preloader-icon

India Specific Services

A CSR audit assesses an organization's efforts in implementing socially responsible and responsive programs. It involves evaluating the company's operating code of conduct, procedures, and other factors to understand their impact on society. This audit reviews the company's social responsibility initiatives, including charitable giving, volunteer activities, energy usage, transparency, work environment, and employee compensation and benefits. The goal is to evaluate the social and environmental impact of the company within the locations where it operates.

Transfer Pricing legislation was introduced in India in 2001 to address tax avoidance by establishing norms for computing income from international transactions or specified domestic transactions ("SDTs") based on the "arm’s length price". Our Transfer Pricing services provide effective solutions to companies engaged in international transactions or specified domestic transactions with associated enterprises or group companies, including:

  • Transfer Pricing Analysis
  • Selection of the appropriate method
  • Benchmarking Analysis
  • Assistance in preparation of Transfer Pricing documentation
  • Issuance of Transfer Pricing Certificate
  • Representing Transfer Pricing Cases before Transfer Pricing Officer/ Appellate Authorities
  • Achieve regulatory compliance applicable to the organization
  • Identification of any ghost assets in the books of accounts
  • Assistance in performing dynamic inventory verification
  • Ensure accurate depreciation calculation for reporting purposes
  • Assistance in movement and disposal of asset in a proper manner
  • Ascertainment of variance between books and physical verification
  • Bar Coding of individual asset tags will significantly reduce the effort necessary for verification of inventories
  • Enables multiple concurrent inventories with centralized reconciliation
  • Ascertain fair value of the fixed assets that may reduce insurance and tax costs
  • Tracks origin and destination of transferred assets. Lists transfer date, acquired values

    • SNSK specializes in Financial Asset Management (FAM), leveraging our extensive expertise to deliver tailored solutions to our esteemed clients across all sectors. With a widespread presence across India, we ensure seamless and high-quality services nationwide.

Section 134(5)(e) of the Companies Act, 2013 mandates that for listed companies, the Directors' Responsibility Statement should confirm, among other matters, that directors have established internal financial controls and that these controls are adequate and operating effectively. Additionally, Rule 8(5)(viii) of the Companies (Accounts) Rules, 2014 requires all companies to include details in the board report regarding the adequacy of internal financial controls with reference to the financial statements. Furthermore, Section 143(3)(i) of the Act requires auditors to report on whether the company has an adequate internal financial control system in place and the effectiveness of these controls.

Internal Control over Financial Reporting (ICFR) is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. This includes policies and procedures related to maintaining records that accurately and fairly reflect the company's transactions and asset dispositions.

ICFR aims to provide reasonable assurance that transactions are recorded as necessary to prepare financial statements in accordance with accounting principles and that company receipts and expenditures are authorized by management and directors. It also aims to prevent or timely detect unauthorized use, acquisition, or disposition of company assets that could materially impact the financial statements.

Transfer Pricing legislation was introduced in India in 2001 to address tax avoidance by establishing guidelines for computing income from international transactions or specified domestic transactions ("SDTs") based on the "arm's length price". Our Transfer Pricing services provide practical solutions to companies engaged in international or specified domestic transactions with associated enterprises or group companies, including:

  • FAM is an accounting process to keep a track on companies Fixed Asset for the purpose of financial accounting, asset maintenance and theft prevention
  • FAM aims to track the location, quantity, condition, maintenance and depreciation status of their fixed assets
  • Tax Consultancy and Advisory
  • FAM consists of two activities namely:
    • 1. Fixed Assets Verification (FAV)
    • 2. Fixed Assets Register (FAR)

The Income Computation and Disclosure Standards (ICDS), implemented from 1st April 2015, represent a significant amendment in Indian Income-tax legislation. ICDS apply to the computation of income taxable under 'Business income' or 'Other Sources income'. These standards diverge notably from Indian Accounting Standards and can result in substantial tax implications for taxpayers.

In this context, we offer specialized assistance in analyzing ICDS in relation to the nature of businesses and transactions undertaken by taxpayers. Our services include providing detailed insights into the relevant tax implications and offering tailored advice to ensure compliance and effective tax planning.

Virtual CFO is a seasoned finance professional who helps you in running your finance function with his expert advice and hands on involvement. As a virtual CFO, we engage a dedicated resource who shall perform the following activities on regular basis –

  • Monitor the compliance of pre-agreed budgets and operating business plan of the Company;
  • Reviewing the costs/expenses above the pre-decided threshold level before the payment is made by the Company.
  • Supervising the accounts team and Reviewing and presentation of MIS to the equity investors on a periodical basis.
  • Assisting in budgeting and forecasting including sensitivity analysis under different market scenarios.
  • Assisting on implementing financial processes and controls in conjunction with the client team.
  • Reviewing the compliance of direct and indirect tax, companies act matters, ROC filings, etc. in conjunction with the tax consultants and company secretary of the Company.