AJAY AGRAWAL AND COMPANY
Chartered Accountants
TAX PLANNING & COMPLIANCES
A major outflow of cash from most profitable businesses is taxes. And while proper planning does not guarantee the elimination of taxes, it surely helps to minimize the Tax Liability. The professionals at Ajay Agrawal And Company are dedicated help our clients retain their profits by keeping track on the ever-changing tax Laws and by planning accordingly. We have dedicated substantial resources to ensure that our tax professionals and tax library can deliver the most comprehensive services possible to our esteemed clientele.
We have extensive experience with Tax Preparation, Research, and Representation before Indian Tax Authorities. Our team have authored tax opinions and requests for private letter rulings, and have been guest speakers at various business seminars.
Our expertise includes:
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Tax Returns Preparation for Individuals, Partnership Firms , Trusts, HNIs
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Corporate Tax Preparation and Compliances – Private Ltd and Public Ltd Companies , Limited Liabilities Partnerships ( LLP)
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Corporate Reorganizations
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Tax Opinions
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Representation before Tax Authorities
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Compliance with Income Computation and Disclosure Standards (ICDS)
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Tax Compliance and Reporting for Various Forms of Entities
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Comprehensive Tax Planning for Body-Corporates, Individuals, Partnership Firms, Limited Liabilities Partnerships ( LLP), HNIs
LOCAL & MULTINATIONAL BUSINESS OWNERS
We understand the needs of small to mid-sized privately held businesses that are growing locally and globally. As you grow, we can help plan taxation to preserve your wealth domestically and globally. Every step of the way, our team can evaluate tax strategies to ensure your business is compliant while simultaneously increasing your personal wealth.
CERTIFICATION WORK UNDER VARIOUS LAWS
One of the most rigorous & significant service of professional is issuance of certificates to its client required for various purposes under different relevant rules & regulation. Broadly, following types of certificates are being needed by the business houses based upon their constitution/ the privileges being be pleased by them under the law, financial arrangement with the financial institution, benefit & deductions to be claimed under statue and periodical compliance of relevant rules & regulation.
Commonly, following types of certificates are needed to carry on business activities in India:
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Certificates on the support of Financial Books of Accounts and Annual Financial Statements.
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Certificates on the grounds of statutory records being maintained under Indian Companies Act, 2013 and other applicable laws.
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Certification of Statutory Liabilities.
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Net Worth Certificates needed for the purpose of Bank Finances, furnishing of Bank Guarantee and issuance of Visa by Embassy.
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Utilization Certificates of various grants being discharge by Govt. of India to NGO’s, Statutory Bodies, Autonomous Bodies, and Charitable Organizations.
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Certificates for claiming various deductions & exemption under various rules & regulation.
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Certification under the Income-Tax laws for various deductions, etc.
GOODS AND SERVICES TAX (GST)
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GST Audit :
The GST law requires audit of the monthly compliances by way of an audit attached to the Annual Return. It is critical to for the taxpayers to start focusing on the audit of compliances under GST law and input and output reconciliations form a critical part of the GST audit certification. The audit of Annual return (also known as GST audit) lays the foundation for the first external verification/ assessment under the GST law.
We, at Ajay Agrawal And Company believe in offering qualitative value added services encompassing a comprehensive review of all GST records along with our recommendations on strengthening internal controls for appropriate data entry, data recording, data analysis and data requirements for compliance.
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GST Advisory :
The scope and requirements of GST law are complex, voluminous and come with a lot of grey areas. We, at Ajay Agrawal And Company aim to make GST ‘simple and easy to implement’. We are able to break down complex things into simple language. No matter how complex the problem is, our experienced GST advisory and planning team is always ready to take your questions.
Our GST advisory team comes with a vast experience of handling several indirect taxes in India. We have on the ground experience of the hassles faced by taxpayers. We also undertake a 360 degree review of your organisation’s business and help you structure the transactions for tax optimisation as well as GST compliance.
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GST Representation Services :
GST law is bound to have uncertainties and possibility of multiple interpretations and is not expected to be free from litigation, akin to other laws. These differences may ultimately give rise to legal proceedings and eventually into appeals. Handling such differences requires proficiency in domain and experience in dealing with authorities at various levels.
Our team of experienced legal and tax professionals with in-depth experience in analysing notices, drafting submissions, strategizing the way forward and representation before the GST authorities/ appellate authorities. Our experience in GST coupled with our analysis of the potentially litigious areas could mitigate the risk of litigation for the taxpayers.
AUDITS, ASSURANCE , REVIEWS, & COMPILATIONS
Any company strategically planning for the future must rely on its ability to analyze its Financial Statements. When accurately prepared Financial Statements are provided to you in a clear and timely manner, they become the basis for a deeper understanding of your Financial position. Whether you require accurate financial reporting for internal analysis by the Management, or as a part of current or proposed financing arrangements and expansion plans, the professionals at Ajay Agrawal And Company are committed to prepare your Financial Statements in a timely and cost effective manner.
Our Audit Methodology is based on the Auditing Standards issued by the ICAI which are converged with the International Auditing Standards. We believe in performing audits efficiently, with minimum disruption, and our expertise allows us to achieve this. We focus on providing crucial insights that you and your stakeholders can use for accurate and resourceful reporting. Our audit approach is pragmatic, relying on a risk-based audit methodology, built on extensive planning and client input, and is fully supported by the latest technology and tools.
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We offer different levels of Financial Statement Assurance –
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Audits (Highest Level of Assurance) :
Stockholders, Creditors, and Private Investors often need assurance that the Financial Statements accurately represent the true financial position of a company. A successful audit helps businesses create value and mitigate risk. An audit provides the highest level of assurance. It is a methodical review and objective examination of the Financial Statements, including the verification of specific information as determined by the auditor or as established by general practice.
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Reviews (Limited Assurance) :
A Financial Statement Review is a service under which we obtain limited assurance that there are no material modifications that need to be made to an entity’s Financial Statements for them to be in conformity with the applicable financial reporting framework. Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the Financial Statements, and various enquiries we make of your company’s Management team.
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Compilation (Lowest level of assurance) :
A Compilation is often the result of an accounting service known as write-up work. With Compilations, or Compiled Financial Statements, we convert the data provided by the client into Financial Statements without providing any assurances or auditing services. In compiling Financial Statements for a client, we present information that is the “Representation of Management”. Compilations may not require enquiries of Management or Analytical Procedures. Instead, we rely on our knowledge of Accounting Principles and a general understanding of your business.
ROC COMPLIANCES
Every Indian Incorporated Company must abide by the government’s rules and regulations. In accordance with the Companies Act, 2013, a Private Limited Company , Public Limited Company and Limited Liabilities Partnership ( LLP) must comply with all the rules and laws of business.
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The Registrar of Companies (ROC) falls under the Ministry of Corporate Affairs ( MCA) and it is the main authority designated to deal with the administration of Companies Act 2013. All the companies incorporated under the Companies Act, 2013 must mandatorily file forms, returns, and documents with the Registrar of Companies (ROC). The filing is processed in an electronic mode within a specific time along with a prescribed fee.
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The services include but are not limited to :
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preparation and filing of the annual return; maintenance of statutory registers; processing of share transfers and allotmentsAdvisory services on corporate and allied laws
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Assisting in complying with provisions of Companies Act 2013 & 1956 (wherever applicable)
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Expert opinion on compliance with labour laws
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Incorporation of companies & LLPs
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Assisting in preparation of notices, minutes of meetings, agenda & resolutions for board meetings
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Advisory services on Intellectual Property Rights (IPRs)
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Drafting of the company documents
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Assisting in complying with laws and regulations of SEBI
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Assisting in compliance with under listing agreement
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Secretarial Compliance Audit
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Assisting in ascertainment, declaration and payment of interim and final dividend.
BUSINESS VALUATIONS
Business Valuation Services are an area of specific expertise that can benefit clients in a variety of business and personal circumstances. A competent business valuation can assist the client in Succession Planning, Business Sales and Acquisitions and benefits in Planning, Estate Planning, and Negotiations among stockholders or partners.
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We work with our clients to learn about their business and the specific circumstances for which the valuation is needed. We employ an extensive network of research resources to determine conditions in the client’s industry and recent transactions for comparable companies. We apply a variety of valuation techniques before determining the method most applicable to the client’s situation. Our goal is to provide a fair and supportable value for the enterprise in a report which users can understand.
STARTUP SERVICES
Our firm helps Start-Up Companies with tasks that may eliminate need for high cost CFOs such as : Compiling Financial Statement in compliance with GAAP , Financial Forecasting, and as well as providing more sophisticated services such as Equity and Debt Structuring Guidance, Stock Option Pricing, Merger and Acquisition, Due Diligence Support and other initiatives.
MANAGEMENT ADVISORY & AUDIT
The success of every business can be traced to the decisions of Management. Proper Management decisions regarding the business’s finances and strategies take into consideration Strategic Planning, Financing Alternatives and Operating Policies and Procedures. The Management advisors from Ajay Agrawal And Company will become the ultimate “Business Partner” to guide the business owner and Management team in their Planning and Management of the business. Our advisors have significant first-hand experience in all aspects of business finance and operations.
Management audits provide many & immediate benefits for the company as well as management on executive level. Changes are becoming more frequent and faster & the business world is becoming more complex. To regularly assess your company’s effectiveness, efficiency, productivity and competitiveness is therefore of the utmost importance. Management Audit services aim to provide comprehensive, objective, reliable and accurate assessments of company’s effectiveness, efficiency, productivity and readiness to respond to changes in the macro environment.
Management audits guarantee a true & fair analysis and status quo definition through a neutral third party. Due to the individual feedback about his/her personal strengths and weaknesses, the executive manager has the ability to establish a verified basis for his/her further career-and personal development.
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Some of the many related services offered include:
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Preparing Business Plans and Financing proposals
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Forecasts and Projections
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Part time “CFO” or “Controller”
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Virtual CFO Services
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Function as an Outsource for Your Accounting, Tax, or Internal Audit Department
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General Business Advisory Services
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Review of existing business processes, policies and practices in order to suggest best practices, including a thorough benchmarking process.
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Critical evaluation of internal controls adopted by different organizations and suggesting areas for strengthening
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Review & assessment of Risk Management Framework and its effectiveness with a view to provide suggestions for strengthening the same.
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Review of existing business processes, policies and practices with a view to suggest best practices, including a thorough benchmarking exercise.
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Providing goal oriented and practical solutions followed by support for its implementation
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Constructive review of operations by keeping the client’s business requirements in focus
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Determination and advising about areas for cost reduction, revenue optimization and improvement in operational efficiency followed by assistance in their implementation
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Confirmation of proper compliance with the various regulatory provisions and operational manuals
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Providing assistance in meeting the clients’ Corporate Governance needs
FRAUD INVESTIGATION
Fraud is a risk for every business. Fraud can be an expensive drain on an organization’s resources. Ajay Agrawal And Company has been proactive in the fight to prevent fraud. We have done numerous presentations to organizations on the types of common frauds and effective internal controls.
In addition, Ajay Agrawal And Company can assist in your evaluation of your organizations internal controls and vulnerabilities for fraud occurring. Red flags are common with most types of fraudulent activity. Red flags are warning signs that something could be or is wrong. Employees and Management need to be aware of them in order to, at the very least, monitor the situation and correct it as needed. Employees who notice that red flags are ignored may mistakenly believe that it is okay to commit fraud because they believe they will not get caught. A little fraud soon becomes a large fraud if left to grow.
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What Should You Do If You Suspect Fraud?
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Document all conversations as to when, where, who was present and what was said.
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Write down a chronology of events that led to your suspicion.
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Ensure the safekeeping of all original documents.
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Consider the extent of risk that a suspected person could destroy documents and if their access should be limited.
How Can Ajay Agrawal And Company Help?
Ajay Agrawal And Company has associates trained in Forensic Audits to supervise the work. Our experienced professionals can guide you through the process.
We can perform a Forensic Audit to determine if there is evidence of fraud, identify the method(s) used, and document the amount of possible loss. We can advise you when to notify legal counsel, your insurance carrier, and law enforcement. At the completion of our audit, we will provide a report that can be used to document the loss for insurance claims, criminal proceedings or possible civil action seeking restitution. We are also available to provide expert testimony.
We evaluate the internal control structure to note any weakness. Our report provides recommendations for improved internal controls to prevent reoccurrence.
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Related services include:
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Internal Control Audits
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Organizational Studies
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Performance Audits
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Other Agreed-Upon-Procedures
WEALTH MANAGEMENT
Our firm offers Audit, Tax and Consulting. Our service approach utilizes senior personnel extensively in all elements of our engagements. This maximizes quality and efficiency, and allows our clients to deal directly with professionals who understand the technical accounting and tax issues unique to the industry. This approach results in prompt decision making and timely completion of engagements.
As a result, our clients meet their financial and tax reporting deadlines with a lower level of stress and uncertainty, and often in a more cost-effective manner. Whether you are looking for a new audit or tax firm or an independent consultant to help you build, assess or refine your financial infrastructure, we would welcome the opportunity to present our qualifications to you.
We offer:
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Audits of Financial Statements
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Preparation of Tax Returns - Individuals, Partnership Firms, HNIs
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Selection of a Prime Broker/Custodian
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Selection and Implementation of Accounting Systems
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Design of Chart of Accounts and Financial Reporting Templates
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Taxation of Financial Instruments
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Financial Modeling and Projections
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Regulatory Compliance
NOT FOR PROFIT ORGANIZATIONS
Ajay Agrawal And Company has extensive experience providing financial services for Charitable Organizations , Trusts, section 25 Companies , Not-For-Profit Organisations.