SERVICES

AUDITS & ACCOUNTING

The main focus of a business depends on how it is managed by the internal staff of the organization. If a company is not well managed internally it will wither away from the market very soon. We understand the needs of business as it will become very difficult for a company to manage their own business as well as keep a check at recent intervals at the internal working of the organization.

For the achievement of Best results PRAGS at Delhi pay attention to their internal workings and suggest for improvements customized to suit their company needs.

We minimize the risk of accidental or deliberate errors and omissions.

Cost Reduction Audit

These days management is very concerned about reducing their costs, PRAGS helps them in reducing costs.

The primary purpose of an audit is to identify where, how, why, and on what you spend money. In addition to this, it can help categorize and prioritize your spend and how to manage it more effectively, unlocking the best value available for your business.

As per PRAGS customized approach we not only make our business partners (Clients) compete with the benchmark of the Industry but we makes our business partners providing the benchmark for the Industry.

We provide a deep insight of:-

where and how you are spending money

what is the status of your cost management against market benchmarking

what should be done to reduce overall costs.

Areas for improvement varies from company to company but a potential list of improvement is as under:-

Eliminating pilferage and reducing stock holding

Getting the Just in time Approach adopted at our clients business.

Reducing Maverick Spending i.e. off contract spending.

Improving Consistency in all departments

Better Advisory of Cost Categories and Heads

Income and Expenditure Audit

We also provide quality audits of Income and Expenditure. Large organizations and corporations need to verify day to day business transactions. We have a pool of qualified & experienced professionals and ancillary staff, to conduct such audits punctually and comprehensively.

IS Audit

IS AUDITS (Information Systems Audit) or IT Audits (Information Technology Audits):-

Now a day’s every bit of work is done through or around the computers and software’s. We should adequately safeguard these precious assets as without these assets we can’t move ahead in our business and can even lead down to huge losses for the organization.

PRAGS (Delhi) Approach for the above purpose:-

Identify the Precious Assets of the business
Deciding the controls required for safeguarding the assets according to the priority needs of the business.
Developing a Business Continuity Plan for the business i.e. the business continues to run even when there is some threat to the most precious assets of the organization.

For Example:-

A server of a organization is of utmost importance to an organization, every effort should be made to safeguard the server from all the possible threats which can occur. We make them aware about the possible threats and safeguard the assets from such threats.
Our Team includes experienced computer professionals and qualified system auditors (CISA and DISA) to conduct IS Audit.

PRAGS understand the requirements of:-

Logical Access Controls
Physical Access Controls
Network Security Controls

Today Business Persons in India are a bit reluctant due to the reason of unawareness towards this area and don’t pay proper attention. But this may lead to huge losses to the business if not given proper attention.

We at PRAGS located in Delhi are specialized in this field as most of our research persons continuously keep a track on the recent technological changes as well as we use latest technologies available in the market and keeps on assisting the clients about such changes i.e. how it will affect our business.

Will the organization’s computer systems be available for the business at all times when required?

Will the information in the systems be disclosed only to authorized users?

Will the information provided by the system always be accurate, reliable, and timely?

Lets have a meeting for these issues and let us know about each other needs and compliances.

Management Audit

This is the special case where PRAGS provides the management with the better ways to conduct management audit.

We guide the company by the principles of management like and tries to get them implemented as far as possible

Unity of Command

Which says every subordinate should receive commands and should be accountable to only one and one immediate superior so that he don’t get confused as to whom shall he/she should obey first.

Division of Work

We guides the company in dividing the work into compact jobs and allocating these compact jobs to different individuals i.e. work division should be allocated as per competence, qualification and experience. We help management in deciding about the skills of employee about which employee suits in which department best, so that maximum output can be achieved.

We help management by drafting and planning one plan for a group of activities having same objectives i.e. we help the management by managing all the activities having same objectives under the direction of one head.

TAX

Tax litigation and advisory

Tax litigation is really a strenuous tact and requires much of the professional knowledge and skills.The Tax Litigator knows that resolving a tax dispute with the tax authority can be an easy or difficult process. Much depends on the ability of the people that represent the clients’ interests. Our tax litigators have substantive tax expertise on a broad range of complex tax matters.

Our tax litigators also have an unparalleled and comprehensive understanding of the subtlety of tax procedures and the tax dispute resolution process. Our tax litigators further possess extensive knowledge and experience dealing with state, Central and International tax authorities. Most importantly, our tax litigators have a proven track record of success in resolving tax disputes.

We represent all types of taxpayers embroiled in a broad range of the simple to the complex tax conflicts with tax authorities in a progressively aggressive tax enforcement environment. Our clients range from Indian-based corporations, multinational companies with operations based in different countries, manufacturers, financial service companies, hospitality groups, technology-based corporations and many more, including high net worth individuals. Since tax disputes and the associated tax litigation can be either or both civil and/or criminal in nature, we have proven and successful expertise in both the civil and criminal areas of tax law.

Please feel free to contact PRAGSADVISORS for any kind of assisstance

Tax Audit

Limits of Tax Audits are as follows

Every Person whose total receipts exceeds the following limits are required to get the Tax Audit as a statutory Requirement:-

For the Assessment Year 2013-14 (Previous Year 2012-13)
Business ( 1, 00, 00, 000)
For the Assessment Year 2014-15 (Previous Year 2013-14)
Profession (25, 00, 000)

It is a statutory compliance under the Income Tax Act under section 44AB.

From this year onwards i.e. for the filing of Assessment year 2013-14 and onwards all the tax audit returns have to be submitted with generating 3CA/3CB and annexure 3CD in XML formats and they have to be submitted online, unlike previously they were not required to be submitted with the return.

PRAGS dedicated team for the Tax Audits acquainted with latest and best software’s available in the market so that no core area in return gets unfilled.

Transfer pricing study

Transfer pricing study deals in the study of the pricing at which divisions of a company transact with each other. Transfer Prices are used when individual entities of a larger multi entity firm are treated and measured as separately run entities.

In managerial accounting, when different divisions of a multi-entity company are in charge of their own profits, they are also responsible for their own “Return on Invested Capital”. Therefore, when divisions are required to transact with each other, a transfer price is used to determine costs. Transfer prices tend not to differ much from the price in the market because one of the entities in such a transaction will lose out: they will either be buying for more than the prevailing market price or selling below the market price, and this will affect their performance.

Multinational organizations are operating in an environment of unprecedented complexity. The rising volume and variety of intercompany transactions and transfer pricing regulations, accompanied by increased enforcement activities worldwide have made transfer pricing a leading risk management issue for global businesses.

PRAGSADVISORS serves you in best possible manner and helps in transfer pricing study and cases.

Statutory Registrations

PRAGSADVISORS serves you in best possible manner and helps in transfer pricing study and cases.

ADVISORY

Advisory Services

We at PRAGSADVISORS always intend to grow with our clients as we believe that our growth solely depends on this fact that “SELF GROWTH ALWAYS COMES FROM CLIENTS GROWTH”. Our advisory services are also tailored in such a way that your business problems or queries are addressed within fraction of time. The range of our advisory service varies from audit and enterprise risk service , Valuation services, tax consultancy service , financial advisory and many more.

Our integrated approach which involves combining our skills to develop well-rounded solutions based on a full understanding of our clients’ ambitions, business and environment extends a clear commercial advantage. Our edge lies in our ability to formulate multi-disciplinary teams and deploy the same at short notice to deliver results.Our FA practice takes on an industry vertical approach. It draws upon its pool of experts both specializing in various industries and integrates this with its global knowledge base thereby delivering strategic and financial solutions to assist clients through every phase of the economic cycle.

Statutory Audit

At PRAGS at the Capital of India (Delhi) have been pioneered in this core function of Auditing due to our vast experience.

We undertake Statutory Audits of Listed Companies, Public Limited Companies, Private Limited Companies, Limited Liability Partnerships in the manufacturing sector/service sector and other allied sectors like charitable trusts, NGOs, Hotels, Hospitals, Cooperative Societies, Nationalised Banks, Financial Institutions, Non Banking Finance Companies, PSUs, Educational Institutions and other small and medium enterprises.

Mergers and acquisition

An acquisition is the purchase of some portion of one company by another, whereas a merger represents the absorption of one company by another.Mergers may be a statutory merger, a subsidiary merger, or a consolidation.Horizontal mergers occur among peer companies engaged in the same kind of business, vertical mergers occur among companies along a given value chain, and conglomerates are formed by companies in unrelated businesses.Merger activity has historically occurred in waves.Waves have typically coincided with a strong economy and buoyant stock market activity.Merger activity tends to be concentrated in a few industries, usually those undergoing changes.There are number of motives for a merger or acquisition; some are justified, some are dubious.
Few Aspects in mergers and acquisitions are : –
•Mergers and acquisitions (M&A) are complex, involving many parties.
•Mergers and acquisitions involve many issues, including
-Corporate governance.
-Form of payment.
-Legal issues.
-Contractual issues.
-Regulatory approval.
•M&A analysis requires the application of valuation tools to evaluate the M&A decision.
We at PRAGSADVISORS take care of all the issues regarding mergers or acquisitions so that your business may not be affected due to legal obligations and your work should be in well managed time and cost.

Stock Audit

Normally a business doesn’t put efforts in managing their stock but PRAGS provides special efforts in verifying the stock. Normally management is also not concerned about their stock verification, BUT HANG ON, IF YOU NEGLECT THIS POINT IT MAY LEAD TO HUGE LOSSES TO THE BUSINESS.

Example:-

We have 400 Quantities of stock in our stock statement and actually we are having 200 quantities and we get a on the spot order of 350 units, now since our stock statement is showing 400 units we tend to accept the order, Normally a manager takes the stock as shown in the statement and no physical checks are being undertaken but it may cost the company both in the sense of finance as well as goodwill wise. We don’t want that our business partners face such a problem whether to accept the order or reject the order, That’s why PRAGS place special efforts on the stock verification as our growth lies with the growth of our business partners.

PRAGS based at National Capital Region of India (DELHI) not only provides Stock Audits of the first party but we also makes third party confirmations of stock as well.

Benefits of Stock Audits:-

It helps in detecting pilferage on time.
Helps in valuing correct Inventory.
Helps in identifying obsolete stocks, scrap and slow moving stock. These can be sold as scrap in market before that spoilage can make some serious damage to the organization.

PRIVATE SERVICES

Accounting Services

As a single source financial solutions provider, PRAGS offers a full range of accounting and book keeping services for small to larger-sized businesses. Depending on your company’s needs, we partner with you as your bookkeeper, controller ,accountant,business advisor, part time —CFO or the entire department. All of our accounting services and solutions are scalable during periods of peak activity, and then can be scaled back when they are no longer required. By partnering with us to help you manage key non-core functions, you can concentrate efforts on maximizing your core business, which is essential to businesses that are positioned for growth. Call or email us today for the business solution that fits your needs.

Business set up services

Setting up a business in India has been liberalised over the years, still it requires company formation, approvals if required, legal compliances and registration with various authorities. We provide our clients Business Setup Solution based on “turnkey” methodology which takes care of approvals, legal compliances, registrations with authorities etc. to provide a ready to operate business setup in shortest possible time frame.

Setting up a business in India involves various steps, however the process can broadly be classified into three steps:
Approval for Investments
Incorporation / Formation of Company, Foreign Branch Office / Liaison Office
Registration with various Authorities

In today’s liberalised environment setting up a business and making investment in India generally do not require any approval and is covered under the automatic route. However, in case of some industries approval is required for setting up business in India. We provide services for obtaining approvals from Foreign Investment Promotion Board (FIPB) or Reserve Bank of India, as may be required. We also provide services for formulating strategy for mode of business setup i.e. Foreign Branch Setup or Liaison Office setup or Setup of Subsidiary Company as may be suitable.

For setting up business in India through limited liability company involves registration with Registrar of Companies (ROC) under the Companies Act. Formation of company involves various steps like name approval, obtaining DIN & digital signature of directors, preparation of Memorandum of Association etc. Our Business Setup Solution takes care of all the required compliances and procedure for incorporation of company and endeavors to provide our clients ready to operate business setup in shortest time frame under “turnkey” methodology.

The other modes of business setup in India include registration at foreign branch office , foreign liasion office, wholly owned subsidiary etc.

Registration with Various Authorities

In India a Business Setup to become fully functional require to register with various tax, labour and other authorities. For eg. a manufacturing / trading setup is required to get registered with Sales Tax / VAT Authorities, Income Tax Department etc. Our Business Setup Solution working on “turnkey” methodology, provides services for registration with various authorities immediately after incorporation. This leads to providing our clients ready to operate business setup within the shortest possible time frame.

For any information / query regarding our Business Setup Services feel free to contact us

Legal services

The role of lawyers and the benefit of legal services in society are vast. Lawyers are students of law, advocating for justice. They are licensed to practice their trade in the court of law. They are ethically bound to represent the interests of the client, within legal guidelines. They are sought to provide professional advice on legal matters that are often confusing or too technical to understand. They research, guide, counsel, litigate and advocate rights under the law.

Lawyers provide a variety of valuable services, in and outside a court of law. They research and interpret the law, offer legal counsel, provide legal support, draft legal documents, and file legal registrations. When litigation is required, they prosecute, gather evidence, prepare for trial, argue, cross examine, and defend. Some lawyers are called upon to manage assets or procure and protect intellectual property.

In general, a lawyer’s services are required when something is at stake or when an injustice has occurred, protections are needed, defense is mandated or when legal clarifications are required. Many lawyers concentrate in an aspect or concentrated area of law. Some focus in family law, employment law, estate planning, social security, special education, medical malpractice, bankruptcy, tax and patent law, just to name a few of these more focused areas of practice.

PRAGSADVISORS provides assistance in all kind of legal services including Criminal and Civil Litigation.

Patents and Trademarks

The purpose of a copyright is to protect works of authorship as fixed in a tangible form of expression. Thus, copyright covers: a) works of art (2 or 3 dimensional), b) photos, pictures, graphic designs, drawings and other forms of images; c) songs, music and sound recordings of all kinds; d) books, manuscripts, publications and other written works; and e) plays, movies, shows, and other performance arts.

The purpose of a trademark is to protect words, phrases and logos used in federally regulated commerce to identify the source of goods and/or services.

There may be occasions when both copyright and trademark protection are desired with respect to the same business endeavor. For example, a marketing campaign for a new product may introduce a new slogan for use with the product, which also appears in advertisements for the product. However, copyright and trademark protection will cover different things. The advertisement’s text and graphics, as published in a particular vehicle, will be covered by copyright – but this will not protect the slogan as such. The slogan may be protected by trademark law, but this will not cover the rest of the advertisement. If you want both forms of protection, you will have to perform both types of registration.