Tax & Regulatory Services
The constant changes in the tax and regulatory environment challenge the large and growing businesses, particularly those operating in international geography.
How you meet these challenges can have a significant impact on the outcome which may make or break your business. The more your business grows, the more complex tax requirements can become.
At BSC, we provide one stop solutions for all tax matter that can help businesses to be compliant, ascertain, undertake calculated tax exposure and highlight the risks presented by constantly evolving and increasingly complex legislation. Our expertise also extends to managing tax liability and navigating tax reforms, ensuring your business stays ahead of regulatory changes.
Drawing on our knowledge and understanding of tax regimes in India and around the world, we could be your trusted business advisors in achieving gold standards for your tax function.
Through legitimate planning, we consider issues that arise within specific types of tax, as well as the tax implications of a new project, or a change to the business.
We work with dynamic companies and provide tax advisory to develop bespoke tax-planning strategies suitable for their specific business structure, and our solution-oriented approach is designed to help clients understand and minimize the tax challenges that businesses face.
A. Tax Preparation, Compliances & Certifications
A crucial aspect of doing business in India is the ever-changing and complex nature of taxation and regulatory compliances. Keeping pace with new compliances and meeting them becomes a daunting task for most businesses. Specially for the businesses having footprint around the world, undertaking timely compliances could be a challenge and hurdle with each country having its own set of specialized rules and regulations.
BSC’s tax compliance professionals provide a breadth of expertise in tax administration and process improvement to help clients effectively manage their compliance processes and focus on a broader strategic vision for total tax performance. Our professionals help you in setting up the efficient processes to avoid any significant penalties for non-compliance and maintain the most tax-favored position.
Also, one of the most rigorous and significant services is issuance of certificates to its clients required for various purposes under different relevant Regulations. We at BSC undertake such certification work assignments on a regular basis for the different industry sectors.
- i. Resident Individuals and Entities
No matter the size of your business or nonprofit organization, filing tax annual returns is an obligation you simply can’t ignore. Whether you’ve been in business for years or you’re starting out, preparing your company’s tax returns is often easier said than done. From compiling balance statements and producing revenue reports to calculating expenses and researching deductions, tax preparation requires both time and expertise to ensure completeness and accuracy.
At BSC, we know how hard you work to make your business successful. That’s why our advisors prioritize saving your time, freeing you up to build your business instead of handling tax filing preparation. After all, time is on our side. For more than 34 years, BSC has guided clients to success with our business tax preparation services.
Service Offering:
- Obtaining Permanent Account Number (PAN) and TAN
- Assistance in preparation and filing of withholding tax returns
- TDS & TCS compliance
- Assistance in preparation and advise on advance tax payments and optimization
- Preparation, review and filing of Income Tax returns
- Tax Planning
- Conducting tax audit in accordance with the provisions of the Income Tax Act and reporting to the authorities
- Tax Health-checks
- Withholding tax certification for overseas remittances (Form 15CB)
- Tax exemption Certificate
- Net worth Certificates
- Certification of Fair value of shares of company
- ii. Non-resident Individuals and Entities
When it comes to Tax Compliance, one of the biggest myths we have seen with NRIs that they assume as they are abroad, they don’t carry any obligation for tax compliance. Which is far from true, here the point to ponder is the government has granted you exemption from payment of tax, not the exemption from filing the return or filing any forms required under various Laws.
Our team provides all kind of tax related assistance in India to all non-resident individuals and foreign companies across the world. Our focus is on providing quality and timely services to our clients while maintaining full compliance with the prevailing rules and regulations in and outside India. Broadly, our expertise is in filing tax returns, DTAA (Double Tax Avoidance Agreement) consultancy, Issuing and filing of prescribed certificates for repatriation of funds, RBI Compliance, FEMA compliance, etc. in India.
BSC’s tax compliance professionals provide a breadth of expertise in tax administration and process improvement to help clients effectively manage their compliance processes and focus on a broader strategic vision for total tax performance. Our professionals help you to avoid significant penalties for non-compliance and maintain the most tax-favored position.
We offer a comprehensive range of services and deliver integrated compliance and consulting services:
- Tax return filing
- Assisting returning Indian / recent immigrants to comply with various laws like, FEMA, Income-tax Act, 1961, etc. alongwith assisting them in different compliance due to change in residential status
- Repatriation of funds
- Advisory support services in relation to Capital Gains computation, tax exemptions
- Obtaining Tax exemption certificate
- Non-resident Indians who have/intend to have investments in India
- Assisting NRI to set up a business in India
- Obtaining FRRO Registration (Foreign Regional Registration Offices)
- Completion of Exit formalities
- Obtaining Tax Residency Certificate
- Assisting in estate planning
- Advisory services on Secondment of Expatriate
- Tax Effective Compensation Structuring
- Payroll Services
B. Corporate Tax
As a fresh entrant in the Indian market, a host of compliances can make one confuse while enthusiastically setting up an entity and starting a business. A multinational company needs to establish sound processes and replicate its international business practices while adhering to local requirements to truly achieve their investment objectives. For this, you need expert and practical advice from professional partners who not only have local expertise but also a global outlook.
At BSC, our focus is to ease the compliance burden for multinational companies in India by achieving the right balance between business needs and mitigating compliance risks. Our experience with a broad spectrum of national and transnational clients, engaged in different businesses, gives us a wider understanding of individual business needs.
- i. Tax Strategy
With increasing complexity in the tax laws around the world, it has become essential for businesses as well as individuals to not only ensure that their tax policies and positions are in conversion with the tax laws, but also to make sure that they stand up to public scrutiny.
We, at BSC, consider tax strategy as an integral part of the overall business strategy and focus on ensuring that the tax function supports the larger approach to business. We offer a full suite of services to multinationals, domestic corporations and individuals in designing, implementing and defending their overall tax strategy. We offer strategic tax solutions for all aspects of business activity including entry strategy, holding company analysis, project feasibility analyisis, capitalization, supply chain issues, Intellectual Property Right planning, tax incentives, cash repatriation, make in India and structuring of sale/exit. We also provide tax advisory services for inbound and outbound investment structures, including structuring, planning and risk management.
- ii. Tax Advisory
Tax planning presents opportunities as well as challenges and complexities. In addition, to keep abreast of Indian laws, globalization is adding a layer of complexity. Staying current with local tax compliance is daunting.
With combined experience, we have helped clients to set up structures which are tax efficient and thereby relieving them of the burden of complying with tax legislation. Our focus is on keeping the client’s business objectives at the center and providing them with innovative solutions.
Corporate tax advisory includes:
- Tax diagnostic reviews to identify uncertain tax positions and ensure risk mitigation
- Tax withholding health checks
- Due Diligence
- External Financing
- Advise and plan optimization of capital structure and debt equity ratio
- Review of applicability of ICDS and related disclosures,
- Review of Ind-AS applicability and related action points,
- Review and applicability of Place of Effective Management (POEM).
- Analysis of tax implications and advisory on transactions.
- iii. Cross Border Taxation
While business considerations primarily drive overseas investment decisions, tax and regulatory aspects also play an important role in the decision-making process. Optimizing overall tax burden and aligning tax functions to the business strategy has become more crucial than ever for businesses.
We, at BSC in India, strongly believe that entrepreneurs should focus on their businesses, without having to worry about the repercussions under the tax and regulatory framework in the chosen investment destination. Our approach is to first understand the business rationale behind an investment decision and provide solutions that are tailored to the needs of the business, sector and time sensitive requirements. We provide customized cross border tax services under the following broad categories:
- Cross Border Structuring,
- Inbound / Outbound Investments,
- Transaction & Income Structuring,
- Tax Risk Management,
- Cash Optimization Planning & Support
- Impact of BEPS recommendations and signing of Multilateral Instruments
- POEM analysis
We, at BSC, have experienced professionals who have hands on experience on providing GAAP/Ind-AS/IFRS Services, developing SOPs on financial reporting process and end to end solutions and support services relating to complex financial accounting requirements in a wide range of scenarios:-
- GAAP conversions
- Consolidation
- IPO Support
- Accounting Manual and SOP documentation
- Financial statement preparation
- Transaction accounting
- Impact assessment of new standards
Managed accounting solutions:
- Helping and assisting in accounting and accounting systems and protocols and maintaining books of account.
- Assisting clients in solving complex accounting transactions.
- Advising clients on tax effectiveness and efficiency.
Statutory Tax Compliances:
Preparing details and workings for TDS, Advance tax, GST, Provident fund, ESIC, Profession tax, etc. and making timely payments and filing returns within the respective due dates to avoid interest and penalties.Secretarial Services:
With a secretarial service in place, a company can be assured that there will be the timely completion of the statutory filings because a default in them can lead to serious consequences like fine, legal battle even imprisonment. The company can be free from these problems because secretarial service takes care of all these legalities and compliance issues.Payroll Management:
Preparing monthly payroll register with deduction of TDS and other statutory dues and payroll processing.Vendor payment & banking transactions:
Handling banking transactions on behalf of clients – making vendor payments, statutory payments, etc.Vendor and customer accounts reconciliation:
Co-ordinating with the parties of the clients for providing ledgers and reconciling the accounts on periodic basis.Cash flow and working capital management:
Managing cash flows and working capital of the ClientsMIS Reporting:
Providing MIS report on periodic basis to the Management for decision making. Business managers at all levels of an organization, from assistant managers to executives, rely on reports generated from these systems to help them evaluate their business’ daily activities or problems that arise, make decisions and track progress.Risk Advisory
With the changing external and internal environment, businesses are under constant pressure to maintain the effectiveness of their processes and controls. Any failure in executing or managing critical operations can not only impact the organization to a great extent, but also creates a negative impression on the organization’s stakeholder values. With an increase in corporate failures, there is an additional focus from regulators, financial institutions, as well as independent directors on the way various processes, controls and IT securities are being managed. Our risk advisory services is a combination of process, IT security experts. The team has an array of experts possessing industry-specific expertise.Our Risk Advisory Services encompass the following:
Internal Audit:
At BSC We combine our industry knowledge with our risk-based internal audit methodology and tailor our internal audit offering to your size, sector, risk appetite and regulatory requirements.Management Audit:
Our Management audit services designed to enhance the effectiveness of management actions. Our experienced team of auditor provides assistance to the clients in managing their key business concerns, be it achieving strategic business goals, meeting operational challenges, complying with regulatory norms or managing reporting requirements. Productivity and competence of Management are key determinants of an organization’s success.IT Risk Advisory:
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Internal Financial Control:
BSC’s Internal Financial Controls Framework (IFC) has been developed keeping in mind the requirements of the Companies Act, 2013. This framework focuses on financial controls’ effectiveness through a continuous cycle of self-assessment and independent credence based on various internal financial control elements.BSC’s Internal Financial Controls Framework considers a holistic approach by focusing on two levels i.e.
- Entity level
- Process level