List of compliance services for startups

Compliance are gaining more and more importance, now a days people are moving towards becoming complied person or complied business. Days are gone when people used to think like let government officers come up, we will see. Now people want to be complied to take benefits as complied person. For example dealing off the books in cash do not allow you to have evidence for proving your sale and in case of default, this creates hurdles for you to enforce the receivables.

In addition to just compliance, now people look for professionals who can help with legitimate ways for tax planning and tax saving at individual level in addition to their business.

Following type of compliance service you need from professionals for your compliance or your business compliances,

1) Accounting compliance services : As per Income tax act and companies act you are required to maintain books of account as per applicable norms, professional can do it better you can consider outsourcing also.

2) Income tax related: Income tax return filing is mandatory compliance if your income is above minimum exempt amount not chargeable to tax. Income tax filing can be for Individual, Corporate or it can be done by way of bulk tax return filing by your company.  You might need tax expert to reply to income tax notices or go for appeal in response to order received from income tax department or in case of search seizure raid at your premises.

3) Business restructuring: If you are looking to restructure your business entity or restructuring business model itself to save tax or streamline your operations for better results you need business restructuring experts

4) Certification under income tax or chartered accountant services : Under many law and some of the institutions you need certain data to be verified and certified by chartered accountant. You might need professionals to handle your PAN/TAN registration, TDS/TCS return filing compliances or valuation certificate under income tax act.

5) Consolidation of accounts: If applicable, as per law you need to prepare consolidated financials for your group companies, subsidiaries and parent companies. This requires special experts who can prepare consolidated financials for you as per prevalent laws.

6) Corporate tax planning: How to go about certain business transaction or how plan structure the business in order to save tax will require thorough knowledge of tax and allied laws. 

7) Cost accounting: In case of manufacturing units you need cost accountant who can assist you with better maintenance of records and profitability at unit level for appropriate overheads allocation showing true and fair view of the unit.

8) Excise and Custom related compliances: For excise and customs compliance you need expert, who can consult you in terms of documentations to be maintained to be complied business.

9) Forensic accountant or fraud detection professional: Let it be fraud prevenetion or fraud detection in your business you need qualified professional who can help your business in fighting with such business casualty.

10) GST registration and regular compliances: Your business revenue is more than 20 lacs ? you need GST registration. You can also take voluntary registration for goods and service tax. There are professional who can provide end to end solution starting from GST registration, GST notice/Appeal/reply, GST return filingand GST audit.

11) Ind AS and IFRS convergence: If Ind AS is applicable to your business then you are required to prepare books following Ind AS and in case of MNC you might have to prepare IFRS complied financials for reporting in foreign country. In addition to that you might need transfer pricing audit if applicable to your business.

12) Internal Audit: In case of large businesses it is mandatory to have internal auditor. For mid size business it is recommended to have internal auditor who can provide third party opinion on process adherance and it is followed as per SOP prepared.

13) Cross border taxation: You might need professional services in case of NRI taxation or International tax planning or in case of certifications under FEMA

14) Payroll compliance like PT, ESIC, PF : If you are covered under bracket of ESIC or PF or PT you need to comply with relavant documentation to be maintained and pay neccessary taxes/fees. 

15) Sector special experts : For certain service like Rera certification,  SSI-Startup India registration service or subsidy planning and availment you need sector specific experts who can provide end to end niche services.

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