Taxation Compliances
A. 5 Key Tax Compliance Challenges Faced by CFOs
- High dependency on a single individual managing tax compliances, regardless of their expertise level
- Limited time to review tax matters due to last-minute filings
- Lack of real-time visibility into tax compliance status across multiple locations
- Additional tax liabilities during assessments due to incomplete information or missing documentation
- Uncertainty about whether all eligible tax benefits are being fully utilized
B. How Outsourcing Tax Compliance Addresses These Challenges
- Access to best-in-class taxation practices gained from working with diverse clients across industries
- A system-driven approach with well-defined processes and structured checklists
- Elimination of risks associated with staff attrition in taxation roles
- Real-time dashboards offering complete visibility into compliance status across parameters such as profit centers, laws, and states
C. Coverage of tax compliances:
D. Scope of Work
- Review of books of accounts to ensure accurate tax charging and deduction
- Determination of monthly tax liabilities
- Preparation and timely filing of applicable tax returns
- Management and tracking of statutory forms such as C, F, E1, E2, etc.
- Handling and responding to routine notices from tax authorities
- Preparation of documentation and information required for scrutiny assessments
- Representation before various audits, including statutory, internal, and tax audits