A. Audit and Assurance
Independent, quality financial statement audits
Financial statement audits give assurance over information that is used by investors, bankers and other users. Our Audit professionals take this very seriously, applying powerful routines to collate better audit evidence and gain deeper insights, and exploring the role that auditors can and should play by engaging stakeholders.
Internal Audit Services
In the wake of some corporate failures, expectations from Internal Audit function is changing, and there is a clear shift in how organizations view their corporate governance and control environment. Share holders and audit committees are taking active interest in the effectiveness of Risk Management and Control Assurance areas in their organizations in order to ensure better controls and prevent frauds. Stakeholders are increasingly demanding a higher degree of transparency and ethical behavior.
Consequently, organizations are introducing risk-based internal audit plans, which are designed to focus on critical areas. Appropriate risk management systems enable organizations to take advantage of opportunities while effectively managing the accompanying business risks. Managing loss potential, while consciously taking acceptable risks directly enables the management to provide fair returns on investment.
Today’s leading internal audit organizations are no longer limited to hazard avoidance and compliance. They need to demonstrate their knowledge on risk management, business process improvement, which is a characteristic of a consultant rather than a classical internal auditor. Furthermore, internal auditors are no longer required to focus solely on financial audits. They increasingly need to provide value adding support to managements across all areas of operation, for example, Information Technology, Purchase-to-Pay process, Order-to-Cash process, regulatory compliance including impact of indirect taxes on operations and profitability. To meet these challenges, a growing number of organizations are looking for strategic partners to support their internal audit requirements.
B. Tax and Regulatory Services
RCE is one of the mid-sized reputed firms having extensive domain knowledge that is complemented by technical proficiency and dedicated relationships with respective clients. We have a strong reputation in developing new ideas and solutions that have helped clients to improve their efficiencies and offer better services. We understand the underlying industry and business issues that our clients’ face which helps us to customize solutions for their specific needs.
Direct Tax Services
Sound business decisions need to be backed by the right tax advice. Rapid globalization, has led to intense competition. Compliance failure represents not only a financial risk i.e. financial penalties and possible increase in the tax cost, but also a serious business risk, as it can damage the taxpayer's reputation with the authorities and the public. To remain competitive, companies are increasingly focusing on their core competencies and activities that create value for the company. Corporate and other entities have consequently realized the need for progressive tax strategies and proper planning which can reduce the tax incidence and provide the much needed cutting edge over competitors. With transfer pricing being an important field of study within Direct Tax practice in India, weighing effective tax-rate optimizations and the costs of compliance is also part of the services we offer. We assist our clients in terms of tax return preparation, regulatory filings, certifications as well as representations before revenue and appellate authorities.
Indirect Tax Services
Our indirect tax professionals with their wide-ranging experience and in-depth knowledge help clients in all aspects. We provide advisory services in respect of Goods and Services Tax for our clients in India. This includes services in relation to setting up of new ventures including review of tax assumptions and analysis of tax exemptions/concessions which could be relevant for the project and tax modeling involving analysis of tax costs and credits impacting the business models. Further, an indirect tax diagnostic review or health check is a broad-based package offered to our clients. This review helps identify areas of potential tax exposure and tap opportunities for tax savings. We assist our clients in terms of tax return preparation, regulatory filings, certifications, drafting of systems manuals and Standard Operating Procedures as well as representations before revenue and appellate authorities.
C. Company Law & other services
We provide the following services to our clients
- Company law consultancy, compliances and secretarial services
- Design and review of Compliance Reporting Framework
- Restructuring of organization setup
- Drafting of Systems Manual and Standard Operating Procedures
- Payroll and related compliances
- Registrations under various statutes
"CBEC clarifies that B17 bond in case of EOU/STP/EHTP would serve the requirement of continuity bond and there would not be any need for furnishing additional or separate continuity bond. It has also further clarified that inter-unit transfers between EOU/STP would be without payment of customs duty though applicable GST would have to be paid."
"Obtaining an opinion from an expert and filing of declaration with Central Excise Department as to activity undertaken leads to restriction of demand to limitation period alone without extension of the same - Supreme Court in Jayant Juneja Vs CCE Jaipur (2015 (12) TMI 669 Supreme Court)"
"To determine classification, the test of commercial identity of the goods would be the relevant test and not the functional test - Supreme Court in M/s Cast Metal Industries (P) Ltd Vs CCE IV Kolkata (2015 (11) TMI 833 Supreme Court)"
"Supply of smart cards to RTO after embedding information is not a sale. It is a contract for labour and service with smart card having no commercial value in open market - Karnataka High Court in Zylog Systems (P) Ltd Vs Additional Commissioner of Commercial Taxes (2015 (11) TMI 1391 Karnataka HC)"