5 major pain areas of CFO’s related to Tax Compliances
- Dependency on person who looks after the tax compliances even if the competence level is average
- Don’t get time to review tax related information as it’s always filed at the 11th hour
- No real time status about tax compliances on pan India level
- Additional tax liability at the time of tax assessment just because of lack of information or documents
- No clarity whether all the available benefits available under tax laws are being availed
How outsourcing of tax compliances can address these pain areas?
- Access to the best taxation practices of clients as we are dealing with multiple clients across industries
- System driven approach which involves mapping of processes and use of checklists for future reference
- Immunity from attrition of taxation staff at any point of time
- Real time dashboard which provides clear picture about the status of tax compliances on various parameters i.e. Profit center wise, law wise, state wise etc.
Coverage of tax compliances:
Scope of work:
- Verification of books of account to correctness while charging or deducting any tax
- Determination of monthly tax liability
- Preparation and filing of applicable tax return
- Management of necessary forms i.e. Form C, F, E1, E2 etc.
- Reply of regular notices from tax department
- Preparation of information required during scrutiny assessment
- Representing client before all kind of audits i.e. Statutory Audit, Internal Audit and Tax Audit