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 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 process and streamline data management
  • Using technology to improvise analytics
  • Single point of contact for all tax related matters from extraction of data to compliances to litigation
  • No bandwidth issue in case of high volume of queries, notices or compliances at same time

Services covered 

Direct Tax

Withholding tax Return Compliance

  • Data extraction from ERP
  • Classification check
  • Rate check
  • Calculation of tax to be deposited
  • Filing of return

Assistance in tax audit

  • Preparation of data
  • Reconciliation of provisions and balances
  • Providing time to time information to tax auditor
  • Replying to queries of tax auditors to avoid qualification(s)

Transfer pricing study

  • Maintenance of documents
  • Reconciliation of related party schedule with the financials
  • Keeping calculation of  of mark ups charged and forex difference
  • Ensuring financials are maintained as per recommended mark up percentage 

Corporate tax return compliance

  • Data extraction from ERP
  • Filing up of relevant form
  • Calculation of tax after all credits and MAT adjustments
  • Filing of the corporate tax return

Litigation support services

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

Indirect Tax

Tax Return Compliance

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

Business and operational Support

  • Centralized Tax Master
  • Assistance in obtaining / amendment of registration (PPOB+APOB)
  • Year-end activities
  • Indirect tax queries

Reconciliation and Records

  • GST related reconciliations
  • SOP for GST related activities (credit, etc.)
  • GST dashboard for MIS reporting
  • Assessment and litigation tracker (part of dashboard)

Audit and Assessment support

  • Audit and Assessment support under GST and ST/ VAT/CST for the earlier period
  • Maintain repository of notices, orders
  • Support vis-à-vis statutory audit support & provisioning in the books

Litigation support services

  • Preparation and submission of reply to SCN
  • Preparation and submission of appeal
  • Assistance in advance ruling by identifying issues that warrants seeking advance ruling
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