- Auditing & Assurance Services
- Book Keeping, Accounting & Payroll Processing
- Direct Taxation
- Corporate Law Consultancy
- GST
- Start-Up Services
- Foreign Company set-ups in India
- Transfer Pricing
- Fraud Detection & Forensic Audit
- Virtual CFO Services
- Indian GAAPs, Ind AS & IFRS Advisory
- Representation Services & Litigation Support
- Benami Law
- IPO Advisory & Solutions
- Intellectual Property Advisory
- Compliance Management Solution
- Management Consultancy
- Outsource Business Process
Auditing & Assurance Services
Statutory Audits are conducted to report the state of company’s finances and accounts to the Government of India. The audit reports are prepared strictly in accordance with the rules and regulations defined by the Government agencies and the Statements on Standard Auditing Practices issued by the Institute of Chartered Accountants of India with the objective of expressing professional opinion on the financial statements.
Comprehensive review of the accounting and internal control system of the client is an integral part of audit procedures adopted by the firm. Continued dialogue with the management concerning any material weakness in the internal control system is an established practice. The firm is regularly consulted on matters of accounting policies and practices by its clients.
The firm has considerable experience and expertise in conducting management and internal audits, including reviewing and restructuring operational systems.
Our auditing and assurance services include:
- Statutory Company Audit
- Internal Audit
- Income Tax Audit
- GST Audit
- Fraud investigation
- Compliance Audit
- Business/Financial Audit
- Energy Audit
- Transfer Pricing Audit
Book Keeping, Accounting & Payroll Processing
The very base of accounting needs to be intact and for this reason, we handle the different aspects of book-keeping with precision, integrity and utmost honesty.
We are equipped to deal with a large volume of Accounts Receivables, Accounts Payables, Cash & Bank transactions, maintenance of the General Ledger and provide regular reconciliations without giving in to a margin of error.A specialized team of accounting professionals have been designated to cater customer’s requirements and processes.
Some of the bookkeeping services that we offer are:
- AR/AP services
- Bank account reconciliation
- Invoicing Processing Services
- Journal Entry Services
- General ledger maintenance
- Expenses ledger maintenance
- Preparing ageing reports & summaries
- Preparing financial statements
- Trial balance services
- Preparing income statements (Profit & Loss)
- Payroll processing
- HRMS outsourcing
- Audit ready accounts
Direct Taxation
India’s taxation system is among the more complex systems globally and is constantly being updated to account for changes in the economy and policy. The system remains prone to delays and inefficiencies as well as substantial tax burdens for a misstep or lack of knowledge. At present, a company operating in India may need to pay three kinds of direct taxes – Corporate Taxes, Minimum Alternative Tax (MAT), and Dividend Distribution Tax (DDT).
MRA’s tax practice is a long-established one with specialisation across all regulations and experience with Income tax preparation, assessment, scrutiny and dispute cases.
Planning & Advisory
We monitor the overall tax strategy keeping in view the changing dynamics of Indian tax legislation. We review your commercial and inter-company contracts, build tax management positions and risk mitigation strategies, conduct tax due diligence and undertake tax efficiency analysis of your transactions.
Compliances
It includes:-
- Preparation, review and filing of corporate and non-corporate returns and e-returns
- Withholding Tax (TDS) compliance services
- Withholding Tax (TDS) compliance services
- Conducting tax compliance review
Income Computation and Disclosure Standards
Income Computation and Disclosure Standards (ICDS), introduced with effect from 1st April, 2015, constitute one of the significant amendments introduced in the Indian Income-tax legislation. ICDS are applicable for computation of income taxable as ‘Business income’ or ‘Other’ Sources income. These standards provide for some significant departure from Indian Accounting Standards and may lead to material tax implications for taxpayers. In this regard, we provide assistance in examining ICDS having regard to nature of business & transactions of the taxpayers and advising on relevant tax implications.
Representation & Dispute Resolution
We proactively manage risks and avoid conflict with Indian revenue or appellate authorities. Our partner-led representations assist in –
- Representation Services for Assessments before Income-tax officers
- Appeal Proceedings before CIT(A) as well as Income Tax Appellate Tribunal
- Assistance in appeal proceedings before High Courts and Supreme Courts(Preparation of case, Briefing Counsels)
Consulting
Our tax consulting practice assists our clients with the following services-
- Tax planning and optimisation strategy for Indian and overseas companies
- Tax planning and optimisation for proposed transactions such as mergers and acquisitions
- Ongoing direct tax payments and self-assessments for companies and firms
- Ongoing tax compliances (TDS, professional tax, etc.)
- Income Tax preparation and Filing of tax returns for companies and firms
- Liaising with Income Tax authorities in cases of tax demands, scrutiny or disputes
- Tax audits for companies and firms in form 3CD as prescribed by the Income Tax authorities
- Employee tax calculations for companies and firms
- Interpretation of international tax codes and Double Tax Avoidance Agreements (DTAA) across geographies
- Transfer pricing studies (see Transfer pricing for more details)
Corporate Law Consultancy
We, at Mehra Rajesh & Associates are inherently experienced in traversing clientele through the complex interplay of corporate laws read in conjunction with other economic laws. Our advisory team comes with rich experience in analysis, structuring and advising clientele on corporate and allied laws. Our clientele benefit from the multidimensional knowledge of our team and value our in-depth expertise, availability and our active involvement throughout the engagement.Our service and confidentiality can be relied on from start to finish.
Some of the services offered are:
- Company (private, public, OPC, Nidhi, Producer company, Section 8, etc.) and LLP formations
- Corporate advisory and consultancy
- Preparation and filing of forms relating to any changes in your company such as change of director’s, registered address, name of company etc
- Management of Annual General Meetings / Board / Committee Meetings
- Preparation of Agenda papers, Notices and drafting of Minutes of the meetings
- Filing of annual returns and accounts
- Registration of charges, search and status report
- Alteration in Articles of Association and Memorandum of Associaton
- Increase in Authorised Share Capital; Change of name; Change in object clause
- End to end compliance solutions
Goods and Service Tax
GST Return Filing and Payment Support
Once registered, entities are required to submit periodic returns. Compliance would be key in GST due to automation of all periodical returns including payment process. There is a need to comply with reverse charge payments as well. Managing these multiple tasks could be technically complex, time consuming and can involve unpredictable costs for a business.
Our firm offers support in GST return filing and tax payment which could following aspects-
- Review of GSTR returns for ensuring appropriate disclosure
- Review of sample sale and purchase invoices
- Review of computation of GST output liability
- Review of computation of GST input tax credit and eligibility of credits on sampling basis. Review of credit reversals
- Review of computation of GST under reverse charge mechanism
- Review interest computation due to delayed GST payment, non-payment to vendors
- Review of fulfillment of conditions for exemption / concessional rate of taxes
- Support in designing efficient accounting and support system so that information necessary for filing of return are available instantaneously
- Assist in making payment after adjusting eligible credits
GST Advisory & Consulting
The service ranges from the present Goods and Services Taxes Law [GST], Customs law, Foreign Trade Policy and erstwhile Central Excise, Service Tax, VAT laws.
We specialize in suggesting workable solution and ability to solve complex issues and deliver strategy and implementation from a business and technical view within the framework of law. We assist in improving the performance and effectiveness of client’s business by examining all the indirect tax aspects of core management and business process for further growth of the business.
Illustrative services under GST Advisory services are of the following nature:
- Advisory services to under Goods & Services Taxes, Customs & Foreign Trade Policy (and under erstwhile Central Excise, Service Tax & VAT)
- Tax and Credit Optimisation
- Tax Compliant advise for start-ups & e-commerce
- Strategic consulting especially for long term contracts from Government, PSU’s
- Project planning and transaction structuring including in the areas of real estate-construction and allied areas, ITSS and ITES, e-commerce
- Analysis on the implications of GST for a specific client/industry and optimal solution to client issue
- Cost control and tax planning including optimisation of taxes leading to least tax incidence within four corners of the law
- Maximization of input tax credit for the entities including those which have multiple units, multi-locational companies, many business verticles, SEZ, 100% EOU and DTA units
- Post implementation advice on GST for future and ongoing projects and orders
- Value added consultancy including limited reviews of activities to indicate possibility of large savings to SME’s by way of credit availment, correct tax payments and availment of admissible exemptions
- Vetting the agreements contracts in terms of GST optimisation
- Other value additive services such as classification of goods/services/tax rates and coverage in exemptions
- Hand-holding through GST advisory on regular basis
- Support for understanding and working under GST regime
GST Refund Services
Our GST refund application process has its foundation built on comprehensive process checklists, document verification and categorisation, reconciliation with GST records and periodical follow ups and pursuing the refund application with the GST authorities.With such comprehensive process in place, all you need is to provide us the required data, sit back and await receipt of the refund orders
GST Audit
Section 35(5) of CGST Act 2017 requires a registered taxable person with turnover of more than Rs.2 crore in a year to get his books of account audited by a chartered accountant or cost accountant. The due date for submission of audited financial accounts including reconciliation statement for a financial year would be 31st December of subsequent year.
We conduct audit of books of accounts under GST which would cover following aspects:
- Review of outward supplies declared in return to ensure that it included all outward supplies made
- Review of inward supplies declared in return to ensure that it included all inward supplies made
- Review of all deductions claimed including sales returns, abatements, exemptions
- Review of classification, rate of goods which should be according to provisions of GST
- Assessment of registrations obtained
- Review of input tax credits claimed on inputs, input services and capital goods
- Review of reconciliation statements are to be filed along with certified audit report.
- Conducting audit in accordance with all other requirements as per GST Act
Audit certification should not be considered merely as attestation function. A good auditor should be able to add great value to the auditee within the four corners of law. We strive to achieve the objective of value addition for client along with performance of statutory obligation of conducting audit as mandated under the law.
GST Representation & Legal Support
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.
Business Health Checkup
We do an overall business health check up of the clients which help them in determining the lacuna and leakages in the existing business system. We provide an overall review of the existing structure of the business and its processes from GST point of view to pluck the discrepancies and losses both present and future.
This will help ensure that client does not loose unnecessary money and resources over litigations and future tax demands.
Start-Up Services
is an exciting and challenging event. As India grows, the competitive space gets more crowded and the scope for missteps gets smaller and smaller. Entrepreneurs have often found themselves “ready to go” with a business plan, only to find out that there are critical financial and legal implications that they haven’t yet considered. Mehra Rajesh & Associates provides dependable start-up consulting services to ensure that nothing slips through the cracks while you work on your business plan. We provide end to end solutions for start-ups so that the entrepreneurs solely focus on business growth.
Incorporation
- Formation of LLP,OPC, private company, public company
- Drafting and registration of partnership deed, trust deed
- Registration of MSMEs and start-ups with DIPP
- Designing of SOP
Registrations
We help our clients obtain the necessary registrations such as
- Permanent Account Number (PAN)
- Tax Deduction Account Number (TAN)
- GST Registration
- MSME Registration (Udyog Aadhar)
- Provident fund / pension registrations, ESIC, Shops & Establishments Act registrations, etc.
- Other registrations required for employers, for manufacturers, for service providers, etc.
Book-keeping, Accounting & Payroll
Some of the bookkeeping services that we offer are:
- AR/AP services
- Bank account reconciliation
- Invoicing Processing Services
- Manual Journal Entry Services
- General ledger maintenance
- Expenses ledger maintenance
- Preparing ageing reports & summaries
- Preparing financial statements
- Trial balance services
- Preparing income statements (Profit & Loss)
- Cash Flow analysis and reporting
- Identifying KPIs and designing a MIS dashboard
Compliances
- Audit Compliances (Tax Audit, Statutory audit, GST Audit, Internal Audit)
- Income Tax Compliances
- GST Compliances
- Secretarial Compliances (ROC Filing)
- RBI Compliances
- Routine Accounting Compliances
- Labor Law Compliances
- Reporting on IFRS/Indian GAAP/Ind-AS
Transfer Pricing
We review, build and manage a robust transfer pricing policy and compile documentation aligned to your global transfer pricing approach that meet BEPS guidelines too. We routinely assist our clients on Advance Transfer Pricing (APA) scheme, Safe Harbour rule and to meet new documentation and reporting requirements viz. Country by Country Reporting ‘CbCR’ and the MasterFile.
- Transfer Pricing Advisory and transaction structuring
- Transfer Pricing Risk assessment
- Benchmarking studies
- Transfer pricing studies
- Transfer pricing compliances
- Transfer pricing planning (Safe Harbour and Advanced Pricing Agreements)
- Transfer pricing litigation and representation
- Transfer pricing controversy resolution and appeals
Fraud Detection & Forensic Audit
Forensic Audit can be termed as an in-depth examination and evaluation of a firm’s orindividual’s financial information for use as evidence in court. A forensic audit canbe conducted in order to prosecute a party for fraud, embezzlement or other financial claims.
The objective of forensic audit is to relate the findings of audit by gathering legally tenable evidence and in doing so the corporate veil may be lifted (in case of corporate entities) to identify the fraud and the persons responsible for it (a criminal offence).
Forensic auditing aims at legal determination of whether fraud has actually occurred.In the process, it also aims at naming the person(s) involved (with a view to take legal action).
Our focus in Forensic audit on the identification, interpretation, and communication of the evidence of underlying strategic economic and reporting events. It not single-event based, like a fraud examination, and a forensic audit is not used to render an audit opinion. As such, forensic audits are easily adapted to a principles-based accounting environment with broad guidelines applied to a variety of accounting investigations without using rule-based audit approaches or more narrowly-focused fraud practices.
We have an empanelled team of specialists like lawyers, IT consultants, IT engineers, other professionals whose services are also availed in such audits and examinations to increase the results and achieve the objectives of the audit.
The Public Company Oversight Board (PCAOB) issued Release No. 2007-001 in January 2007. The Release defines forensic accounting as operating outside the courtroom and applying “special skills in accounting, auditing, finance, quantitative methods, certain areas of the law, and research, and investigative skills to collect, analyse, and evaluate evidential matter and to interpret and communicate findings (Public Company Oversight Board 2007)
The PCAOB has stated that “forensic audits can be performed to achieve various objectives and can include a variety of different procedures”.
Virtual CFO Services
‘CFO’ is a seasoned finance professional who helps you in running your finance function with his expert advice and hands on involvement. As a virtual CFO, we engage a dedicated resource who shall perform the following activities onregular basis –
Incorporation
- Formation of LLP/Private/Public Company
- Drafting and registration of partnership deed, trust deed
- Obtaining PAN/TAN/PTRC/PTEC
- Registration of MSMEs and start-ups with DIPP
- GST Registration
- Designing of SOP
Operational Support
- Creditors/debtors ageing
- Periodical bank reconciliation
- Cash flow analysis
- Confirmation of accounts, bank interest and charges verification
- Payroll management
- Receivable management
- Cost management
- Maintaining and reviewing books of accounts
- GST reconciliation
- TDS reconciliation with form 26AS
- Liaisoning with banker
- Book keeping
Business Evalution
- Internal control
- Productivity and efficiency analysis
- Preparation of budgets
- Short term and long term forecasting
- Profitability analysis
Compliances
- Audit Compliances (Tax Audit,Statutory audit, GST Audit, Internal Audit)
- Income Tax Compliances
- GST Compliances
- Secretarial Compliances
- RBI Compliances
- Routine Accounting Compliances
- Labor Law Compliances
- Reporting on IFRS/Indian GAAP/Ind-AS
Advisory
- IPO Services
- Raising / Restructuring Capital (Home Loan, Loan Against Property, Private Fund)
- Raising seed funds, working capital finance
- Raising project loans and debt
- Due Diligence
- Investment planning
- Financial planning
- Corporate Law Advisory
Litigation
- Advising, preparation and submission related to income tax appeals, scrutiny, proceedings
- Attending hearings with statutory authorities
- Representation before various authorities like Income Tax, GST, Enforcement Directorate, Customs, etc.
- Liaisoning with advocates / counsel / auditors / consultants etc.
Indian GAAPs, Ind AS & IFRS Advisory
We have worked broadly under IFRS and our experience indicates that IFRS is more than just a technical accounting exercise and needs to be viewed and studied as an important business priority. The Profits, EBITDA, Dividend policy, Tax Planning will all change because of this transition and companies need to plan well in advance to ensure a smooth transition. While it is established that IFRS in India is a reality, it is also a reality that converging to IFRS is no easy task.We at Mehra Rajesh & Associates aim at assisting clients in an easy transition.
We would take your existing I-GAAP financials and provide you with IFRS Financial Statement. This included IFRS Health Check up, IFRS Conversion services, IFRS Transaction Advisory.
Mehra Rajesh& Associates are available to assist management in a number of ways, including, but not limited to, the following:
- Assisting in preparing and presenting Financial Report in accordance with IFRS.
- Providing online issue based consulting on IFRS.
- Providing mandate based consulting on IFRS.
- Performing functions of supervisors and reviewing the IFRS financial report.
- Providing the IFRS Financial Report Audit.
We provide an entire array of IFRS services:
- Diagnostic Review
- GAP Analysis & Conversion Planning.
- Conversion of Financial Statements into IFRS
- Valuation Services under IFRS
- Post Conversion Services
- IFRS Training
Representation Services & Litigation Support
Facing a serious dispute, investigation or litigation can be one of the most challenging times for any organisation. These are times when it’s critical to have credible advisers you can trust.
‘MRA’ helps organisations address lawsuits, investigations, and regulatory issues at all levels. We provide legal support to our clients and help them overcome challenges related to legal adjudication.
We have special expertise in the following fields:
GST Representation & Legal Support
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 higher appellate litigation. Handling such differences requires proficiency in the domain and experience in dealing with authorities at various levels.
Our team has 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, Advance Ruling authorities. Our experience in GST coupled with our analysis of the potentially litigious areas could mitigate the risk of litigation for the taxpayers.
Direct Taxation Representation & Dispute Resolution
We proactively manage risks and avoid conflict with Indian revenue and appellate authorities. Our partner-led representations assist in –
- Representation Services for Assessments before Income-tax officers;
- Appeal Proceedings before CIT(A) as well as Income Tax Appellate Tribunal;
- Assistance in appeal proceedings before various High Courts and SupremeCourts including preparation of case and briefing Counsels
Representation Before Custom Authorities
We assist and engage with organisations to resolve disputes with Custom authorities in relation to Customs Act and rules thereunder, Foreign Trade Policies and procedures, Import Export laws, IT-HS classification issues, among others.
Others
- We also have experience in handling complex litigation matters relating to-
- MSME Facilitation Council under MSMED Act 2006 and helping MSMEs to get their due payments along with interest;
- Economic offences and representations before Enforcement Directorate PAN India;
- Various other laws which have an impact on a business organisation.
Benami Law
At Mehra Rajesh & Associates, we provide legal guidance, advisory, representational services in relation to transactions, events which may tantamount to “Benami Transaction”
We specialize in providing representational services:
- Before the ‘Initiating Officer’ who may the Assistant Commissioner or Deputy Commissioner
- Before the ‘Approving Authority’ who may the Additional Commissioner or Joint Commissioner
- Before the ‘Administrator’ who may the Additional Commissioner or Joint Commissioner
- Before the ‘Adjudicating Authority’
- Before the Appellate Tribunal
We also specialise in ‘Transaction Advisory’ in relation to transactions or events which might be held as Benami at a later stage and in turn avoid unnecessary litigation.
IPO Advisory & Solutions
MRA provides a wide range of advisory services to address the issues faced by clients on their journey towards IPO and their preparations for being a listed company after the IPO. We have a team of specialists like lawyers, bankers, auditors, Valuers, consultantswhose experience covers the critical areas of an IPO.
- Indentifying the right deal advisors
- Coordinating with various deal advisors
- Building detailed Financial Forecast Model
- Valuations/pricing
- Investor Presentation
- Reporting and Compliances
- Tax structuring and business plans
- Accounting
- Financial reporting and treasury issues
- Necessary corporate governance, risk and internal controls matters
With MRA as an advisor, clients’ management can focus on the strategic elements of the IPO process where their input is critical.
Intellectual Property Advisory
We at ‘MRA’ excel in providing end to end solutions in respect of Intellectual Property Rights. We have a specialised team of professionals who help and guide the clients with the process of registration, objection removal and solutions thereafter.
We also keep a periodic track on the journals published by the registry to ensure that no claim or registration is granted to any other person bearing the same intellectual property.
Intellectual property is a property that is created by the mind. It is a property that is notphysically tangible but nonetheless is protected by law.
Broadly, there are five types of intellectual properties:
Copyright
Copyright is the right a person has over a literary or artistic creation. The right protects theproperty from being exploited by others without the consent of the creator. Copyright protectsfilms, novels, computer programs, music compositions etc.
Industrial designs
Industrial designs are mainly ornamental in nature, they may be in a two dimensional orthree-dimensional form. The value of these designs is more aesthetic than practical in mostcases. Therefore, to be protected under law it must be non-functional and more ornamental innature. The articles that make the product more appealing and attractive.
Geographical indication
Geographical indications are signs that are used on products to show their particulargeographical origin. This is to convey the quality or the reputation of the product due to itsplace of origin. The main industry that uses geographical indications is the agriculturalindustry. Such as tea from Darjeeling or green apples from Kashmir. They convey the qualityof the product due to its origin. It is considered an intellectual property that is protected so asto stop misrepresentation by commercial operators.
Patent
A patent is an exclusive right awarded to an invention. This invention may be a new productor new process for doing something. It can also be a technical solution to something. Suchpatent protection is given for a limited period of 20 years to the holder of the patent. A patentprotects the inventor from the exploitation of his invention by third parties, it protects themonetary interest of the inventor.
Trademark
A trademark is a unique sign that certain goods or services were provided by a particularcompany or individual. The concept of a trademark came to be long ago where artists andcraftsmen left unique marks or signatures to their product. In today’s system, the trademarkhas to be registered for it to be protected by law. Such protection ensures that the owners ofthe trademark have to exclusive right to use them to identify their goods or service.
Compliance Management Solution
Compliance is a ‘reasonable must’ for every type of business, paying little heed to the size or reason.For the smooth accomplishment of this objective, it becomes necessary that the company’s corporate structure and processes should be well defined and decided.
We at ‘Mehra Rajesh & Associates’ have an abundance of aptitude and abilities in the administrative and authoritative roles and responsibilities. We help our clients by offering exhortation and direction on various compliance prerequisites.
We provide assistance with:
Audit Compliance
- Tax Audit
- Statutory Audit
- GST Audit
- Internal Audit
- Concurrent Audit
Income Tax Compliances
- Preparation, review and filing of corporate and non-corporate returns and e-returns
- Withholding Tax (TDS) compliance services
- Determination of self-assessment and Advance tax liability.
- Preparation and filing of replies to various notices issued for any matter
GST Compliances
- Review of GSTR returns for ensuring appropriate disclosure
- Review of sample sale and purchase invoices
- Review of computation of GST output liability
- Review of computation of GST input tax credit and eligibility of credits on sampling basis. Review of credit reversals.
- Review of computation of GST under reverse charge mechanism
- Review interest computation due to delayed GST payment, non-payment to vendors
- Review of fulfillment of conditions for exemption / concessional rate of taxes
- Support in designing efficient accounting and support system so that information necessary for filing of return are available instantaneously
- Assist in making payment after adjusting eligible credits
Secretarial Compliances
- ROC Filing
- Assistance in preparation of various statutory registers mandated by Companies Act 2013 and other corporate laws
- Compliance solution to various records, register, etc. required under various corporate laws
Others
- RBI Compliances relating to various sectors and industries
- Various registrations and returns required to be filed under Custom law, Foreign Trade Policy and relating laws for the time being in force
- Routine Accounting Compliances with the prevailing Generally Accepted Accounting Principles
- Labour Law compliances and registrations