Nitin Mittal & Co.
C-21, South Extension, South Extension I, New Delhi, Delhi, India
C-21, South Extension, South Extension I, New Delhi, Delhi, India
The Nitin Mittal & Co. was formed in August 2001 as a Chartered Accountancy firm. with the aim of providing a comprehensive range of services to various industries including Finance, IT Enabled /BPO, Consultancy, Manufacturing, FMCG Distributors/ Retail etc.
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AUDIT & ASSURANCE
The global economies & markets are ever changing which increases the business & statutory complexities and requirements resulting in risk assurance. Clients require audit & assurance beyond the conventional assessment of numbers.
We engage with our clients on a continuous basis to understand the client and its business needs before chalking out an audit programme. We ensure adherence to statutory and regulatory requirements, including disclosures and provide constructive, value-added delivery.
The global economies & markets are ever changing which increases the business & statutory complexities and requirements resulting in risk assurance. Clients require audit & assurance beyond the conventional assessment of numbers.
We engage with our clients on a continuous basis to understand the client and its business needs before chalking out an audit programme. We ensure adherence to statutory and regulatory requirements, including disclosures and provide constructive, value-added delivery.
Our Audit & Assurance vertical offers a wide range of services that are customised to suit the specifications of each client based on our two decade experience across companies and our deep knowledge of Indian laws. This quality led approach means our professionals provide an insightful audit to all our clients.
Audit & Assurance Services
Statutory Audits
Audit Process is an integral part for adding value to the business and assisting the management in taking various strategic decisions for growing the business. We provide quality Audit & Assurance services to deliver the expected results.
The principal of a statutory audit is to ensure that the financial statements prepared by the management give a true and fair view. We review the compliances with accounting procedures, provisions of various law, standards and guidelines in accordance with the Indian GAAP to ensure that financial statements are free of any misstatements, errors and discrepancies.
Internal Audits
Audits are no more restricted to accounts related tick and bash, which, in our case, has become a minor part of the overall gamut of activities covered. Process flows in an organization are mapped along with their internal controls etc. as part of an audit, other than checking into routine accounts etc.
An internal audit is a vital tool in corporate governance. It assists to evaluate company's internal controls, corporate governance and accounting processes to improve overall efficiency. It provides independent assurance that the key risks facing an organization have been identified and managed, and that systems and controls are robust and appropriate.
Tax Audits
We conduct Tax Audit of assesses as required under various provisions on The Indian Income Tax Act. It involves correct reporting of information needed Income Tax Department for proper assessment of tax.
Compliance Audits
We conduct compliance and secretarial audits. It helps strengthen the Corporate Governance in an organization. Compliance audit ensures that all compliances under different statutes as applicable to the company are in place. This relieves the management from worries and assists to focus on core work.
Secretarial Audit
The recently introduced Companies Act, 2013 requires specified class of Companies to furnish a Secretarial Audit Report. The Companies Act, 2013 has given exclusive recognition to Professionals to carry out the Secretarial Audit of Specified Class of Companies.
GST Audits
We conduct GST audit as required by the GST Act. The detailed review of process is accrued out from beginning of the transaction to its reporting to identify gaps, if any. The reconciliations between different forms and returns filed is prepared. It is also mapped with book of accounts. The disclosures and findings are accordingly reported in the GST audit report.
Cost Reduction Audit
The Cost reduction audit includes detailed review of business operations, processes and transactions, identifying loopholes and providing suggestive cost effective measures without compromising on quality and output based on our diverse experience with different industries and set ups.
US GAAP
We assist various clients in translating their Indian accounts to accounts as per US GAAP for their group reporting. We use standardised methodology for translation of accounts based on our diverse experiences and in house knowledge base. This assists companies operating in different geographies to consolidate their financials and reports through the common base.
Accounting & Finance
• Book Keeping & Accounting
• Tax (Direct & indirect)
• Fixed Assets Management
• Reconciliation – parties, banks and inter countries
• MIS & Budgeting
• Vendor Management
• Cash flow & Fund flow
• Preparing their annual accounts
• Maintaining accounting records in all platforms including Sap, Oracle, Quick books etc.
• Fund & Cash management
Book Keeping & Accounting
In today’s competitive and complex world every business wants to use its skills or resource according its core competence and to the maximum benefit of the organisation. In order to achieve that they outsource their book keeping and accounting function to experts like us so that correct recording and reporting of transactions happen as needed under different statutes.
Bookkeeping & Accounting is the process of recording, in chronological order, daily transactions of a business entity. It forms part of the accounting information system. On the other hand, accounting is an information system– includes process of recording, classifying, summarizing, reporting, analyzing and interpreting the financial condition and performance of a business – in order to communicate it to stakeholders for business decision making.
1. We provide both on site and off site permanent/ temporary accountants/ CA’s
2. Assist in audits and preparation of Annual accounts
3. Prepare management reports as needed to help quickly identify and react to any financial opportunities or threats to their business
4. Book keeping in desired software /platform including Tally, Busy, Oracle, SAP, Quick books etc.
5. Advisory to client to understand the business needs / gaps and its resolution
6. Budgeting and analysis
7. Cash flow management
8. Accounts receivable & Accounts Payable management services
9. Reconciliations – Accounts, Bank, Credit cards, GST
10. Invoicing services
Goods and Service Tax
With the implementation of Goods and Services Tax (GST) from 1st July 2017, there has been a paradigm shift in indirect tax structure in India from origin based tax to destination based tax.
GST will enable businesses to move into different geographies seamlessly GST is a welcome change and in principle looks attractive and simplify the tax regime. GST shall provide the much needed stimulant for economic growth in India by ensuring the free flow of goods and services within the economy and also eliminating the cascading effect of different taxation.
We undertake following GST services
• GST Registrations
• Filing of GST Returns (Regular Dealer, Composition Dealer, ISD, Non-Resident, E-Commerce, etc)
• GST Annual returns
• GST Consultancy/Advisory on various issues of GST
• Impact Analysis on Business Segments
• GST Audits as per GST Act, 2017
• GST Implementation
• Compilation of Data of Input Tax Credit
• Maintenance of Records for Compliance
• Strategic Business Planning under GST Regime
• Supplier/Buyer Management
• HSN Code Finder
Payroll Processing
Human resource is an important asset of every organisation. It needs to be well take care and correct payroll processing and disbursement is an essential component of it. We undertake payroll processing services and it includes
1. Advisory on tax friendly Salary compositions/ break up
2. Preparation of salary masters and Preparation of monthly payroll sheets
3. Tax withholdings from the payroll
4. Preparing secure pay slips
5. Arranging the payment of salaries by preparing Bank transfer advise in bank specific formats
6. Taking care of the all the Income Tax forms as well
7. Tax advisory to the team
8. Assistance in filing Income Tax returns of the team
Taxation Services
The Indian Taxation system has undergone several reforms, challenging business nationally and internationally. Few areas of commercial life are as challenging and constantly changing as tax. Our highly skilled tax department provides clear & correct advice to helps navigate through this complicated subject . This tax team is supported by many years' experience of tax planning and assessments at the Income Tax Department.
We expert, effective solutions and guidance addressing both domestic and international tax issues.
Direct Tax Services:
For traders and manufacturers in Delhi NCR, NMC provides following services:
1. Filing Tax Returns – Corporate and Non-Corporate
2. Advisory on tax payments
3. Tax Due Diligence
4. Transaction Structuring
5. Tax planning – Corporate and Non-corporate
6. TDS Compliance services
7. Devising employee emoluments structure
8. Bulk filing of employee returns
International Tax Services
1) Transfer Pricing Study – Determination of financial transactions at arm’s length price, ensuring transactions adhere to regulatory framework and assist in filing report under section 92E of the Income Tax Act, 1961.
2) Advisory on International Taxation – International tax treaties (DTAA), handling of transnational company affairs, international tax planning covering inbound and outbound investments.
3) Expatriate Tax Advisory & Compliance services
4) Assistance in tax compliances wrt to International transactions
a. Filing for Form 3CEB
b. Filing of Form 3CEAA and maintaining the master file
c. Country by Country Reporting (CbCR) compliances
Indirect Tax Services
1. Sales Tax/VAT assessments for different states, including Haryana , U.P. & Delhi
2. Custom & Central Excise refunds and assessments
3. Compliances of Foreign Trade Policies
4. Service Tax assessments & assistance in audits
5. All services in GST , please refer GST under What we deliver
Litigation
1. Review and analysis of past assessments for Income Tax and Wealth Tax
2. Preparing submissions and grounds of appeals for Income Tax and Wealth Tax
3. Appeal before Commissioner Appeals and Appellate authority for Income Tax and Wealth Tax
4. Appeal before Dispute Resolution Panel (DRP) for international taxation
5. GST /VAT assessments and appeals
6. Service Tax audit, appeals , revision , refunds and assessments
7. Excise and Customs assessments including SAD refunds
Management Services
India Entry Strategy Services:
We have been assisting global organizations in their India entry strategy by providing an end to end solution by acting as a single window. Our services include the following:
1. Conceptualization of Business plan
2. Location/ initial infrastructure planning and short selection
3. Company incorporation including drafting of Memorandum and Articles of Association
4. Obtaining initial regulatory approvals
5. Obtaining EOU/ STPI/ Customs registrations and approvals
6. Compliance with local laws of the state
7. Designing the corporate structure
8. Establishing the systems, policies, procedures for smooth conduct of business
9. Corporate Tax Planning
10. Assistance in Administrative and Human Resource functions for initial set up the organization.
Valuations
• Valuation of companies for the purpose of mergers, demergers, acquisitions, venture capital etc. as per international norms.
• Valuation under FEMA using DCF method, CCI guidelines as approved by RBI.
• Valuation as per Companies Act 2013, Income Tax and Wealth Tax.
STPI Services
STP Scheme in India
About STP
The Software Technology Park (STP) in India was introduced as a 100% export-oriented scheme in order to facilitate software export, both by means of data communication links and other physical methods such as export of professional services.
STP Benefits
The following are the benefits offered by the STP to an entrepreneur. All services/activities that are mentioned in the Handbook of Procedures (EXIM) can avail these benefits. Some of these are :
1. Foreign equity is allowed up to 100%
2. Single-window clearance approval scheme.
3. Permission to set up STP anywhere in India.
4. Import of software and hardware goods for the business is allowed completely duty-free.
5. Provision for import of second-hand capital goods.
6. Provision to re-export the capital goods.
7. Permission to start call centers.
We assist clients in:
1. Obtaining STPI registrations
2. Regular compliances
3. Avail STPI benenfits
Investment Planning
We assist clients in investment advisory function to achieve maximum benefits while minimising the risks. We deal in the following:
1. Portfolio Management
2. Infrastructure Bonds
3. RBI Bonds
4. Company Deposits
5. Mutual Funds
6. Shares
7. Investment of Capital Gain money
Legal & Secretarial
We provide complete assistance in Legal & Secretarial side to ensure that the company is fully compliant w.r.t. to all laws and statutes applicable. The same includes:
1. Registration & Incorporation of companies
2. Assist clients in completing their documentation for filing with the Registrar of Companies, both on an annual basis and in relation to events or activities and maintenance of records for compliance.
3. Assisting corporate in drafting of their Subscription Agreement and Shareholders Agreement. The process also involves interaction with the key employees, prospective investor and venture capital entities.
4. Assisting Clients to draft their legal and other agreements encompassing various aspects of their business.
5. Assistance to Indian Corporate in drafting of their Transfer Pricing Agreements.
6. Drafting and implementation of ESOP for various IT companies. Plans have also been devised for Indian companies who have parentage overseas.
7. Assistance in establishing branch office, liaison office, project office or other similar offices in India by foreign entities and overseas by Indian entities.
8. Assistance in drafting of Foreign Collaboration Agreements, Joint Venture Agreements and other legal agreements
9. Rendering advice to corporate on their ex-pat employees/ consultants.
Other Services
We provide various other services to act as an one stop solution for all the client needs.
• Registration & Compliances under the labour laws:
1. Shops & Establishment Act
2. Provident Fund Act
3. ESI Act
4. Actuary Valuations
• Liaison with the Reserve Bank of India for FEMA/RBI compliances/approvals for both import, export etc.
• Issue/Transfer of shares between residents, non-residents/foreign companies including FEMA compliances.
• Regulatory compliances wrt STPI/SEZ/ EOU schemes.
• Approvals under the customs/excise wrt Foreign Trade Policy for duty free imports etc.
• Assistance in availing export incentives under Merchandise Exports from India Scheme and Service Exports from India Scheme
• Assistance in registration as star exporter
• Obtaining Export Credit Guarantee Corporation policies
