which it was incurred are also achieved.
Our expert Team undertakes proprietary audits with a focus to financial prudence, public interest and prevention of wasteful expenditure. Our audit report gives insights to the appropriateness of the transactions and its impact on the organization.
7. Cost Audit
Cost Audit represents the verification of cost accounts and check on the adherence to cost accounting plan. Cost Audit ascertain the accuracy of cost accounting records to ensure that they are in conformity with Cost Accounting principles, plans, procedures and objective. Under which cost audit aims to identify the undue wastage or losses and ensure that costing system determines the correct and realistic cost of production.
8. GST Audit
GST Audit will apply every year for those GST registered business (GSTIN) having turnover more than Rs 2 crores, by the sale of goods or services in the financial year.
Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by us.
GST is a trust-based taxation regime wherein a taxpayer is required to self-assess his tax liability, pay taxes and file returns. Thus, to ensure whether the taxpayer has correctly self -assessed his tax liability a robust audit mechanism is a must. Various measures are taken by the government for proper implementation of GST and audit is one amongst them.
Corporate Law Services
We offers corporate law and secretarial services in fields ranging from incorporation of corporate entities & LLPs, assistance in maintaining prescribed records, filing of annual returns with the MCA & related documentation, convening and conducting meetings of the Board of Directors and shareholders statutory filings with the MCA and advising and representing the clients in corporate litigation at Company Law Board matters through an in-house qualified persons.
Advisory Services
We offer multi disciplinary advisory services to clients in its main areas of practice i.e. taxation and regulatory, audit and assurance and company law. Besides the firm also offers advisory solutions on partnership and LLP laws, societies and trusts laws, exchange control regulations, employee benefit regulations etc..
Our advisory services deliverables are based on gaining an understanding of clients’ query, thorough research on the subject, in-house threadbare discussions on all possible solutions, considering myriad options, application of knowledge and past experience on the issues and providing an informed opinion on the query.
Financing & Loan Syndication
Bank Loan Syndication is the process of formulating a credit request, preparing a detailed project report along with the necessary documents, submitting the requests to banks or financial institutions and obtaining sanction & disbursement of credit facilities. A well drafted Detailed Project Report will ensure easy approval of the requested credit facilities. So an experienced Financial Professional with good writing, presentation and financial analysis skill must prepare the Detailed Project Report. We have an experience in financial professionals who syndicated bank loans for hundreds of business. Our Financial Professionals will provide end-to-end support on the loan syndication process.
Legal & Financial Due Diligence
One of the most important types of due diligence is the financial due diligence that seeks to check whether the financials showcased in the Confidentiality Information Memorandum (CIM) are accurate or not. Financial DD aims to provide a thorough understanding of all the company’s financials, including, but not restricted to, audited financial statements for the last three years, recent unaudited financial statements with comparable statements of the last year, the company’s projections and basis of such projections, capital expenditure plan, schedule of inventory, debtors and creditors, etc.
Due diligence in regard to tax liability 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.