Ensuring utmost satisfaction
Our Services
Audit & Assurance
External Audit Services
The purpose of an audit is to enhance the confidence of intended users in financial statements. This is achieved through the auditor’s opinion on whether the statements comply with the applicable financial reporting framework.
In every country, there are statutory and regulatory frameworks that mandate the audit of financial statements by qualified accountants like Chartered Accountants (CA) or Certified Public Accountants (CPA). In India, the Companies Act, 2013, Banking Regulation Act, 1949, Income Tax Act, 1961, Insurance Regulatory and Development Authority Act, 1999, LODR/Listing Agreement of Securities and Exchange Board of India, etc., govern the audit and reporting by Chartered Accountants.
Our team possesses extensive expertise in external audit services for Companies, Banks, Financial Institutions, and others. We are committed to ensuring excellence in audit execution with well-trained staff and a focus on quality and control.
Internal Audit Services
Internal audit is an independent management function that continuously and critically appraises an entity’s functioning. Its aim is to suggest improvements, add value, and strengthen the overall governance mechanism, including strategic risk management and internal control systems.
In collaboration with those responsible for governance, including the audit committee, we develop and document a plan for each internal audit engagement. This ensures efficient and timely execution, with appropriate focus on significant areas and identification of potential problems, while optimizing staff skills and time.
Concurrent Audit
Our concurrent audit services encompass financial transactions, guaranteeing authenticity and compliance with procedures and relevant guidelines. This empowers stakeholders to make informed decisions based on accurate books of accounts.
Due Diligence
Due diligence involves evaluating prospective business decisions through risk and compliance checks, investigations, and financial audits of the other party.
We assist in making informed business decisions, such as investments, takeovers/mergers, or contract agreements.
Taxation
Income Tax
In the dynamic landscape of Tax laws and regulations, businesses confront the challenge of maintaining transparency and compliance with the revenue department. The ongoing digitalization of the regulatory framework emphasizes the importance of understanding the taxation framework.
Our experienced team of professionals caters to diverse industries, providing services in Tax accounting, Policies, Procedures, Filings, and more. We excel in navigating complex tax litigation processes and are committed to resolving tax disputes effectively.
Goods and Service Tax
Amid the implementation of Goods & Services Tax, regulatory authorities have been proactive in granting exemptions and extensions. The ever-evolving GST regime sees regular updates, amendments, and clarifications.
Our team possesses the necessary professional expertise to provide effective advisory and consultancy services in the field of Goods and Service tax.
Business Advisory Services
Companies Act
The Companies Act, 2013, is a comprehensive and intricate legislation governing the incorporation and functioning of companies in India. It outlines the roles and responsibilities of shareholders, board of directors, auditors, and other stakeholders.
We offer a complete range of services related to company law, including company formation, mergers and acquisitions, reconstruction, and maintenance of statutory records. Our team of experienced professionals excels in this domain, delivering customized solutions to clients while ensuring full compliance with the provisions of the Act.
Succession Planning
Succession planning is essential for future business direction, ownership structure, conflict resolution among family members, and strategic business planning.
Every closely held business has unique goals, opportunities, and associated risks.
Our expert assistance covers the following areas:
- Identifying and prioritizing long-term income goal.
- Conducting investment analysis and devising strategies
- Recommending and implementing an Action Plan, considering tax law changes, economic events, family structure changes, lifestyle adjustments, and other influential factors.
- Wealth and Estate planning to optimize available resources.
Planning & advising on writings of will etc.
MSME/ Startup Advisory
MSME
MSME stands for Micro, Small, and Medium Enterprises. The Government of India enacted the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006, to promote small businesses. Both manufacturing and service enterprises can obtain registration under this Act.
All Micro, Small, or Medium enterprises must enroll for the issuance of a Udyam certificate, which is valid for a lifetime and can be obtained by eligible units.
We offer services for Udyam enrollment to facilitate smooth and compliant registration.
We also advise on various schemes of Ministry of MSME to facilitate establishing, functioning and growth of MSME units.
MSME SAMADHAAN
Our team also undertakes professional advisory for Delayed Payments to Micro and Small Enterprises under Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 under which the buyer is liable to pay compound interest with the monthly rests to the supplier on the amount at the three times of the bank rate notified by RBI in case he does not make payment to the supplier for his supplies of goods or services within 45 days of the acceptance of the goods/service rendered.
One District One Product Scheme
The UP government’s One District, One Product Programme aims to encourage district specific indigenous and specialized products and crafts. There are products in UP that are found nowhere else. Many of these products are GI-tagged, which means they are certified as being specific to that region in Uttar Pradesh. Many of these were also dying community traditions that are being revived through modernization and publicization.
Startup advisory
The Government of India had launched the Startup India Scheme in the year 2016. Various exemptions to startups have been provided in the Income Tax Act, 1961. Our dedicated team of professional having rich experience in incorporation of a company and income tax helps you to setup your own business.
We provide the following services in relation to startup:
- Incorporation and registration of company as a startup:
Incorporation of a company is the first step towards owning your business. Once the Company is incorporated, our team will apply for registration of your company as a startup as per the startup india scheme. - Valuation advisory
Estimating true value of a startup is very important. It enable you to decide stake dilution when a new investor is willing to buy a stake in your startup. Further it is also imporatn for the purpose of business sale, merger, entering into Joing Ventures etc. We enable you to determine the value of your business. - Fund Advisory
We help you in raising funds by connecting you with potential investors who are willing to invest in a commercially viable business plan. Your business plan is effectively put across to investors and helping them understand your idea.
RBI & NBFC Advisory services
Our firm has an ample experience in relation to RBI and NBFCs’ compliances for over 30 years.
The following are the services that we provide in relation to RBI & NBFC compliance:
- Registration of Companies as Non Banking Financial Companies (NBFCs) with Reserve Bank of India.
- Periodic/Annual Return submissions of NBFCs to Reserve Bank of India.
- Advisory services on the Reserve Bank of India Act , 1934.
FCRA/FEMA
The steady growth of Indian economy has made it one of the most popular destination in the world for Foreign Direct Investment (FDI). The government of India allows for FDI in India in almost all sectors. Approval of the RBI is to be obtained in the case of sectors not covered.
We provide the following services related to FEMA/FCRA:
- Advisory services on Foreign Exchange Management Act, 1999 (FEMA)
- Seeking approvals under FEMA from the Reserve Bank of India (RBI)
- Issuing statutory certificate under FEMA
SOCIETY/CHARITABLE TRUST/SECTION 8 COMPANIES
Non-Governmental organisations (NGOs) in India are either registered as Society, Charitable Trust or Section 8 companies. Majority of the entities carrying out socio economic or welfare activities are registered as Society, Charitable Trust or Section 8 companies.
We at S.K.M. & Co. provide services ranging from forming a Society, Charitable Trust or Section 8 Company , regular periodic/annual compliances to representing the entity in front of statutory authorities.
PROJECT APPRAISAL AND FINANCING
To meet these investment needs, businesses can seek funds from various sources such as Banks, Financial Institutions, and Private Equity.
Our team of professionals thoroughly assesses the investment requirements and assists businesses in obtaining the necessary funds. We work to maximize the available sources of funds, whether through a single source or a combination of various sources, tailored to the specific needs of each business.
We also do the advising in relation to disputes/grievances with financial institutions and also help in complaint matters with Banking Ombudsman.
Need to know more?
Contact us today to schedule a consultation or to learn more about how our accounting and financial services can benefit your business. Let S.K.M. & Co be your trusted partner in financial success.