Business Laws Health Check-up

Deliverable Service:

We study and give suggestive measures to ensure the correlation of transactions under various statutes like Income tax, Transfer Pricing, GST, Customs, Foreign Trade Policies, SEZ,EOU, RBI(FEMA), Companies Act and the applicable accounting standards.

Benefit:

Avoid litigation costs, ensure smooth conduct of business, structure transactions in a commercially viable manner in compliance with applicable business laws in India.

Indicative examples of issues arising due to lack of legal checks:

1. TDS deducted under Income Tax Act; different stand on same transaction under GST

2. Valuation of imported goods (SVB) not in sync with disclosures in Transfer Pricing Reports

3. Payments made disclosed under FEMA, import of service from outside India RCM under GST not paid

4. Export realization under FEMA within timeframe, compliance with GST Laws and non-claimant of benefits of exports under various schemes dependent on industry

5. Transactions with Directors under Companies Act and its impact under tax laws

6. Non-submission of forms like SOFTEX, FCGPR, (SFT)Specified transactions under Income Tax, AIS not in sync with books of accounts.

7. Ineligible ITC under GST not disclosed in GSTR 3B, lack of explanation in Annual return leading to issuance of SCN and further litigation. Expensing of ineligible ITC in books to claim deduction of tax portion from profit to save income tax.