Coverage of Compliances:
- Income Tax
- Service Tax
- Excise Duty
- STPI & SEZ
- Companies Act
5 common problems faced by CFO’s related to compliances:
- No real time status of compliances on pan India level, entity wise / State wise
- Impact: Reactive decision making
- Lack of clarity about full compliances of the applicable tax and statutory laws
- Impact: Possibility of facing penal provisions for no compliances / short compliances
- Poor documentation related to tax return
- Impact: Additions by assessing officer during scrutiny assessment
- Huge dependency on the person/team handling tax compliances
- Impact: Can’t assess the performance and undue increase in
- Managing tax consultants for various tax laws and that too across India
- Impact: Loss of productivity of the tax team and higher Legal & Professional expenses
Benefits experienced by our clients:
- Real time access to the status of tax compliances which can be analyzed from various angles. It gives a huge comfort level to the CFO and Board of the Company.
- Annual review of applicable compliances as per the nature of business of company. We share regular updates about any changes in the existing compliances.
- Preparation and review of complete documentation at the time of filing of tax return which saves huge effort later on when the scrutiny assessment takes place. It also helps in Statutory and Internal Audit.
- We follow system oriented and flow chart based approach to compliances. It reduces the dependency on the knowledge /skill of person to a larger extent.
- One stop solution for all the tax compliances at pan India level. This enhances the productivity and reduces the legal and professional charges by a minimum 20%.
Scope of work:
- Calculation and deposit of monthly/periodic tax liability
- Availment of tax credits benefits
- Preparation and filing of tax return
- Preparation of detail required during the assessment proceedings
- Management of various Forms
- Preparation of detail required during Statutory, tax and Internal Audits
- New registrations and surrender of old ones