AUDIT & ASSURANCE SERVICES

“Auditing is a systematic examination of financial statements through collection of sufficient and appropriate evidence with an intention of expressing an opinion whether the financial statement give true and fair picture or not”.
Due to strong intention of humans to mis-state information, auditing and due diligence have become a legal requirement in most countries.

All audits are not the same. They are different based on to whom it is to be reported and on which area it is to be reported. For e.g. Statutory audit is conducted by government authority and it is them to whom it is to be reported.

There are different types of audit some of them are as follows:-

1. Statutory audit:--Statutory audits are conducted in order to report the state of a company’s finance and accounts to the government. The audit report of statutory audit is made in the form prescribed by the government agency. This audit is to be calculated by a qualified and independent auditor.


2. Internal Audit:-This audit is conducted by the own management of the company. We can say internal audit is a preparation for other independent audits. But the main intention of internal audit is to check the status of finance and operational efficiency of the company. This audit can be conducted by an independent party or by a company’s own staff. The report of internal audit is to be submitted to management.

3. Tax Audit :- Tax Audit is required u/s 44AB of the income tax act, 1961.Thsi section mandates that every person whose business turnover exceeds INR 1 crore and every person working in a professional with gross receipts exceeding INR 25 lacs must have their accounts audited by an independent chartered accountant. The Tax audit report is to be obtained by September 30th after the end of previous fiscal year. Non compliance attracts penalty of 0.5% of turnover or INR 1 Lacs whichever is lower.

4. VAT Audit :- Tax Audit is required u/s 61 of the MVAT Act, 2002.This section mandates that every person whose business turnover exceeds INR 1 crore must have their accounts audited by an independent chartered accountant. The Tax audit report is to be obtained by January 15th after the end of previous fiscal year. Non compliance attracts penalty of 1.% of turnover.

5. System Audit:-System means collection or unification of activities, instruments, material, and people to achieve a specific goal. For e.g. Information system is collection of hardware and software acting together to serve a common purpose of providing information. When we talk about a system audit we most specifically refer to management system audit. A system audit is an audit of system/subsystem against system requirement. The main purpose of this audit is to check whether the system/subsystem is working according to the prescribed requirement or not.



BUSINESS ADVISORY

The Firm has deep insight on business processes and therefore is in a unique position to provide clients constructive ideas and insights leading to improved business efficiencies, better compliance, good corporate governance and business risk mitigation.

The Firm maintains a very professional healthy working relationship developed over years which is a relationship of trust. Therefore our clients seek our objective suggestions based on the undersanding of the business and driven by trust.

Regularly and as part of audit process, such business advisory is offered as part of audit. In cases where follow up and detailed study are warranted and demanded by the clients, the Firm offers such Business Advisory as an assignment.
These business advisory services are offered in the hope they will lead to a creative exchange of ideas, one which will result in meaningful actions to enhance the Company’s growth and profitability, or, to benefit and strengthen the Organization, while enhancing the depth and value of the professional relationship mutually, for the client and the Firm.



DIRECT TAXATION

Compliances
Tax planning & Returns The service involves helping the clients make necessary periodic income tax, Advising on Income Tax Planning of Individual Non Corporate & Corporate clients. Monthly tax reconciliation of the TDS due and deducted. It also includes helping the client make sound investment decisions and help him avail various rebates and deductions.

TDS/TCS Compliances
Experts of TDS compliances, Computation of monthly TDS, Preparation and deposit of Monthly challans on or before the statutory due dates.Filing of various returns & statements under the TDS provisions, generation of various certificates,

Capital Gains : Calculation of accurate tax liability and suggestion about tax planning.

Calculation & tax planning of Capital Gain Taxation.

Preparation and deposit of TDS on Property.

Litigation
Handling the scrutiny assessments.
Appeals before CIT (Appeals) and ITAT :Drafting and representing tax appeals before various appellate authorities like Commissioners/ Appellate Tribunal.

Certification Work
Issuance of Chartered Accountant certificates u/s 195 required for the Overseas Remittances purposes from time to time.
Tax Audits.
Various Tax certificates required under Income Tax Act time to time.



INDIRECT TAXATION

SERVICE TAX
Service tax is a central tax, which has been imposed on certain services and is the latest addition to the genus of indirect taxes like customs and central excise duty. India, a developing country, was somewhat slow in discovering the potential of this kind of indirect taxation for enhancement of revenue collection and it was the Finance Act 1994 that first introduced the service tax provisions through its Chapter V. Service Tax is collected by Central Excise Department.

Some of our services include:-

Compiling and calculating the net service tax on output services after taking benefit of Cenvat Credits.
Compiling the data of Cenvat Credits for service tax.
Preparing & Filing of Service tax Returns.
Advising on the issues relating to Service tax.
Consultancy on the maintenance of prescribed records.
Tax Planning as regards the minimization of Service Tax Liability.


MAHARASHTRA VALUE ADDED TAX (VAT)
“Value Added Tax” (VAT) is a tax on value addition and a multi point tax, which is levied at every stage of sale. It is collected at the stage of manufacture/resale and contemplates rebating of tax paid on inputs and purchases.


Some of our VAT related services include :

Rendering assistance in registration under VAT
MVAT Audit
Assistance in claiming input tax credit
Assistance in furnishing tax returns and claiming refunds
 Advice on the legal aspects of VAT
Rendering advice on the wide range of issues in relation to tax invoices and retails invoices
Internal Audit and Compliance Reviews
Helping with audit of accounts necessary for a registered dealer


Goods & Service Tax

The proposed Goods and Services Tax (GST) is said to replace all indirect taxes levied on goods and services by the Government, both Central and States, once it is implemented. The GST will consolidate all State economies. It will be one of the biggest taxation reforms to take place in India once the Bill gets the official green signal. The basic idea is to create a single, cooperative and undivided Indian market to make the economy stronger and powerful. The GST will make a significant breakthrough paving way for an all-inclusive indirect tax reform in the country.

Some of our GST related services include :

Migration to GST of existing dealers.
Rendering assistance in registration under GST.
GST Audit
Assistance in claiming input tax credit.
Assistance in furnishing tax returns and claiming refunds.
Advice on the legal aspects of GST.
Rendering advice on the wide range of issues in relation to tax invoices and retails invoices.
Internal Audit and Compliance Reviews.
Helping with audit of accounts necessary for a registered dealer.



COMPANY/LLP FORMATION AND COMPLIANCES

Companies incorporated or registered in India are governed by the Companies Act 2013.

Some of our ROC related services include :

Formation of Company / LLP
Drafting of Memorandum & Articles of Association
Annual Statutory Audit
Annual Returns Compliances
Drafting Minutes of Various meetings




ACCOUNTS OUTSOURCING

In today’s scenario of globalization and technology convergence, the process of doing business has been redefined. Outsourcing various processes makes a lot of business sense. Most businesses and large companies are outsourcing their accounting processes for better management of their finances, and time etc. These services are structured to suit an individual client’s needs and requirements. Some of the accounts outsourcing services offered are as under Book keeping and General Accounting Service

The service involves preparing and maintaining day to day bookkeeping and monthly or quarterly management accounts. These books are prepared as per the Indian Accounting Standards and can also be made as per specific client instructions.

Preparation of Financial Statements

The service involves preparing a company’s annual accounts and schedules ready for the statutory annual audit Payroll.

Preparation of the monthly payroll based on the inputs received from organization. The same would include all statutory and other relevant deductions as required.
Ensure deductions of all relevant amounts and as per applicable statutory laws like Income Tax, provident Fund and Professional Tax etc.
Checking Form 16 for the Employees and file Qtly. returns for e-TDS with Income Tax authorities.
Deposit TDS & provide proof of deposit.
Ensure redressal of any issues.
Reconciliation of payments/statutory deductions etc. with books of accounts on quarterly basis.

Advantages

Trained & Dedicated Staff to handle Accounts.
Timely reporting for various Direct & Indirect Tax Compliances.
Correct interpretation of the company’s financial position.
Informed and better managerial decision making.
Debtors & Creditors Management.
MIS reports :Optimization of business resources and processes.