Health Check

Direct Tax law in India is ever evolving and updated/refined through amendments proposed every year vide Finance Bills and notifications/circulars issued time to time. It is also impacted by judicial precedents established by rulings of various Appellate Authorities and Courts.

How MBG can help you

• Help improve awareness of tax compliance.
• Identify possible risks and hidden tax exposures.
• Providing recommendations to mitigate the tax risks.

Our comprehensive suite of services

• Entity and determining the various applicable Direct Tax compliances.
• Review of direct tax positions adopted in preparation of Tax computation and Filing of Income Tax return on the basis of following documents:
  1. Financial statement
  2. Tax computation
  3. Tax Audit report
  4. TP Certificate
  5. TP report

• Checking for material non-compliances, if any, in filing of corporate tax returns, withholding tax returns and tax audit reports etc., if applicable.
• Checking whether the TDS/TCS is being deducted/collected on the transactions on which TDS/TCS is required to be deducted/collected.
• Checking whether the TDS/TCS deducted/collected is being deposited to the Government treasury within due time.
• Reviewing Form 15CA/15CB for making overseas remittances, wherever applicable are being filed or not.
• Analyzing whether any advance tax liability is arising and if so, then whether the same has been deposited within due time.
• Whether the company has opted for taxation under section 115BA/115BAA/115BAB, if yes, then whether the relevant forms has been filed.
• Checking Transfer Pricing Compliances.
• Checking the eligibility criteria of the Deductions/Allowances claimed and whether they are within the prescribed time limits.
• Checking whether all the disallowances have been made and properly disclosed in the ITR.
• Analysis of the set off and carry forward of the business losses/losses under any other head of income, unabsorbed depreciation and credit of Minimum Alternate Tax, if any.
• Analyzing the effects of the Income Computation Disclosure Standards (ICDS).
• Checking the Minimum Alternate Tax under section 115JB has been correctly calculated, accordingly disclosed in the ITR and the form 29B are being filed.
• To check the liability of Income Tax, interest and penalty if any.