Confirmations
letters, documents and certificates required
1.
FIRC certificates for all inward remittances.
2.
Balance confirmation from HO as on 31/3/2013 for balance outstanding in various
currencies.
3. Confirmation from H.O. for no salary
and perquisites paid to Chinese Expatriates in China
4. CPA report for expenses incurred by
H.O.
5.
Cash balance confirmation letter for balance as on 31/3/2013.
6.
Certificate for payment relating to any expenditure covered under Section
40A(3) of Income Tax Act, 1961 that the payments were made by account payee
cheques drawn on a bank or account payee bank draft.
7. Bank Reconciliation statements for
all banks, bank confirmations for balances as on 31/3/2013 and subsequent
clearance details.
8. FD balance confirmation letter from
banks.
9. Confirmations from employees for
advances outstanding.
10. Balance confirmations from all
parties for all debit and credit balances; for eg:-prepayments, account
payable, quality guarantee, etc
11. Balance Certificate for closing stock
and valuation of closing stock, if any
12. Management confirmation for physical
verification of assets
13. Confirmation that entire offshore
services & supply have been carried out from outside India & no part is
carried from India.
14. Confirmations that only costs
directly related to the project have been debited & no cost pertaining to
offshore transactions have been debited as cost.
15. Contract copies of sub-contractors
and material vendors for verification.
16. Copy of TDS certificates from banks
and Owner.
17. Copy of WCT TDS certificate from Owner.
18. Certified budgeted cost which should
tally with profit and loss account of F.Y. 2012-13 after audit.
19. Whether any of the sub-contractor,
supplier or any creditor registered as SSI unit.
20. Copy of 197 certificate and low / nil
WCT certificates from all parties.
21. Challans and returns for all
statutory dues like TDS, WCT, Service tax, GTA on Service Tax, Wealth Tax, VAT,
PT (employees and Company), PF (including expatriates), Personal Income Tax,
Entry Tax, etc.
Details required
1.
Expenses
incurred by HO for the project and vice-versa.
2.
Proof
of funds remitted to H.O.
3.
Details
of expenses incurred in foreign currency.
4.
Details
and supporting of guarantee deposits / security deposits and other receivables.
5.
Insurance
policies
6.
Details
of additions and deletions to fixed assets alongwith supporting documents.
7.
Working
for provision of expenses for F.Y. 2012-13 and payment details for provision created for F.Y.
2011-12.
8.
Calculation
and Challans for wealth tax paid.
9.
Unexpired
period of lease for lease agreements
10.
PAN No
for all Chinese as well as Indian Employees
11.
Details
of contingent liabilities, if any.
a.
Extract of relevant guarantee document (USD and
INR) confirming outstanding guarantee to owner
b.
Any other Contingent Liability as Liquidation
Damages, penalties on Contract, etc.
12.
Details
of cash expenses above Rs.20,000/- on a single day to a single party with
supportings
13.
Details,
if cash withdrawals and deposits are affected on the different day
14.
Cash
book, bank book, ledger copies and all supportings to be kept ready.
Reconciliation
and Working required
Tally
with certificates
1.
Interest
income and TDS with TDS certificate (Form 16A) from banks.
2.
Advances
received from Owner, TDS and WCT deducted by Owner, with TDS/WCT certificate issued by Owner.
Tally
with returns and books of account
1.
All
cost pertaining to sub-con and WCT deducted thereon with WCT returns.
2.
Material
cost and liability of VAT and Entry tax with respective returns.
3.
Calculation
of Entry tax liability and tally with books of account and returns.
4.
Calculation
of personal income tax for Chinese Expatriates and Indian employees and tally
with E-TDS returns.
5.
Tally
salary and other cost viz:-consulting expense with E-TDS returns.
6.
Profession
Tax and PF deducted from employees salary (including expatriates) and paid to
tally with PT and PF returns.
7.
Service
tax liability and input as on 31/3/2013 to tally with service tax returns.
8.
Month-wise salary Chart to be prepared with employee name, PAN No.,
salary paid, allowances given, and statutory dues deducted and net payment
made.
In short, to tally all statutory
payments and inputs (if applicable) with paid challans, books of account and
returns and also cost associated with it should tally with books of account.
Further, above checklist
is not exhaustive and any other requirement for details / information /
documents shall be conveyed to you.
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