Income Tax & TDS provisions
Review of the compliance with various provisions of the Income Tax laws as applicable to the Company & reasons for non-compliance therein, if any.
Checking applicability of TDS on different vendor's payments & the rates at which the deductions have been made.
Verification of the compliance with periodic payments, returns and instances of deviations.
Whether timely review of Form 26AS (tax credit statement generated from NSDL) for every assessment year is being made & necessary action for reconciliation / rectification thereof is taken.
Advance Tax instalments paid will be reviewed with respect to reasonability of the amount of tax paid for that instalment & whether the amount was short paid or interest cost was incurred.
To review whether payments being effected to non-residents are as per the RBI & FEMA laws & tax withholding done as per the Form 15CB issued by a Chartered Accountant.
Examining the income tax implications arising out of review of the business agreements covered.
Suggesting suitable modification in the agreements and documents to make them compliant with the statutory provisions.
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