AUDIT & ASSURANCE

Consulting Services

Thirumala Associates provides assistance in restructuring activities like:

 Shareholder Restructuring.
 Promoter Group Restructuring.
 Balance Sheet right sizing.
 Group Restructuring — Merger, De merger, Business Transfer, etc.
 Family Arrangements, Succession Planning.
 Recognition of intangibles, IP Structuring.
 Financing Structuring.

Valuation

Valuation determines the worth of an asset. To ensure that you have the most accurate value for your business and assets, we under take valuation in a very professional way, applying both common sense and careful thought.

We undertake valuation for:
 Companies
 Shares/Investments
 Intellectual Property
 Business Undertaking
 Fixed Assets

Due Diligence Review:
The firm is a trusted partner for many venture capitalists and a few angel investors.We offer to you, financial, tax, legal and corporate secretarial diligence, which are handled by our relevant experienced teams. We are with you from the first term sheet signature until the final agreement, or on an as-needed basis.

Fundraising:
Having assisted many first generation entrepreneurs in raising equity finance, we can help you with the basic steps from preparation of business projections through each stage until signing any agreements. We help to bridge the gap between entrepreneurs and investors.

Special Assignments:
Thirumala Associates offer special services such as:
• Profitability Analysis
• Process Review
• Operations Analysis, etc.

Valuation International Business and financial valuation requires focused attention and a trained eye. Our team strives to provide accurate calculations and sound valuation report on-time every-time.

We can assist you with:
Fair Value / Fair Market Value Assessments:

• Cheap Stock Valuations – Current Value Method (CVM), Probability weighted expected return method (PWERM) and Option Pricing Model (OPM) – IRC 409a.
• Stock-Based Compensation Expense – ASC 718.
• Goodwill Impairment Testing – ASC 350.
• Purchase Price Allocation – ASC 805.
• Employee Stock Options (ESOP) Valuation.
• Fairness Opinions.
• Intangible Asset Valuations and
• Valuing Financial Instruments.

Analyzing valuation components such as comparable company analysis and industry and company analysis.

Audit support through re-performing valuation assessments performed by third-party appraisers to establish calculation accuracy and report authenticity.

Building Financial Models and Quality reviews.

Corporate Outsourcing Services

In today’s corporate world, outsourcing some of your internal operations can be an intelligent decision for your business strategy. We can help you increase your bandwidth, and take on many internal operations, allowing you the space to concentrate on core business. We have both an on, and off site model, and ensure that our processes adhere to all statutory compliances.

Thirumala Associates can assist you with
 Accounting
 Payroll
 Budgeting
 Monthly MIS Reporting
 Consolidation Reporting Abroad

Thirumala Associates use the following software tools:
 Tally
 Quickbooks
 Sage
 Axapta
 SAP, etc

Thirumala Associates offer help with your treasury, funds and trusteeship choices.

Direct Taxation & Regulatory Services

Compliances
Making taxation understandable and clear is our goal, and we offer this service to individuals,Private firms, corporate Houses, LLPs, etc.,

Thirumala Associates will handle all tax compliance and advisory service.

Structure and Taxation Opinions
To give you a well rounded perspective on your taxation options, we offer assistance and an opinion on your direct and indirect taxes. This includes:
 Transfer Pricing.
 Global taxation.
 Tax structures for a Multinational Presence.
 Legal Opinions on Taxation.
 Related Advisory Services.

Litigation and Regulatory Process
To provide you with assistance, we handle all the assessments proceedings under direct and indirect tax provisions.
We have expertise in appearing for regular assessments, appeal handling and appearing before tax tribunals and High Courts if any disputes.

Indirect Taxation and Regulatory Services

Recognizing the client requirement to tackle a plethora of Indirect Tax Legislation which impacts every conceivable nature of business transaction be it manufacture, trading , rendering of services, imports, exports and to the extent of even encompassing movement and entry of goods in a jurisdiction

A specialized team of subject matter experts, under the guidance of a Partner and Practice Leader are rendering the following array of services:

 Indirect Tax Advisory – situation specific application analysis and application of law to mitigate tax exposure.

 Vendor and Customer Contract reviews to identify Tax exposures.

 Assistance in drafting internal policies having Tax impact.

 Tax compliance assistance under Service Tax, PAN India VAT, Excise, Customs, Entry Tax and Foreign Trade Policy Laws.

 Assistance in maintaining tax records for the purposes of statutory compliances and audits/assessments.

 Assistance in obtaining Indirect Tax and other allied Local Laws Registration.

 Assistance in complying with various licensing requirements such as SEZ, IEC, Customs, Excise etc.

 Assistance with filing and obtaining indirect tax refunds.

 Representation and Litigation Support Services.

 Management/employee tax workshops to keep abreast of the law.

 Tax Compliance Health checks.

 Indirect Tax attestations – VAT Audit reports, Annual Returns etc;.

 Handholding the client at the time of inspections, intelligence audit visits etc from the Department.

 Support in preaudit/assessment preparations before representations are made to the Indirect Tax authorities.

Corporate Law & Governance Services

Ensuring that you can concentrate on growing your business in an upward direction is very important to us. Handing over matters of corporate law and secretarial practice to us, can give your Board of Directors space to concentrate on their shareholder duties and focus on higher levels of operations.

We handle:
 The incorporation of several types of legal entities or statutory registrations required to operate in India.
 Compliance under the Foreign Exchange Management Act.
 Related advisory services.
 Training in Corporate Governance

We are experienced in the position of being an advisor for the Boards of Companies. We can even handle all needs under the Companies Act, 2013.

In terms of corporate law, we handle:
 Shareholder Agreements
 The Governance Mechanism of Holding Companies, etc.

Litigation and Regulatory Process
In order to resolve any disputes or matters of court we also handle matters in:
 The Company Law Tribunal
 Company Courts
 Official Liquidations.
 The Registrar of Companies.
 Other bodies of the Ministry of Corporate Affairs.

Tax Planning

Tax Planning involves planning in order to avail all exemptions, deductions and rebates provided in Act. The Income Tax law itself provides for various methods for Tax Planning, Generally it is provided under exemptions u/s 10, deductions u/s 80C to 80U and rebates and relief’s. Some of the provisions are enumerated below :

 Investment in securities provided u/s 10(15) .

 Interest on such securities is fully exempt from tax.

 Exemptions u/s 10A, 10B, and 10BA Residential Status of the person Choice of accounting system Choice of organization.

 For availing benefits, one should resort to bonafide means by complying with the provisions of law in letter and in spirit.

 Where a person buys a machinery instead of hiring it, he is availing the benefit of depreciation. If is his exclusive right either to buy or lease it . In the same manner to choice the form of organization, capital structure, buy or make products are the assesse’s exclusive right. One may look for various tax incentives in the above said transactions provided in this Act, for reduction of tax liability. All this transaction involves tax planning.

1. Why Every Person Needs Tax Planning ?

Tax Planning is resorted to maximize the cash inflow and minimize the cash outflow. Since Tax is kind of cast, the reduction of cost shall increase the profitability. Every prudence person, to maximize the Return, shall increase the profits by resorting to a tool known as a Tax Planning.

2. How is Tool of Tax Planning Exercised ?

Tax Planning should be done by keeping in mine following factors :

• The Planning should be done before the accrual of income. Any planning done after the accrual income is known as Application of Income an it may lead to a conclusion of that there is a fraud.


• Tax Planning should be resorted at the source of income.


• The Choice of an organization, i.e. Taxable Entity. Business may be done through a Proprietorship concern or Firm or through a Company.


• The choice of location of business , undertaking, or division also play a very important role.


• Residential Status of a person. Therefore, a person should arranged his stay in India such a way that he is treated as NR in India.


• Choice to Buy or Lease the Assets. Where the assets are bought, depreciation is allowed and when asset is leased, lease rental is allowed as deduction.


• Capital Structure decision also plays a major role. Mixture of debt and equity fund should be balanced, to maximize the return on capital and minimize the tax liability. Interest on debt is allowed as deduction whereas dividend on equity fund is not allowed as deduction

3. Methods Of Tax Planning

Various methods of Tax Planning may be classified as follows :

• Short Term Tax Planning :

Short range Tax Planning means the planning thought of and executed at the end of the income year to reduce taxable income in a legal way.
Example : Suppose , at the end of the income year, an assessee finds his taxes have been too high in comparison with last year and he intends to reduce it. Now, he may do that, to a great extent by making proper arrangements to get the maximum tax rebate u/s 88. Such plan does not involve any long term commitment, yet it results in substantial savings in tax.

• Long Term Tax Planning :

Long range tax planning means a plan chaled out at the beginning or the income year to be followed around the year. This type of planning does not help immediately as in the case of short range planning but is likely to help in the long run ;
Example :If an assessee transferred shares held by him to his minor son or spouse, though the income from such transferred shares will be clubbed with his income u/s 64, yet is the income is invested by the son or spouse, then the income from such investment will be treaded as income of the son or spouse. Moreover, if the company issue any bonus shards for the shares transferred , that will also be treated as income in the hands of the son or spouse.

• Permissive Tax Planning :

Permissive Tax Planning means making plans which are permissible under different provisions of the law, such as planning of earning income covered by Sec.10, specially by Sec. 10(1) , Planning of taking advantage of different incentives and deductions, planning for availing different tax concessions etc.

• Purposive Tax Planning :

It means making plans with specific purpose to ensure the availability of maximum benefits to the assessee through correct selection of investment, making suitable programme for replacement of assets, varying the residential status and diversifying business activities and income etc.