Taxation audit services in India

Taxation audit services in India

Service Tax has become an important compliance, specially with the amendment in regulation since 2012. Now almost every service is covered leaving a few exempted. This now has repercussions like registration, filing returns, calculation of service tax payable and so on. We provide Online Service Tax Registration services include end to end solution like advice on applicability of Service Tax to meeting compliances including Registration and filing of requisite forms with the Department. We also undertake review of specific agreements to identify the applicability of tax.

Ruchi Anand & Associates help you in the following areas:

• Assessing applicability of service tax
• Registration, single premises and centralized
• Identifying impacts of latest updates on the entity/service
• Assisting in calculation
• Advising on availability of cenvat credit and utilization of the same as per the legislation.
• Helping in assessments/ other departmental representation
• Compliance and regulatory consultancy
• Due Diligence
• Payment and filing of service tax returns
• Litigation matters
• Preparation of appeals and appearing before the authorities.
• Advising on documentation to be maintained.
• Assisting in applying for refund of service tax, especially in export cases.
• Service tax audit related assistance.
• Structuring of business transactions to maximize tax efficiency

Audits are all about Checks, Controls and assurance, which may be complied statutorily or even be held voluntarily by the entity to assure the true view of business in terms of finance. You can rely on us for end to end audits and assurance services. Be it related to about Financial Statements, business processes or Information Technology.

Below are few of the Core Audit services, we master at:

• Financial Statement Audits
• IT controls
• Projects
• Compliance Audit e.g. Service Tax Audit, TDS Audit etc.
• Audit of Infrastructural controls and security
• Due Diligence
• Management Audit
• Efficiency Audit
• Organization structure Audit- Hierarchy Audit
• Corporate governance Audit
• Internal Audits

Besides these core audit services, we undertake specially customized assignments:

• Testing documentation and internal controls that belong to financial reporting
• Data quality and controls - Assessments
• Assisting in designing, implementation and testing of controls
• Advance control structure and implementation
• Preparation of process cycles/ process flows and related documentation
• Business process controls - advisory
• Gap Identification & Analysis
• ERP controls – Assessment, Evaluations and implementation reviews

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Internal audit firms in Delhi

Internal Audit is very important aspect, when we talk of assurance of true picture of state of affairs of an entity. It is checking within the entity. It helps in understanding and assessing risks and evaluates the internal controls and checks. It helps in ensuring optimum utilization of the resources of the entity, as well as timely identification of liabilities including the ones in contingent nature. Internal Audit helps ensuring adequacy of information systems security and controls. Statutorily also certain companies have to have Internal Audit in place.

What we offer you:

• Assessing/ preparing Internal Audit Manual for the organization and Study of control objectives.
• Advising organizational procedures being followed.
• Analyzing Accounting and Audit manual.
• Practicality and viability of existing controls and areas of improvement.
• Assessment of risks and open points.
• Checking the controls instituted within the system.
• Determining controls that are adequate to meet control objectives.
• Working out possible areas of improvement.
• Comparison of written control policies and adherence to same.
• Measuring deviation at test check levels.
• Deciding on degree of control which is adequate depending upon organization to organization.
• Consideration of Fraud in internal audit.
• Internal audit sourcing and outsourcing.
• Assets at risk and their protection.
• Audit of Corporate Governance.
• Evaluation of department for internal controls, if exist
• Legal and situational internal control advisory.
• Process Audits

http://www.raaas.com/Internal_Auditing.php

Formation of Indian subsidiary

There can be two types of it based upon ownership namely

1. 100% ownership
• Fully owned subsidiaries (only in FDI permitted sectors as Per latest FDI policy)
2. Less than 100% ownership
• Joint Ventures

Indian subsidiaries enjoy same rights as basically Indian Companies. There are certain norms to the activities of proposed companies as per FDI policy of the Government. Many activities are permitted to bring 100% foreign investments whereas on some activities Government has put restrictions where Government gives permission of 100% FDI and in a few activities 100% FDI is not permitted and even Government route can not be availed. In those cases, Joint Ventures are good channel of investment, where a certain percentage is held by Indian entities. In the Joint Venture Form of working, foreign company can get a good financial resource with some ready contacts and experienced partners, however a complete privacy has to be a bit parted with.

Assistance in getting FIPB Approvals

There are two entry routes of direct investment in India (FDI):

• Automatic Route
• Government Route (Approval Route)

Depending upon the sector where proposed investment is to be brought in, the above segregation is done. In many a sectors, Government restricts 100% FDI like defense, telecom etc. For such sectors, one has to get the approval of Foreign Investment Promotion Board (FIPB)- a division of Finance Ministry. We assist you in getting the FIPB approvals, taking care of all the formalities so you can rest assured of our services.

Channels other than FDI:

A foreign company can also come and do business in India without investing directly. RBI has permitted such companies to have establishments in India for some limited purposes. Such forms are:

• Liaison office
• Project Office
• Branch Office

Different permissions and freedoms are attached with each such office. So one has to be careful while making choice of these forms of work. RBI permissions have to be sought for each such organization subject to renewals as specified from time to time. Also, the foreign companies have to register with Registrar of Companies (ROC) within 30 days of setting up a place of business in India, besides the said RBI Approval.

http://www.raaas.com/formation-of-indian-subsidiary.php