Maitreya Patni - A. Chandak & Co.

Friday, 31 March 2017 12:53

SERVICES TO MNC NRI & FOREIGN NATIONAL

We facilitate multinational organizations in exploring opportunities and setting up business also assists them in complying with legal formalities applicable in India. We brief them taxation system and allied procedures relating to the business which they are planning to set up.

This includes feasibility studies, obtaining statutory approvals from government departments, accounting services, human resource procurement, legal services and other services listed below:

Highlights of our services:

Setting up accounting systems, internal controls, procedures and accounting manuals
Guidance on registration with the Software Technology Park of India for 100% export oriented software companies & with the Customs & Central Excise Departments regarding custom bonding of STP/EOU units
Assistance in obtaining IEC code and guidance on import/export policies and procedures
Financial & management restructuring of overseas corporate and joint venture collaborations
Incorporation of companies and offices for multinational clients in India
Managing back office operations covering accounting and statutory compliances
Statutory approvals from Government of India
Financial restructuring of overseas companies
Joint venture collaborations
Vetting of commercial agreements
Internal audit & Stock Audit
Transfer Pricing, determining arm length pricing for transaction between sister concern in accordance with Transfer Pricing rules and regulations.

Statutory Audit

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standard Auditing Practices issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies

Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. Major objective of these audits are:

To certify financial statements.
Report under Companies (Auditor’s Report) Order (“CARO”)
Continuous dialogue with the management, concerning any material weaknesses in the internal control system.

Tax audits

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year.

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

In case an Assessee is liable to get his Accounts audited by an Accountant under any other Law for the same accounting period, the assessee is not mandatorily required to get his audit done again and is only required to submit a report in the form mentioned below.

However, if the Accounting Year is different from the Accounting Year for which the Audit was done under any other Act, the Tax Audit would be required to be conducted again as per the Income Tax Act. efiling of Tax Audit report is mandatory from the assessment year 2013-14 onwards.

As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD.

Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
Form 3CB & Form 3CD– These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

Transfer Pricing Audit

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

Comparable Uncontrolled Price Method
Resale Price Method
Cost plus Method
Profit Split Method
Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case. The Applicability of Transfer Pricing can be better under stood from following chart :

Particulars

International Transfer Pricing

Domestic Transfer Pricing

Applicability

I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.

I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).

II. On any transaction mentioned in section 80A.

II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.

III. On any transfer of goods or services u/s 80-IA(10).

IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).

V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.

Relevant Form to be filed

Form No. 3CEB u/s 92E

Relevant Due Date For Compliance

30th November

Due Date For Tax Audit

30th November

Due Date For Return

30th November

Monetary Limit

No Monetary Limits

Companies having related party transactions more than 5 Crore

A.Chandak & Co. assist clients in :

Determining the Arm Length Pricing.
Preparation of Transfer Pricing Report.
Conducting Transfer Pricing Audit.
Representation before taxing authorities.

Management, Internal Audit and Concurrent Audits

Auditing services includes reviewing and restructuring operational systems. Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors, omissions, frauds safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. Our objective is to facilitate the clients in:

Understanding the deficiencies in the existing system of accounting.
Fund management.
Stores and purchase management.
Setting up & improving systems.
Compliance with management controls.
System and process improvements.
Financial impropriety and fraud audits.
Due diligence for acquisitions and investments.
Operations and Efficiency Audit Services.

Due Diligence Review

We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.

Stock audits on behalf of banks/companies

Our emphasis is on ensuring strong control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Stock audits include:

Stock/inventory verification
Age-wise analysis
Variance analysis by comparing actual with book records
Setting-up stores manuals
Improving systems

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Friday, 31 March 2017 12:40

Corporate Advisory Services

A.Chandak & Co.’s Corporate Advisory Service provides the intelligence you need to incorporate the latest developments in industry trends, best practices, supply chain management, asset and product lifecycle management, production management and plant automation. A.Chandak & Co.’s Corporate Advisory Service delivers the strategic information you need to assess change, and provides an extension to your staff for help with your unique needs. You will have the knowledge needed to move down the learning curve and improve operational performance. Our corporate advisory solutions range from providing project advisory services to start up projects (both green field and brown field) to providing Mergers & Acquisition advisory, financial structuring services, refinancing, hedging and risk management services

Statutory Audit

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standard Auditing Practices issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies

Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. Major objective of these audits are:

To certify financial statements.
Report under Companies (Auditor’s Report) Order (“CARO”)
Continuous dialogue with the management, concerning any material weaknesses in the internal control system.

Tax audits

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year.

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

In case an Assessee is liable to get his Accounts audited by an Accountant under any other Law for the same accounting period, the assessee is not mandatorily required to get his audit done again and is only required to submit a report in the form mentioned below.

However, if the Accounting Year is different from the Accounting Year for which the Audit was done under any other Act, the Tax Audit would be required to be conducted again as per the Income Tax Act. efiling of Tax Audit report is mandatory from the assessment year 2013-14 onwards.

As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD.

Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
Form 3CB & Form 3CD– These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

Transfer Pricing Audit

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

Comparable Uncontrolled Price Method
Resale Price Method
Cost plus Method
Profit Split Method
Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case. The Applicability of Transfer Pricing can be better under stood from following chart :

Particulars

International Transfer Pricing

Domestic Transfer Pricing

Applicability

I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.

I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).

II. On any transaction mentioned in section 80A.

II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.

III. On any transfer of goods or services u/s 80-IA(10).

IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).

V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.

Relevant Form to be filed

Form No. 3CEB u/s 92E

Relevant Due Date For Compliance

30th November

Due Date For Tax Audit

30th November

Due Date For Return

30th November

Monetary Limit

No Monetary Limits

Companies having related party transactions more than 5 Crore

A.Chandak & Co. assist clients in :

Determining the Arm Length Pricing.
Preparation of Transfer Pricing Report.
Conducting Transfer Pricing Audit.
Representation before taxing authorities.

Management, Internal Audit and Concurrent Audits

Auditing services includes reviewing and restructuring operational systems. Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors, omissions, frauds safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. Our objective is to facilitate the clients in:

Understanding the deficiencies in the existing system of accounting.
Fund management.
Stores and purchase management.
Setting up & improving systems.
Compliance with management controls.
System and process improvements.
Financial impropriety and fraud audits.
Due diligence for acquisitions and investments.
Operations and Efficiency Audit Services.

Due Diligence Review

We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.

Stock audits on behalf of banks/companies

Our emphasis is on ensuring strong control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Stock audits include:

Stock/inventory verification
Age-wise analysis
Variance analysis by comparing actual with book records
Setting-up stores manuals
Improving systems

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Friday, 31 March 2017 12:16

Management Consultancy

Through this process we are able to develop a customized approach, develop innovative solutions, make recommendations for improvement and offer assistance with, or take full responsibility for the implementation of each activity.

Management Consultancy Services
At A.Chandak & Co. Management Consulting Services is a client service oriented consultancy offering time-tested solutions to your firm's operations, financial and project management systems concerns.

Statutory Audit

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standard Auditing Practices issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies

Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. Major objective of these audits are:

To certify financial statements.
Report under Companies (Auditor’s Report) Order (“CARO”)
Continuous dialogue with the management, concerning any material weaknesses in the internal control system.

Tax audits

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year.

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

In case an Assessee is liable to get his Accounts audited by an Accountant under any other Law for the same accounting period, the assessee is not mandatorily required to get his audit done again and is only required to submit a report in the form mentioned below.

However, if the Accounting Year is different from the Accounting Year for which the Audit was done under any other Act, the Tax Audit would be required to be conducted again as per the Income Tax Act. efiling of Tax Audit report is mandatory from the assessment year 2013-14 onwards.

As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD.

Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
Form 3CB & Form 3CD– These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

Transfer Pricing Audit

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

Comparable Uncontrolled Price Method
Resale Price Method
Cost plus Method
Profit Split Method
Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case. The Applicability of Transfer Pricing can be better under stood from following chart :

Particulars

International Transfer Pricing

Domestic Transfer Pricing

Applicability

I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.

I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).

II. On any transaction mentioned in section 80A.

II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.

III. On any transfer of goods or services u/s 80-IA(10).

IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).

V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.

Relevant Form to be filed

Form No. 3CEB u/s 92E

Relevant Due Date For Compliance

30th November

Due Date For Tax Audit

30th November

Due Date For Return

30th November

Monetary Limit

No Monetary Limits

Companies having related party transactions more than 5 Crore

A.Chandak & Co. assist clients in :

Determining the Arm Length Pricing.
Preparation of Transfer Pricing Report.
Conducting Transfer Pricing Audit.
Representation before taxing authorities.

Management, Internal Audit and Concurrent Audits

Auditing services includes reviewing and restructuring operational systems. Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors, omissions, frauds safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. Our objective is to facilitate the clients in:

Understanding the deficiencies in the existing system of accounting.
Fund management.
Stores and purchase management.
Setting up & improving systems.
Compliance with management controls.
System and process improvements.
Financial impropriety and fraud audits.
Due diligence for acquisitions and investments.
Operations and Efficiency Audit Services.

Due Diligence Review

We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.

Stock audits on behalf of banks/companies

Our emphasis is on ensuring strong control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Stock audits include:

Stock/inventory verification
Age-wise analysis
Variance analysis by comparing actual with book records
Setting-up stores manuals
Improving systems

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Friday, 31 March 2017 12:02

Auditing Services

we offer tailor-made accounting systems. In the modern jet age there is fierce competition in the trade and industry. Entrepreneurs are vying with one another in competitive edge to stay ahead of others. This being the business scenario it is most imperative for the CEOS and other junior staff to keep them fully updated with the statistics of the working of a business house and its current affairs required for planning and formulations of policies of the Company.

This can only be possible if the accounts are maintained in an elaborate manner and kept up to date minute to minute. We at A. Chandak & Co. keep the most competent and efficient staff to meet with this important requirement of our clients and readily furnish every data and information as and when required. This is our specialty, time is the essence of business and we are fully seized of this secret of success.

Whether it is a full service accounting and book-keeping plan or quarterly updates and financial statement preparation, we provide accurate and timely services that include:

Book-keeping.
Payroll reconciliation.
Partnership accounting.
Account reconciliation.
Accounts receivable/Payable reconciliation.
Capital planning and Investment management.
Separate currency and Investment gain/loss accounting.
Daily on line access and timely reporting via internet (in PDF or Excel format)
Preparation of management accounts and statutory accounts.
Data Entry/Comparison of data from hard copy to soft copy & vice versa.

Statutory Audit

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standard Auditing Practices issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies

Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. Major objective of these audits are:

To certify financial statements.
Report under Companies (Auditor’s Report) Order (“CARO”)
Continuous dialogue with the management, concerning any material weaknesses in the internal control system.

Tax audits

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year.

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

In case an Assessee is liable to get his Accounts audited by an Accountant under any other Law for the same accounting period, the assessee is not mandatorily required to get his audit done again and is only required to submit a report in the form mentioned below.

However, if the Accounting Year is different from the Accounting Year for which the Audit was done under any other Act, the Tax Audit would be required to be conducted again as per the Income Tax Act. efiling of Tax Audit report is mandatory from the assessment year 2013-14 onwards.

As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD.

Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
Form 3CB & Form 3CD– These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

Transfer Pricing Audit

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

Comparable Uncontrolled Price Method
Resale Price Method
Cost plus Method
Profit Split Method
Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case. The Applicability of Transfer Pricing can be better under stood from following chart :

Particulars

International Transfer Pricing

Domestic Transfer Pricing

Applicability

I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.

I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).

II. On any transaction mentioned in section 80A.

II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.

III. On any transfer of goods or services u/s 80-IA(10).

IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).

V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.

Relevant Form to be filed

Form No. 3CEB u/s 92E

Relevant Due Date For Compliance

30th November

Due Date For Tax Audit

30th November

Due Date For Return

30th November

Monetary Limit

No Monetary Limits

Companies having related party transactions more than 5 Crore

A.Chandak & Co. assist clients in :

Determining the Arm Length Pricing.
Preparation of Transfer Pricing Report.
Conducting Transfer Pricing Audit.
Representation before taxing authorities.

Management, Internal Audit and Concurrent Audits

Auditing services includes reviewing and restructuring operational systems. Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors, omissions, frauds safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. Our objective is to facilitate the clients in:

Understanding the deficiencies in the existing system of accounting.
Fund management.
Stores and purchase management.
Setting up & improving systems.
Compliance with management controls.
System and process improvements.
Financial impropriety and fraud audits.
Due diligence for acquisitions and investments.
Operations and Efficiency Audit Services.

Due Diligence Review

We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.

Stock audits on behalf of banks/companies

Our emphasis is on ensuring strong control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Stock audits include:

Stock/inventory verification
Age-wise analysis
Variance analysis by comparing actual with book records
Setting-up stores manuals
Improving systems

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Friday, 31 March 2017 11:52

AUDITING SERVICES

When faced with a swiftly changing economic and regulatory landscape, the need for timely, high-quality audits is critical. We approach client’s audit with a deep understanding of their business, the industry in which they operate, the risks that client faces and the latest regulatory laws. Our commitment to delivering high-quality assurance services is at the heart of what we do. We provide comprehensive audit and assurance services designed to deliver real value and underpin investor confidence. Explore the services we offer :

Statutory Audit

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standard Auditing Practices issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies

Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. Major objective of these audits are:

To certify financial statements.
Report under Companies (Auditor’s Report) Order (“CARO”)
Continuous dialogue with the management, concerning any material weaknesses in the internal control system.

Tax audits

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year.

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

In case an Assessee is liable to get his Accounts audited by an Accountant under any other Law for the same accounting period, the assessee is not mandatorily required to get his audit done again and is only required to submit a report in the form mentioned below.

However, if the Accounting Year is different from the Accounting Year for which the Audit was done under any other Act, the Tax Audit would be required to be conducted again as per the Income Tax Act. efiling of Tax Audit report is mandatory from the assessment year 2013-14 onwards.

As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD.

Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
Form 3CB & Form 3CD– These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

Transfer Pricing Audit

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

Comparable Uncontrolled Price Method
Resale Price Method
Cost plus Method
Profit Split Method
Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case. The Applicability of Transfer Pricing can be better under stood from following chart :

Particulars

International Transfer Pricing

Domestic Transfer Pricing

Applicability

I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.

I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).

II. On any transaction mentioned in section 80A.

II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.

III. On any transfer of goods or services u/s 80-IA(10).

IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).

V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.

Relevant Form to be filed

Form No. 3CEB u/s 92E

Relevant Due Date For Compliance

30th November

Due Date For Tax Audit

30th November

Due Date For Return

30th November

Monetary Limit

No Monetary Limits

Companies having related party transactions more than 5 Crore

A.Chandak & Co. assist clients in :

Determining the Arm Length Pricing.
Preparation of Transfer Pricing Report.
Conducting Transfer Pricing Audit.
Representation before taxing authorities.

Management, Internal Audit and Concurrent Audits

Auditing services includes reviewing and restructuring operational systems. Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors, omissions, frauds safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. Our objective is to facilitate the clients in:

Understanding the deficiencies in the existing system of accounting.
Fund management.
Stores and purchase management.
Setting up & improving systems.
Compliance with management controls.
System and process improvements.
Financial impropriety and fraud audits.
Due diligence for acquisitions and investments.
Operations and Efficiency Audit Services.

Due Diligence Review

We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.

Stock audits on behalf of banks/companies

Our emphasis is on ensuring strong control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Stock audits include:

Stock/inventory verification
Age-wise analysis
Variance analysis by comparing actual with book records
Setting-up stores manuals
Improving systems

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Friday, 31 March 2017 11:41

TAXATION

Enhancing a stakeholder value is a fundamental concept, which drives every management effort in the modern business environment. Progressive and bottom – line focused managements have realized that taxes should be viewed as a dynamic item of cost, rather than a passive charge on the profits.

Indeed, an effective tax – cost management provides a distinct competitive advantage, which requires the application of appropriate tax strategies, proactively identified and scrupulously implemented.

In the modern day world all businesses are engaged in multinational transactions and operations, they are continually challenged to manage the impact of multiple and ever-changing tax -jurisprudence.

A.Chandak & Co. provides comprehensive and sophisticated tax assistance in effectively managing the impact of taxation. We help address, domestic and international tax issues.

Cross Border Taxation

Double Tax Avoidance Advisory
Transfer Pricing

Direct Taxation Advisory

Taxation Litigation Services

Tax Connect Services

Strategic Business Decisions
Succession Planning
Tax Review (Due Diligence)

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Friday, 31 March 2017 11:17

SERVICE TAX & COMPLIANCE SERVICES

Service Tax has now become one of the major sources of yielding revenue to the exchequer. It has been extended to several items with enhanced rates. The rules and regulations and various procedures laid down under service tax are very cumbersome, tedious and best with the problem of interpretation , disputes and litigation all its provisions have to be completed with very strictly . Even minor lathes can land you in soup. The tax has to be deposited in treasury with in the stipulated period and various returns are to be filed on prescribed forms with in specified dates failing which return penal action in called for.

We have with us extensive experience in handling the demands of Service Tax Consultancy services that comprise areas like:

Service Tax Registration
Consultancy on Services as per the applicability of Service tax Act
Filing of Service Tax returns in ST-3
Consultancy on deposit of monthly service tax of corporate and individuals
Maintenance of Service Tax Records
Liasioning with respective Authorities
Preparation of returns & challans
Handling departmental audit
Regarding credit claims

Here, our rich experience allows us to successfully handle all matters pertaining to services including handling of departmental audits. Working in close relation with client organizations, we analyze their needs and based on that perform execution of services, thus ensuring best possible service support is offered from our end. Some of the factors that distinguish us from others include:

Rich experience in the field
Capability to offer prompt and reliable services

Statutory Audit

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standard Auditing Practices issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies

Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. Major objective of these audits are:

To certify financial statements.
Report under Companies (Auditor’s Report) Order (“CARO”)
Continuous dialogue with the management, concerning any material weaknesses in the internal control system.

Tax audits

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year.

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

In case an Assessee is liable to get his Accounts audited by an Accountant under any other Law for the same accounting period, the assessee is not mandatorily required to get his audit done again and is only required to submit a report in the form mentioned below.

However, if the Accounting Year is different from the Accounting Year for which the Audit was done under any other Act, the Tax Audit would be required to be conducted again as per the Income Tax Act. efiling of Tax Audit report is mandatory from the assessment year 2013-14 onwards.

As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD.

Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
Form 3CB & Form 3CD– These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

Transfer Pricing Audit

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

Comparable Uncontrolled Price Method
Resale Price Method
Cost plus Method
Profit Split Method
Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case. The Applicability of Transfer Pricing can be better under stood from following chart :

Particulars

International Transfer Pricing

Domestic Transfer Pricing

Applicability

I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.

I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).

II. On any transaction mentioned in section 80A.

II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.

III. On any transfer of goods or services u/s 80-IA(10).

IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).

V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.

Relevant Form to be filed

Form No. 3CEB u/s 92E

Relevant Due Date For Compliance

30th November

Due Date For Tax Audit

30th November

Due Date For Return

30th November

Monetary Limit

No Monetary Limits

Companies having related party transactions more than 5 Crore

A.Chandak & Co. assist clients in :

Determining the Arm Length Pricing.
Preparation of Transfer Pricing Report.
Conducting Transfer Pricing Audit.
Representation before taxing authorities.

Management, Internal Audit and Concurrent Audits

Auditing services includes reviewing and restructuring operational systems. Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors, omissions, frauds safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. Our objective is to facilitate the clients in:

Understanding the deficiencies in the existing system of accounting.
Fund management.
Stores and purchase management.
Setting up & improving systems.
Compliance with management controls.
System and process improvements.
Financial impropriety and fraud audits.
Due diligence for acquisitions and investments.
Operations and Efficiency Audit Services.

Due Diligence Review

We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.

Stock audits on behalf of banks/companies

Our emphasis is on ensuring strong control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Stock audits include:

Stock/inventory verification
Age-wise analysis
Variance analysis by comparing actual with book records
Setting-up stores manuals
Improving systems

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Friday, 31 March 2017 10:51

INCOME TAX

Holding many years of experience in a wide array of industries, our staff works to stay abreast of developments in our ever-changing state and federal tax laws. Our full line of tax services includes preparation of tax returns for individuals, corporations, partnerships and for other enterprises. We offer:

Business and individual tax planning, projections, and valuations.
NRI Taxations and foreign company's tax matters
e-Filing of Income Tax Returns
E-filing of TDS Returns
Consultancy on Income Tax Matters
Consultancy on Tax Planning & Savings
Consultancy on Double Taxation.
Consultancy on International Taxation
Global compliance services
Liaison with Income Tax Authorities
Getting Permanent Account Number (PAN)
Getting Tax deduction account numbers (TAN)
Services related to withholding taxes / Tax Deducted at Source (TDS)
Representation before taxing authorities.
Support for business acquisition, reorganizations, mergers, and incorporations.
Handling Search & Survey Cases.
Determining the Arm Length Pricing, Preparation of Transfer Pricing Report & Conducting Transfer Pricing Audit.

Taxation presents arguably the most dynamic and complex challenge in the context of financial planning. Ever changing legislation and rules are matched only by the new methods devised to make the discharging of tax liabilities as efficient as possible. When it comes to tax planning and strategy, every case is unique. Our approach remains versatile with an awareness that individual issues must be dealt with on their own merits but with the overall, long-term considerations always in mind.

Whether you are the tax director of a multi-national group, an owner manager, an individual setting up a company or in receipt of a income, an employee or a Public Benefit Organisation, we make sure you don’t pay more tax than is necessary and that your activities remain tax efficient.

We also value the importance of relationships, especially over the long-term. Getting to know your needs over time means we will become more knowledgeable of your affairs and can react proactively to changing tax requirements in line with your own special circumstances. A.Chandak & Co.’s tax services cover a number of broad areas.

Statutory Audit

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standard Auditing Practices issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies

Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. Major objective of these audits are:

To certify financial statements.
Report under Companies (Auditor’s Report) Order (“CARO”)
Continuous dialogue with the management, concerning any material weaknesses in the internal control system.

Tax audits

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year.

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

In case an Assessee is liable to get his Accounts audited by an Accountant under any other Law for the same accounting period, the assessee is not mandatorily required to get his audit done again and is only required to submit a report in the form mentioned below.

However, if the Accounting Year is different from the Accounting Year for which the Audit was done under any other Act, the Tax Audit would be required to be conducted again as per the Income Tax Act. efiling of Tax Audit report is mandatory from the assessment year 2013-14 onwards.

As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD.

Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
Form 3CB & Form 3CD– These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

Transfer Pricing Audit

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

Comparable Uncontrolled Price Method
Resale Price Method
Cost plus Method
Profit Split Method
Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case. The Applicability of Transfer Pricing can be better under stood from following chart :

Particulars

International Transfer Pricing

Domestic Transfer Pricing

Applicability

I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.

I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).

II. On any transaction mentioned in section 80A.

II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.

III. On any transfer of goods or services u/s 80-IA(10).

IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).

V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.

Relevant Form to be filed

Form No. 3CEB u/s 92E

Relevant Due Date For Compliance

30th November

Due Date For Tax Audit

30th November

Due Date For Return

30th November

Monetary Limit

No Monetary Limits

Companies having related party transactions more than 5 Crore

A.Chandak & Co. assist clients in :

Determining the Arm Length Pricing.
Preparation of Transfer Pricing Report.
Conducting Transfer Pricing Audit.
Representation before taxing authorities.

Management, Internal Audit and Concurrent Audits

Auditing services includes reviewing and restructuring operational systems. Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors, omissions, frauds safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. Our objective is to facilitate the clients in:

Understanding the deficiencies in the existing system of accounting.
Fund management.
Stores and purchase management.
Setting up & improving systems.
Compliance with management controls.
System and process improvements.
Financial impropriety and fraud audits.
Due diligence for acquisitions and investments.
Operations and Efficiency Audit Services.

Due Diligence Review

We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.

Stock audits on behalf of banks/companies

Our emphasis is on ensuring strong control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Stock audits include:

Stock/inventory verification
Age-wise analysis
Variance analysis by comparing actual with book records
Setting-up stores manuals
Improving systems

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Friday, 31 March 2017 10:12

Setting Up Business in India

We are a well recognized chartered accountant firm, providing consultations and services in Company Law Matters. Our services are customized in accordance to your specific requirements. We assist you from the very initial processes

of company establishment to company maintenance process, etc. Following are steps for setting up business in India :

Forming a legal entity in India.
Bank account opening
Getting government approval for foreign direct investments (FDI) / FIPB Approvals.
Getting Reserve Bank of India (RBI), the apex banking body of India Approvals.
Getting Industry specific regulatory clearances.
Getting registered with various tax authorities.
Hiring consultants for setting up manufacturing facilities.
Hiring Employees
GETTING Stated.
Regular Tax and other compliances done.

Statutory Audit

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standard Auditing Practices issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies

Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. Major objective of these audits are:

To certify financial statements.
Report under Companies (Auditor’s Report) Order (“CARO”)
Continuous dialogue with the management, concerning any material weaknesses in the internal control system.

Tax audits

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year.

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

In case an Assessee is liable to get his Accounts audited by an Accountant under any other Law for the same accounting period, the assessee is not mandatorily required to get his audit done again and is only required to submit a report in the form mentioned below.

However, if the Accounting Year is different from the Accounting Year for which the Audit was done under any other Act, the Tax Audit would be required to be conducted again as per the Income Tax Act. efiling of Tax Audit report is mandatory from the assessment year 2013-14 onwards.

As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD.

Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
Form 3CB & Form 3CD– These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

Transfer Pricing Audit

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

Comparable Uncontrolled Price Method
Resale Price Method
Cost plus Method
Profit Split Method
Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case. The Applicability of Transfer Pricing can be better under stood from following chart :

Particulars

International Transfer Pricing

Domestic Transfer Pricing

Applicability

I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.

I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).

II. On any transaction mentioned in section 80A.

II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.

III. On any transfer of goods or services u/s 80-IA(10).

IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).

V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.

Relevant Form to be filed

Form No. 3CEB u/s 92E

Relevant Due Date For Compliance

30th November

Due Date For Tax Audit

30th November

Due Date For Return

30th November

Monetary Limit

No Monetary Limits

Companies having related party transactions more than 5 Crore

A.Chandak & Co. assist clients in :

Determining the Arm Length Pricing.
Preparation of Transfer Pricing Report.
Conducting Transfer Pricing Audit.
Representation before taxing authorities.

Management, Internal Audit and Concurrent Audits

Auditing services includes reviewing and restructuring operational systems. Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors, omissions, frauds safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. Our objective is to facilitate the clients in:

Understanding the deficiencies in the existing system of accounting.
Fund management.
Stores and purchase management.
Setting up & improving systems.
Compliance with management controls.
System and process improvements.
Financial impropriety and fraud audits.
Due diligence for acquisitions and investments.
Operations and Efficiency Audit Services.

Due Diligence Review

We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.

Stock audits on behalf of banks/companies

Our emphasis is on ensuring strong control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Stock audits include:

Stock/inventory verification
Age-wise analysis
Variance analysis by comparing actual with book records
Setting-up stores manuals
Improving systems

Our Business Setup Solution working on “turnkey” methodology, provides services for registration with various authorities immediately after incorporation. This leads to providing our clients ready to operate business setup within the shortest possible time frame.

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Thursday, 30 March 2017 18:41

ACCOUNTING WITH QUICKBOOKS

Business runs better with QuickBooks, the #1 accounting solution for small business. You can quickly do your invoicing, bookkeeping, and billing because QuickBooks gives you the things you need most, all in one place. Easily track sales and expenses, accept payments, scan receipts, and be ready for tax time. Use the new QuickBooks on all your devices, wherever you go throughout your day. It syncs data automatically across your computer, iPad, iPhone, or Android. And of course, all your data is protected. Its comprehensive tool set makes it easy to manage your company's money matters and get a picture of its overall financial standing. The ability to generate almost any type of report is a real time-saver (and probably a life-saver), especially come tax time. Overall, this is a solid product and anyone that's considering starting a small business should include QuickBooks Online as part of their business plan. A.Chandak & Co. provides following QuickBooks Services :-

Statutory Audit

Statutory audits are conducted in accordance with the Companies Act, 2013 and Standard Auditing Practices issued by the Institute of Chartered Accountants of India. We act as the statutory auditors of Public Limited Companies, Private Limited Companies

Limited Liability Partnership (LLP), Partnership Firms, Charitable Trusts & Institutions, Societies, Clubs, Educational Institutions etc. Major objective of these audits are:

To certify financial statements.
Report under Companies (Auditor’s Report) Order (“CARO”)
Continuous dialogue with the management, concerning any material weaknesses in the internal control system.

Tax audits

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year.

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs or
The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevant section

The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is 30th September. In case of Corporate Assessee’s who are required to furnish a report under Section 92E for International transactions – the due date is 30th November.

In case an Assessee is liable to get his Accounts audited by an Accountant under any other Law for the same accounting period, the assessee is not mandatorily required to get his audit done again and is only required to submit a report in the form mentioned below.

However, if the Accounting Year is different from the Accounting Year for which the Audit was done under any other Act, the Tax Audit would be required to be conducted again as per the Income Tax Act. efiling of Tax Audit report is mandatory from the assessment year 2013-14 onwards.

As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the particulars required to be furnished along with these tax reports should be in Form 3CD.

Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the business or profession of a person have already been audited under any other Law.
Form 3CB & Form 3CD– These Forms are used in case where the Accounts of the business or profession have not been audited earlier.

Transfer Pricing Audit

In Transfer Pricing Audit, a Chartered Accountant is required to comment on pricing of transactions between two or more associated enterprises vis- vis also commenting on Arm’s Length Price by applying any of the following most appropriate method prescribed under Transfer Pricing regulation:

Comparable Uncontrolled Price Method
Resale Price Method
Cost plus Method
Profit Split Method
Transactional Net Margin Method

The taxpayer may choose any method which is most appropriate based on the facts and circumstances in his case. The Applicability of Transfer Pricing can be better under stood from following chart :

Particulars

International Transfer Pricing

Domestic Transfer Pricing

Applicability

I. On a transaction (sale, purchase, lease) between two or more associated enterprises in which either or both of them are non- residents.

I. On any expenditure in respect of which payment is made or to be made u/s 40A(2)(b).

II. On any transaction mentioned in section 80A.

II. On any other transaction having a bearing on profits, income, losses including any agreement / arrangement entered into for allocation or apportionment of any cost or expense.

III. On any transfer of goods or services u/s 80-IA(10).

IV. On any business transacted between the assessee and other person u/s 80-IA(8) and 80-IA(10).

V. On any transaction referred to in any other section under chapter VI-A or section 10AA, to which provisions of sec 80-IA(8) and 80IA(10) are applicable.

Relevant Form to be filed

Form No. 3CEB u/s 92E

Relevant Due Date For Compliance

30th November

Due Date For Tax Audit

30th November

Due Date For Return

30th November

Monetary Limit

No Monetary Limits

Companies having related party transactions more than 5 Crore

A.Chandak & Co. assist clients in :

Determining the Arm Length Pricing.
Preparation of Transfer Pricing Report.
Conducting Transfer Pricing Audit.
Representation before taxing authorities.

Management, Internal Audit and Concurrent Audits

Auditing services includes reviewing and restructuring operational systems. Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors, omissions, frauds safeguarding of assets, adequate division of authority over key control areas and compliance with internal operating policies and guidelines are other focus areas of our procedures. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. We focus on streamlining processes, minimizing waste and objective measurement of management and staff performance. Our objective is to facilitate the clients in:

Understanding the deficiencies in the existing system of accounting.
Fund management.
Stores and purchase management.
Setting up & improving systems.
Compliance with management controls.
System and process improvements.
Financial impropriety and fraud audits.
Due diligence for acquisitions and investments.
Operations and Efficiency Audit Services.

Due Diligence Review

We assist clients in conducting financial, legal and accounting reviews in case of mergers, acquisitions and investments. A sound understanding of local laws, regulations and accounting practices enables us to vet all critical issues in detail.

Stock audits on behalf of banks/companies

Our emphasis is on ensuring strong control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Stock audits include:

Stock/inventory verification
Age-wise analysis
Variance analysis by comparing actual with book records
Setting-up stores manuals
Improving systems

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