Risk Management
In the current regulatory environment, can you think of any issue that looms larger than business risk. Increasingly, business risk is linked with tax matters. In fact, tax risk today goes well beyond your company’s relationship with tax authorities. It can have an impact on virtually every area of your business, including strategy, operations and even corporate reputation.Some senior executives, especially from outside the tax function, might ask whether existing compliance efforts cover their tax risks . The simple answer is no. From a compliance perspective, the tip of the tax-risk iceberg. It focuses on financial statement risks. Companies should consider financial statement risks, as well as other risks cited by the Committee of Sponsoring Organizations of the Treadway Commission, including efficiency, effectiveness of operations, and compliance with applicable laws and regulations to help achieve sustained compliance. Focusing solely on financial statement risks ignores other risks that can be just as devastating, such as reputation risks.
Businesses today are exposed to financial risk, be it credit, market, and operational risk, the risks related to liquidity or inherent in conducting treasury operations. Effective financial risk management can be a complex and demanding task and, apart from a sound business practice, it is a regulatory requirement for the financial sector. In the banking industry, in particular, the Basel II risk management framework is already being implemented, requiring banks to operate risk management frameworks of increasing sophistication. Other sectors are expected to follow, as in the case of the Solvency II directive framework, which is being developed for the insurance sector. 's financial risk management practice can help clients implement appropriate systems for risk management, aiming not only at satisfying the regulators, but also at enhancing business performance. Our services can cover many aspects of risk, credit, market, operational, liquidity, and treasury risk and include:
 
  • Gap analysis for the assessment of the organization's as-is state as compared to industry best practice or regulatory requirements, such as the Basel II framework for banks
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  • Definition of the organizational and procedural framework that supports the risk management function .
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  • Assessment of available options, taking into account the complexity of implementation and their impact to capital requirements.
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  • Conceptual design of the risk management system, including the description of the main processes, the necessary input data and interface mechanisms, and the management reports that will be produced by the system
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  • Preparation of the specifications for software package selection, assistance in the preparation of an RFP and support during the selection process of software packages by undertaking market research and the evaluation of available software based on the client's needs
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  • Preparation of technical specifications for the development of modules of the risk management system, in order to cover specific needs of the organization
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  • Support during the implementation of the risk management system by providing expert advisory services for most of the major software packages
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  • Especially regarding Basel II, has internationally developed and successfully delivers a suite of services, aimed at helping banks effectively make the transition to the new risk management framework.
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    The tax return will show the amount of refund . In case if the tax return already shows that you are getting a tax refund you need not apply for it. The tax return cheque directly comes to the address mentioned on the Return of Income document filed with the Income Tax department. Tax return can also be debited directly to your bank account which needs to be mentioned on the tax return.In a situation where you think that you forgot or did not have the proper documents to show the investments made, a Revised Return of Income needs to be submitted. Also, the actual claim for the tax refund .The Income tax department has recently started an initiative where you can check your tax return status online.
    Tax Payment
    The Income Tax Act, 1961, as an individual, you have to pay advance tax if the total tax payable in the relevant financial year exceeds Rs 5,000. Apart from the regular sources of income, like salary, business/profession and other sources like interest, advance tax is also payable on non-regular income like capital gains.Advance tax has to be paid before the relevant financial year comes to an end. So, for the year 1 April 2001 to 31 March 2002, any amount that is paid before 31 March
    Business Tax Deductions
    Small business tax deductions. This means, Certain expenses, are allowed to be deducted from your sales value to reduce your overall taxable profit and hence your small business taxes.These Small business tax advantages are changed regularly by law, and it is important to check the latest information with a good firm of tax accountants.