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Tax Risk Management

Home » Services » Tax Risk Management

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Tax Risk Management

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COVID-19 Resources
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It is important for any business management to demonstrate that his risks are under control. The key area that every business has been struggling to demonstrate that its internal controls are robust and operating effectively is the tax function. Historically, the main function of the taxation service is on output.

The basis for sound tax-risk management is a tax-risk policy that needs to address what the strategic, operational, financial accounting and compliance tax risks are in the business and what the response is to those tax risks, if and when they occur.

Tax risk management is not about minimizing tax risk but about determining what level of risk is acceptable to the business, how internal mechanism is set to address such exposure, what response is required to identified tax risk and monitoring that such response is actually taking place.

These controls are easy to monitor but are time consuming and often regarded as a burden on the organization. Tax Risk Management is a first step to be able to demonstrate that the tax department is in control of the tax function. Also, it will make it easier to assign resources and budgets to the tax function without increasing the business’s tax-risk profile.

Tax-risk management is not only about documentation, but about making sure that your organization actively monitors and responds to tax risks, if and when they occur. It is about people, processes and technology.

FAQS

What is Tax-Risk management?
The objective of Tax Risk Management is to comply with the provisions of Indian Tax Law and its allied rules. Tax Risk Management deals with filing of return in time, getting the accounts audited as per tax guidelines, assessing cash outflow on account of tax, deducting tax at source etc.
Any benefit of Tax-Risk management services?
Timely and effective Tax-Risk Management helps in avoiding unnecessary payment of interest, penalty, fine, prosecution etc.
Is Tax-Risk management optional?
No. Tax-Risk Management is essential for every person whether he is running a business irrespective of size, volume or place.
Is there any difference between Tax risk management and Tax planning?
Yes, very thin but significant difference. Tax planning helps in minimizing future tax liability (may be short term or in long run) and its optional to the businesses. One of the species of tax planning is Tax-Risk management.
During COVID-19, where there is no business, do business this service really need?
Tax-Risk Management relates to Past, Present, and Future.
  • Past – Assessment Proceedings, Past litigation relating to Appeals, Re-opening of Assessments, Revisions, Tax Investigation, Pending refunds, etc.
  • Present – Filing of return, Payment of advance tax/TDS, GST lower TDS certificates.
  • Future – To take corrective action against risk exposure on the future course of business activities in terms of expected cash outflow once business resumes.
During COVID-19 crisis, it is experienced that the tax department may become tougher and stricter than usual times and litigation sought to arise exponentially. So, timely management can help you sail through.
How our team of experts can assist you in Tax Risk Management?
You may need our assistance in following service areas:
  • Providing timely information and regulatory updates
  • Analysis of critical aspects of key tax provisions
  • Computation of fair taxes payable, filing of statutory returns, providing documentation support etc.
  • Educating implication of economic changes (such as COVID-19 pandemic, long term recession etc.) and approach to safeguard taxes.
  • Representation before tax authorities for tax assessments, refunds follow-ups, any tax reliefs, tax concessions etc.
  • Providing documentation support with a view to defend tax litigation in future.
  • Providing tax opinions on future business strategy such as Starting a company, Joint ventures and Business collaboration, Mergers and Acquisition, Business Re-structuring and Cross border transactions
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