Chartered Accountant Services
“The motto of the ICAI is Ya Aeshu Suptaeshu Jagruti (Sanskrit), which literally means “a person who is awake in those that sleep”. It is a quotation from the Upanishads (Kathopanishad). It was given to the ICAI at the time of its formation in 1949 by Sri Aurobindo as a part of its emblem”
– The Institute of Chartered Accountants of India (ICAI)
In India, Chartered Accountants play a crucial role in the financial sector. They are responsible for maintaining financial records and ensuring that all financial transactions are recorded accurately and in compliance with Indian laws and regulations. They also play a key role in the preparation of financial statements, tax returns and other financial reports for individuals, businesses and government agencies. Additionally, they provide financial advice and consulting services to clients on various financial matters such as budgeting, investment planning, risk management, and compliance with laws and regulations.
Some of the specific roles and responsibilities of Chartered Accountants in India include::
Auditing: CA’s are authorized to conduct audits of financial statements of companies, partnerships, and other organizations. They also review and provide assurance on the internal controls and risk management systems of the organization.
Taxation: CA’s provide tax planning and compliance services, including preparation and filing of income tax returns, Goods and Service Tax (GST) returns, and other tax-related documents.
Corporate finance: CA’s advise companies on financial matters such as fund raising, mergers, and acquisitions, and also help companies to raise funds through equity, debt and other financial instruments.
Financial consulting: CA’s provide financial consulting services to businesses and individuals, including advice on budgeting, cash flow management, and financial planning.
Compliance: CA’s help businesses and organizations to comply with laws and regulations related to accounting and financial reporting, such as the Companies Act, GST Act and Income Tax Act.
Forensic accounting: CA’s also play a key role in investigations and litigation support by providing expert testimony and forensic accounting services.
Business Valuation: CA’s are also authorized to conduct business valuation of companies, assets and securities for various purposes such as mergers, buyouts, and share purchase agreements.Period of existence and operations should not be exceeding 10 years from the Date of Incorporation
Chartered Accountants are governed by The Institute of Chartered Accountants of India (ICAI) which sets the standards and codes of ethics that accountants must abide by. The ICAI also conducts professional development programs and continuing education courses to help accountants stay current with the latest developments in the field.
With the increasing complexity of financial regulations and the globalisation of business, the role of Chartered Accountants in India is becoming more important. They are now playing a vital role in business decisions, strategic planning and risk management. They also act as a link between the management and the shareholders, by providing them with accurate and reliable financial information.
Prime range of White Collar Professional services provided by Chartered Accountants are:
Auditing and Assurance
Chartered accountants offer auditing and assurance services to evaluate the dependability and accuracy of a company’s financial records and operations. The objective is to reassure interested parties (such as investors, management, and regulators) that the information is reliable and accurate. This is accomplished by thoroughly reviewing and assessing financial accounts, internal control systems, and other pertinent information. In order to increase the accuracy and dependability of future financial reporting, chartered accountants may also make suggestions for enhancing internal controls and financial reporting procedures.
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Direct taxation
In today’s age of digital transformation, organizations are evolving with innovative business models, using technology to mitigate barriers of physical boundaries to operate globally. Given the rapid transition, tax policymakers are also trying to cope with this pace by making frequent and necessary changes to tax laws. #IncomeTax Act, 1961
There has been a tremendous change in the way tax authorities function today and, in the information, required for undertaking various tax compliances. The advent of technology will only augment such requirements in the future. Accordingly, businesses that are operating effortlessly to progress globally would need to be more agile and proactive to meet the requirements of tax authorities.Tax is usually a key issue on the board’s agenda and a central factor in business decisions. Boards are looking for pragmatic ways to efficiently manage tax risks, reputation, and operations.
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Indirect Taxation
While the world of indirect taxes is complex and dynamic, indirect tax is a large contributor to governmental revenues, making compliance critical. The introduction of Goods & Service Tax (GST) was a game-changer in India. With few of the taxes from the erstwhile regime continuing to exist until an eventual phase-out, businesses need to know and understand the interplay between GST and such taxes. Frequent amendments to existing tax laws and policies make it imperative for businesses to keep pace with changes across states within the country. Organizations are required to plan their business structures in line with their organizational goals while ensuring compliance with such laws and regulations.
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Corporate Secretarial and Advisory Services
A Chartered Accountant is a person who assists a corporation, company or other legal entity in complying with the various legal and regulatory requirements governing its operations. These services typically include the maintenance of corporate records, preparation of annual reports, and advice on governance and compliance matters. The aim is to provide companies with the support they need to operate effectively, efficiently, and in accordance with all relevant laws and regulations.
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RERA Act Compliance
Real Estate Regulatory Authority (RERA), a regulatory body established by the legislation, is responsible for enforcing its requirements in each state and union territory. The main elements of RERA are the creation of an escrow account for the depositing of monies obtained from purchasers as well as the required registration of all real estate projects and real estate brokers. The act also calls for the establishment of a dispute-resolution process for the swift settlement of disagreements between consumers and developers.
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International Taxation & Legal Compliances
International Legal Compliance refers to the obligation of individuals and organizations to follow laws and regulations that are in force in the countries in which they operate or conduct business. This includes compliance with treaties, conventions, and agreements, as well as laws and regulations of individual countries. To ensure business activities are conducted ethically and in accordance with global standards, it is important to have a basic understanding of international legal compliance.
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Merger & Acquisition and Corporate Restructuring
Mergers and acquisitions (M&As) are transactions in which a company combines with or acquires another company, typically with the goal of achieving economies of scale, expanding market share, or increasing profitability. M&As can be structured as a merger of equals, where two companies combine to form a new entity, or as an acquisition, where one company takes over another.
Whereas, Corporate restructuring is the process of reorganizing a company’s operations, finances and structure in order to increase its financial performance, improve efficiency, and enhance competitiveness. This can involve a number of changes, such as divestitures, spin-offs, asset sales and bankruptcy proceedings. The goal of corporate restructuring is to enable the company to be more agile in responding to changes in its environment and ultimately improve its long-term prospects for success.
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Litigation Assistance and Alternative dispute Resolution
There are several types of litigation, including civil litigation, family law litigation, taxation litigation and medical litigation. Civil litigation concerns private disputes between individuals or companies and involves the filing of charges by one party against another. Family law involves disputes related to domestic matters and are decided in the family courts. Matters that are dealt with by family courts include divorce, paternity and child custody. We also offer contract violations litigation services as well as corporate legal matters.
Alternate Dispute Resolution (ADR) refers to a set of procedures used to resolve conflicts or disputes outside of a traditional courtroom setting. ADR includes methods such as negotiation, mediation, arbitration, and others. The goal of ADR is to provide a quicker, less formal, and often less expensive means of resolving disputes compared to litigation. ADR can be used in a wide range of disputes, including commercial, employment, family, and personal injury cases.
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Insolvency and Bankruptcy Code, 2016
Insolvency & Bankruptcy Code have always been niche areas, legal professionals, with immense experience in the revival and restructuring of companies, are successfully advising multiple corporate insolvency resolution processes.
Legal teams with panels of Insolvency Resolution Professionals aim to provide comprehensive services to all the stakeholders viz. Corporate Debtors, Financial Creditors, Operational Creditors, Resolution Professionals, and Resolution Applicants under insolvency resolution processes.
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Accounting Services
With the increase in complexity of the business environment and transactions, financial reporting is becoming increasingly challenging. This challenge is amplified by the significant changes being envisaged in the financial reporting standards in many jurisdictions. Numerous companies are also seeking to improve their processes to achieve timely and accurate financial reporting. Below is the list of services covered in Accounting Services:
- Bookkeeping, Payroll Services, Preparation of Management Accounts to give management access to faster and more accurate interpretation of financial data.
- Compilation and consolidation of Books of Accounts and Depreciation Accounting.
- Financial interactions between related entities within the same parent company to yield financial statements that only reflect activity with independent third parties.
- Advice on various accounting issues including those related to Indian GAAPs, IFRS, Ind AS, or as per Schedule III of the Companies Act.
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Securities Litigation, Enforcement and Regulatory Compliances
Securities litigation and enforcement refers to the legal actions taken by regulatory agencies to address alleged violations of securities laws and regulations. This can include actions brought by SEBI (the Securities and Exchange Board of India), the Securities Appellate Tribunal (SAT / AT), various stock exchanges, and other regulatory bodies.
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Financial Planning
Project Financing is a loan structure that relies primarily on the project’s cash flow for repayment, with the project’s assets, rights, and interests held as secondary collateral. Project finance is especially attractive to the private sector because companies can fund major projects off-balance sheet (OBS).
Personal Finance is the process of planning & managing personal financial activities such as income, spending, saving, investing, and protection etc.
Asset Management & Funds such as structuring and establishment of investment platforms (including blind pool funds, managed accounts and advisory arrangements), buy-outs, spin-offs, joint venture investment arrangements, sidecar funds and secondaries, etc.
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Valuation Services
Valuation services involve determining the worth or value of an asset, such as a business, real estate, or intellectual property. This can be done for various purposes, such as for financial reporting, tax compliance, mergers and acquisitions, or dispute resolution. A variety of methods and approaches can be used to value an asset, such as market comparisons, discounted cash flow analysis, and income capitalization. Valuation professionals, such as CA, CS, CWA or accredited business valuators, typically perform these services.
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