Compliance

Tax Audits under Income Tax Act

The monetary statements of a firm for a given period of time are to be looked after by the Statutory Auditor. The role of the auditor here is to report all the current affairs of the company. It is a crucial tool for stakeholders to gauge the substantiality of the firm with regard to their proceedings.

Internal audits

This kind of audit is specifically designed to enhance a firms functioning. It assists an institution in achieving its goals by ushering a methodical system to inspect and better the efficiency of risk evaluation and management. It has a widened scope within an organisation and may incorporate spheres like effective functioning, accuracy of financial collaterals, inspecting and discouraging frauds, protecting assets, and productive usage of the company resources that is in agreement with the company’s rules.

Income tax Compliances

Taxation being a highly specialized area require skills relating to tax  planning, documentation and representation. As expert Direct Tax Planners, the whole idea behind offering excellent Income Tax Consultancy at Bengaluru is to ensure that a major portion of your hard earned money stays with you and to keep your tax liability to the minimum level within four corner of Law.

TAX CONSULTANCY SERVICES FOR CORPORATE CLIENTS

• Personal interaction with the client to ascertain corporate structure, its sources of income and pending tax disputes at various forum of litigation under Income Tax Act.
• Tax compliance – Calculation of estimated advance tax liability on quarterly basis and review thereof on each quarter.
• Timely alert for deposit of advance tax, or any other tax compliances.
• Year end calculation of estimated tax liability and to advise further tax planning or to make up shortfall in deposit of advance tax.
• TDS compliance, filing of returns & issuance of TDS Certificates.
• Timely preparation of ITR, deposit of self assessment tax, and filing of ITR.
• Checking of intimation if any, received from the department u/s 143(1) for deposit of  tax  demand as determined by the department or to claim refund, if it is not received.
• Compliances of tax notice received from Income Tax Department.
• To appear before Revenue Officer on behalf of clients in the scrutiny matters.
• To examine assessment order and to advise the clients about future line of action  on the basis of  assessment order framed by Income Tax Officer.
• To file appeal and stay, before Appellate Authorities.
• To prepare written submissions /Paper book to be filed before Appellate Authorities.
• To attend appellate proceedings on behalf of  the clients.
• Online verification of Tax demand, Tax Refund & review of tax credit available on IT website.
• To take necessary action for settlement of outstanding demand against the client.
• To file application for recovery of  old tax refund due to the assessed.

PERSONAL TAXATION CONSULTANCY SERVICES

• Personal interaction with the client to ascertain corporate structure, its sources of income and pending tax disputes at various forum of litigation under Income Tax Act.
• Estimation of taxable income and investment to be made to reduce tax liability.
• Timely alert for deposit of advance tax, or any other tax compliances.
• Year end calculation of estimated tax liability and to advise further investment or to make up shortfall in deposit of advance tax.
• Timely preparation of ITR, deposit of self assessment tax, and filing of ITR.
• Checking of intimation if any,  received from the department u/s 143(1) for deposit of  tax as determined by the department or to claim refund, if not received.
• Compliances of tax notice received from  Income Tax Department.
• To appear before Revenue Officer on behalf of clients in the scrutiny matters.
• To examine assessment order and to advise the clients about future line of action  on the basis of  assessment order framed by Income Tax Officer.
• To examine assessment order and to advise the clients about future line of action  on the basis of  assessment order framed by Income Tax Officer.
• To file appeal and stay, before Appellate Authorities.
• To prepare written submissions /Paper book to be filed before Appellate Authorities.
• To attend  appellate proceedings on behalf of  the clients.
• To take necessary action for settlement of outstanding demand against the client.
• To file application for recovery of  old tax refund due to the assessed.

TAX REPRESENTATIONS

We undertake tax representations on behalf of  various tax entities such as individual, partnership firm ,  AOP, Trust,  Society,  Company and Limited Liability Partnership  before the Revenue authorities for Tax Assessments,  & Tax appellate Proceedings including Transfer Pricing matters.

ROC Compliances

In India, companies are regulated by registrar of companies that require various compliances on part of companies during pre incorporation and post incorporation phase. These compliance include annual return filing, maintenance of Statutory registers, other compliances, maintenance of minutes book etc. At Chris Associates we take care of all the compliances that are required to met by company under companies law. We undertake compliance assignment on annual as well as case to case basis.

GST Compliance and Audits

• Computation of tax payments and filing of various returns
• Assist in reconciliation of input tax credits as per the GST system and as appearing in records maintained by the Company.
• Preparation of compliance tracker.
• Assistance in undertaking GST audits.

GST Refunds

• Preparation and filing of refund claims.
• Providing end to end support including liaising with the authorities and obtaining refund orders.

• Advice and or opinion on applicability of GST on services provided by clients.
• Advice on CENVAT and other benefits applicable to the organization
• Verification of correctness of claim of CENVAT credit taken by the clients and advice on that while preparing return or doing the GST Audit.
• Giving advice on how and which type of documents required to be maintained by the client for the purpose of GST.
• Verification of Point of Taxation of Services provided by clients to save from the penalty on late issuance of bill.
• Verification of Place of Provision of Services provided by clients or to the clients to determine the GST liability in case of import or export of services and or otherwise.
• Preparation of the challan on basis Data Provided by Clients
• GST Return preparation and Filling.
• Suggestions of method of valuation of stock
• GST Compliance Review
• Handling Matter with the Departments.
• Reply of all queries, objections and or notices including show cause notices issued by the Department.
• Help client while Auditor appointed by the Govt. for purpose of conducting GST Audit at clients place.
• Preparation, filling and conducting of appeal At original appellate level and at Tribunal level.
• Handling stay matters upto Tribunals.
• Handling Work conducted by the Preventive and or DGCEI at clients place.
• Scrutiny.

Payroll related compliances

Statutory Compliance Latest Checklist – The Acts we cover

• The Factories Act
• Shops and Establishment Act
• Building and Other Construction Workers Act
• The Employees’ State Insurance Act
• Labour Welfare Act
• The Minimum Wages Act
• The Payment of Wages Act
• The Apprentices Act
• The Employees Provident Fund & Miscellaneous Provisions Act
• The Payment of Bonus Act
• The Contract Labour (Regulation & Abolition) Act
• The Child Labour (Prohibition & Regulation Act)
• The Industrial Disputes Act
• The Payment of Gratuity Act
• The Industrial Employment Standing Orders Act
• The Equal Remuneration Act
• The Employee Compensation Act.

Payroll, whether managed in-house or outsourced, companies have to be compliant under EPF, ESIC, Professional Tax and Labor Welfare Fund. The legislations around payroll compliance are ever changing and state-specific, with periodic updates. Payroll compliance is time-consuming, cumbersome and voluminous for your business HR organization to manage this.

Chris Associates can help your business HR organizations with managing Payroll compliances including:

• Validation of PF Register – Computation of PF, Eligibility and remittance details
• Preparation, upload of online data and generation of challan
• Remittance of PF Cheque
• Processing & Submission of PF forms post validation
• Liaison with PF, ESIC & PT department