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accounting

accounting (35)

Friday, 21 April 2017 12:20

Management Consulting

Maitreya Patni

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Friday, 21 April 2017 12:16

Strategy Consulting

Maitreya Patni
Strategy Consulting

Financial & management restructuring of overseas corporate and joint venture collaborations

Turnaround Strategies

Turnaround strategy is a corporate practice designed and planned to protect (save) a loss-making company and transform it into a profit-making one. The concept or meaning of turnaround strategy covers following points:

  • Turnaround strategy means to convert, change or transform a loss-making company into a profit-making company.
  • It helps the sick company to stand once again in the market.
  • It tries to remove all weaknesses to help a sick company once again become strong, stable and a profit-making institution.
  • It aids to reduce the brought forward losses of the loss-making company.
  • It helps the sick company to stand once again in the market.
  • It is a complete U-turn of a planned strategic economic transition.
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Friday, 21 April 2017 12:14

Risk Assurance

Maitreya Patni
Risk Assurance

Risk Assurance covers all risk services where we are providing independent assurance and the preparation towards assurance to our clients where the assurance can be used by our clients to build confidence and trust with their key stakeholders or when regulatory.

We help by

  • Creating trust and confidence in their financial reporting and internal control over financial reporting.
  • Business improvement, by assessing risks and controls related to business imperatives, such as launching new products/services & implementing new technologies.
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Friday, 21 April 2017 11:33

Outsource Accounting India | achandak.in

Maitreya Patni
Outsource Accounting India | achandak.in

Accounting Compliance and Reporting services is focused on helping large, multinational companies meet their financial reporting requirements. 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 CEO's and other 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.

Statutory Reporting Services (Statutory Financial Statements)

Accounting Support Services

  • Book Keeping.
  • Payroll Management
  • Reconciliations.
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Friday, 21 April 2017 10:55

Forensics

Maitreya Patni

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.

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 Form No. 3CEB u/s 92E
Relevant Due Date For Compliance 30th November 30th November
Due Date For Tax Audit 30th November 30th November
Due Date For Return 30th November 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

Transactions to acquire or sell businesses represent a balance of risk and reward for the parties. Whilst most deals are completed successfully, some inevitably lead to disputes between the parties.

We provide advice throughout the transaction process, from pre-deal due diligence to a review of the draft sale and purchase agreement and the resolution of disputes over the purchase price. In so doing we help you reduce risk and provide greater certainty that the post-completion outcome of a transaction is in line with your commercial expectations.

 

Our Services

  • Forensics, corruption, anti-bribery due diligence.
  • Breach of warranty claim advice.
  • Integrity Diligence.
  • Sales & Purchase agreement reviews.

 

 

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Thursday, 20 April 2017 19:07

Tax Advisory

Maitreya Patni
Tax Advisory

We provide comprehensive and sophisticated tax assistance in effectively managing the impact of taxation.

Direct Tax Advisory

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.
  • Services related to withholding taxes / Tax Deducted at Source (TDS).
  • Representation before taxing authorities.
  • Support for business acquisition, reorganisations, 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.

 

Indirect Tax Advisory

  • Transformation to GST
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Thursday, 20 April 2017 18:44

Internal Audit

Maitreya Patni
Internal Audit

Internal Audit is very important aspect, when we talk of assurance of true picture of state of affairs of an 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.

 

Our Offerings

 1. Assessing/ preparing Internal Audit Manual for the organisation and study of control objectives.

 2. Deciding on degree of control which is adequate depending upon organisation to organisation.

 3. Assessment of risks and open points.

 4. Measuring deviation at test check levels.

 5. Assets at risk and their protection.

 6. Checking the controls instituted within the system.

 7. Legal and situational internal control advisory.

 8. Consideration of Fraud in internal audit.

 9. Advising organisational procedures being followed.

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Thursday, 20 April 2017 18:37

Our Alumni

Maitreya Patni

 

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Thursday, 20 April 2017 18:31

Contact Us

Maitreya Patni
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Thursday, 20 April 2017 18:25

Financial Statements Audit

Maitreya Patni

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.

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 Form No. 3CEB u/s 92E
Relevant Due Date For Compliance 30th November 30th November
Due Date For Tax Audit 30th November 30th November
Due Date For Return 30th November 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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