Tax Function Transformation

Tax Function Transformation (TFT) means to revamp the tax process through farm out the tax function to tax consultant and to create an incentive for businesses to allocate resources where they are most effective and efficient.

Why Choose SW India for Your Tax Function Transformation

Why TFT is important in today’s time

  • Frequent change in tax legislation, limited resources to make the team well equipped
  • Advancement of technology, role change from technical expert to technology masters
  • Limitation in expanding team hence, bandwidth issues
  • Lack of standardized data formats and poor management of master data
  • Data control issues in partnership model i.e. internal teams and external consultants

Benefits of TFT

  • Years of experience and expertise in delivering complex projects
  • Cross-functional knowledge and understanding of the domain
  • Enhancing data quality driving better risk management and efficiency
  • Single custodian vastly improves standard processes and streamlines data management
  • Using technology to improve analytics
  • Single point of contact for all tax-related matters from extraction of data to compliance to litigation
  • No bandwidth issue in case of high volume of queries, notices, or compliances at the same time

Our Service

  • Data extraction from ERP systems for accurate financial reporting
  • Classification check to ensure proper categorization of transactions
  • Rate check to verify accuracy of applicable rates
  • Calculation of tax to be deposited in compliance with regulations
  • Filing of returns in a timely and compliant manner

  • Preparation of data for accurate reporting and compliance
  • Reconciliation of provisions and balances to ensure correctness
  • Providing timely information to tax auditors
  • Replying to queries of tax auditors to avoid qualification(s)

  • Maintenance of documents for proper record keeping
  • Reconciliation of related party schedule with the financials
  • Keeping calculation of mark-ups charged and forex differences
  • Ensuring financials are maintained as per recommended mark-up percentage

  • Data extraction from ERP systems for accurate reporting
  • Filing up of relevant forms in compliance with regulations
  • Calculation of tax after all credits and MAT adjustments
  • Filing of the corporate tax return in a timely manner

  • Preparation and submission of reply to notices
  • Preparation and submission of appeals
  • Assistance in quasi-judicial/judicial proceedings related to income tax

  • Data extraction from ERP systems for accurate reporting
  • Tax computation and filing of monthly returns (GSTR 1 / GSTR 3B)
  • Preparation and filing of annual compliances (GSTR 9 / 9C)

  • Centralized Tax Master management
  • Assistance in obtaining/amendment of registration (PPOB + APOB)
  • Year-end activities for tax compliance
  • Handling indirect tax queries

  • GST related reconciliations for accuracy and compliance
  • Preparation of SOP for GST related activities (credit, etc.)
  • Creation of GST dashboard for MIS reporting
  • Assessment and litigation tracker as part of the dashboard

  • Audit and assessment support under GST and ST/VAT/CST for earlier periods
  • Maintaining a repository of notices and orders
  • Support for statutory audit and provisioning in the books

  • Preparation and submission of reply to SCN
  • Preparation and submission of appeals
  • Assistance in advance ruling by identifying issues warranting seeking advance ruling