ACTIVITIES OF FIRM
The Firm is engaged in the activities in the line of tax matter, audit
and accountancy covering wide range of sub activities related to
Profession.
The major and significant activities taken care by the organization are
as follow:
1) Audit and Assurance and Taxation of Banking Industry:
Audit under the provisions of the Companies Act, Insurance Act, Banking Regulation Act, Co-operative Societies Act of banks both nationalized as well as co-operative, public as well as private limited companies, partnership firms and proprietary concerns.
Involves verification of internal control system, checking of data generated in ERP, vouching of purchases, sales, import, export, banks, cash, branch transactions, bank reconciliation, excise records, VAT/GST records, production planning, stock records, physical verification of stock, ledger scrutiny, human resource records, etc. of companies.
Performed concurrent audit of branches of various nationalized banks and co-operative banks for verifying the compliance with the Directions of RBI and Head Office.
Carried out stock audit of borrowers of various branches of nationalized banks for ascertaining the value of stock and book debts, drawing power, end use of fund and primary and secondary security.
Audit under the provisions of the Income-tax Act for compliance with the provisions of the Act and allow ability or otherwise of deductions/ exemptions in various cases like exporters, new industrial undertakings and charitable institutions.
Certificates for availing disbursements of term loans from banks/financial institutions, certifying creation of assets and details of sources of funds, export and inland turnover for licence purposes, cost of production of particular product and various certificates in connection with raising of public money.
2) Taxation Matters:
VAT and TDS:
- Advising, preparation and filing of application for obtaining Tax Identification Number (TIN) under Gujarat Value Added Tax Act, 2003 and Central Sales Tax registration under the Central Sales Tax Act, 1956.
- Computation of taxes, preparing VAT returns (monthly, quarterly and yearly) and submission of returns to the VAT authorities.
- Assisting in obtaining various forms, declarations, etc. under the VAT Act and CST Act.
- Audit under the VAT Act
- Representation before the VAT authorities in connection assessment, appeals, etc.
- Representation before the VAT authorities for classification of goods for determination of tax liability
- TDS quarterly return filings in 24Q, 26Q, 27EQ of various clients.
- Details of experience are enclosed as Annexure “5”.
Service Tax, Excise and Customs:
- Analyzing business of client
- Deciding most appropriate categories of services for the client
- Preparation of Transaction Flow Diagram and comparison of the same with the present accounting system of the client
Excise and Service Tax Audit:
- Checking and verification of Excise and Service Tax Audit file prepared by Tax Assistant along with Profile of the clients.
- Visits at client’s places at the time of Audit and discussion of the same with Audit Parties. Solutions of Audit issues, justification for Para arising during the Finalization of Audit Report and Modus Operandi issues arising during the Audit.
Direct taxation:
- Advising clients on income-tax, wealth-tax, gift tax and interest tax matters. Scope of work includes preparation and filing of returns, appearing before and communicating with assessing officers and senior officers like Deputy Commissioners, Additional Commissioners and Commissioners in connection with assessment proceedings, recovery of tax arrears and exemption to charitable institutions, inquiry and survey of the premises of the clients by the tax authorities.
- Appearing before appellate authorities in connection with disputes between clients and the tax department and liaison and follow up with senior counsels for complicated tax matters.
- Clients for taxation work include public and private limited companies, co-operative banks, co-operative societies, partnership firms, businessmen, professionals, salaried persons and public charitable trusts.
- Advising the clients in respect of international taxation issues like characterization of income, investment options, type of organization, vetting of agreements and interpretation of DTAA.
3) Goods and Services Tax:
- GST Implementation
- Smooth transition to GST regime
- Advising the clients for post GST implementation
- GST Compliance
- GST Audit
4) Real Estate Regulatory Authority:
- Registration
- Advising the clients
- Compliance work
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