Business Tax Planning and Compliance

 

Tax planning involves conceiving and implementing strategies in order to minimise the tax liabilities. An effective tax planning requires analysis of business and the applicable tax laws. The sole purpose of tax planning is to accomplish a financial plan in a most tax efficient manner.

 

In an Indian Business Scenario Corporate and Individuals are exposed to Income Tax and Wealth Tax further businesses are also exposed to different Indirect Tax liabilities like the Excise (CENVAT), Service Tax, VAT and Works Contract Tax.

 

We provide services on both advisory and compliance requirements.

 

Our tax planning and compliance team can assist in Income Tax, Excise & Service Tax, and VAT matters with:

 

1. Comprehensive Tax Planning
2. Assessing Tax Implications arising out of Corporate Structure/Restructuring
3. Filing of Tax Return
4. Handling Tax Notices/Orders issued & Liaison with the Department
5. Mergers and Acquisitions
6. Tax planning for corporate transactions
7. Business succession planning
8. lectronic Filing of Returns
9. Audits as required

What is Cost Accounting?

Cost Accounting is a type of accounting process that aims to capture company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance.

 

Why do companies need to do Cost Accounting?

Cost Accounting is a valuable tool for the management to understand the cost behaviour and the patterns. In the present competitive environment where the price are determined by the market conditions, entities which have an effective Cost Accounting System in place can only lead the market. With the new Companies (Cost Accounting Record) Rules, 2011 and the Companies (Cost Audit Report) Rules, 2011 the requirement of Cost Accounting is brought to the fore making it mandatory for a large majority of Companies to maintain Cost Records and also get the Cost Accounts Audited in respect of specific Industries.

 

As part of Cost Accounting Service, our team of well qualified professionals can assist our clients in the following areas:

 

1. Assist in Designing & Maintaining Cost Records
2. Carry Out Periodic Review of the Cost Records
3. Verify the Accuracy of the Cost Records
4. Assist in getting the Compliance & Cost Certifications

 

The FDI regime has been progressively liberalized during the course of the 1990s (particularly after 2000), with most restrictions on foreign investment being removed and procedures simplified. With limited exceptions, foreigners can invest directly in India, either on their own or as a joint venture.

 

With an increase in cross-border transactions, both inbound & outbound, there is a heightened need to understand & ensure compliance with complex, evolving legislations covered under the Foreign Exchange Management Act (FEMA) 1999. Our Regulatory (FEMA / FDI) vertical provides advisory & compliance assistance to corporate as well as individual clients – Residents, Non Residents or NRIs.

 

We Provide following services in FEMA / FDI and RBI related verticals:

 

1. Compliance of the procedure including chartered Accountants Certification for repatriation of income/assets from India
2. Making applications to Reserve Bank of India for purchase/sale of shares, debentures & securities and directly to and from Residents in India and outside India.
3. Allotment of Shares to non residents
4. Transfer of shares from Indian resident to non-residents.
5. Setting up Joint Venture (JV)
6. Setting up Partnership / Partnership by NRI'S or persons of Indian origin.
7. Other Advisory Services on FEMA / RBI etc.
8. Issue of Statutory Certificates under FEMA & RBI regulation.

 

1. Outbound Investments

1. Transaction Structuring & Advice for Inbound Investments
2. Assistance in establishment of Indian business entity including Liaison/Branch/Project Offices of foreign companies operating in India
3. Preparation of necessary documentation and obtaining approvals from authorities
4. FEMA compliant valuation reports
5. Ongoing Compliance Services

 

2. Inbound Investments

1. Transaction Structuring & Advice for Outbound Investments
2. Advisory for Setting up a JV / Wholly Owned Subsidiary outside India
3. FEMA / FDI Compliant Valuations
4. Opinions on various matters under FEMA laws
5. Obtaining requisite approvals from authorities
6. Foreign Residency Services
7. Ongoing Compliance Services

 

What is Valuation?

The process of determining the current worth of an asset or company that are very essential for an intelligent decision making. Valuations are needed for a lot many reasons, at the time of acquisitions, sale/transfer of an asset, valuation of a consideration be it monetary or a non-monetary terms. There are many techniques that can be used to determine value, some are subjective and others are objective.

 

Services We Offer

 

1. Complete Business Valuation, Unit or Division Valuation
2. Technology Valuation
3. Goodwill, Trademark Valuation
4. Share Valuation
5. Impairment Loss

 

Corporates are required to maintain secretarial records along with compliance to the various applicable laws be it the Companies Act, FEMA (Foreign Exchange Management Act) and adherence to the reporting and filing requirements of market regulators like the SEBI and the RBI.

 

As part of Corporate Secretrial Compliance, we assist Corporates & Limited Liability Partnerships in the following areas:

 

1. Incorporation of a Company & Limited Liability Partnerships.
2. Director Identification Number (DIN) and Digital Signature Certificates (DSC).
3. Charge Registration and Modification.
4. Charge Verifications.
5. Conducting Annual General & Board Meetings.
6. Maintenance of Minutes of the Meetings.
7. Filing of Statutory Returns to Registrar of Companies.
8. Advisory services on issues under the Companies Act, FEMA, FDI.
9. Liaison with SEBI and RBI