This workshop aims at providing a complete technical make-over to the financial condition of your business, by a two-step mechanism comprising of a 360-degree Financial Statement Analysis for a detailed understanding of the financial position and performance, and developing a comprehensive tax planning methodology by dissecting each and every provision of the current taxation regime while evaluating its impact on your business under different dimensions.
Objective:Comprehensive understanding of the financial position and performance of the organization while aligning relevant taxation plans.
1) Introduction to the financial statements (1 day) - Balance Sheet, Profit-and-Loss Account, Cash Flow Statement.
2) How to read and interpret each item in the financial statements (2 days) Balance Sheet items, Profit and Loss Items
Items Under Liabilities-Different heads and sub-heads and understanding the impact of each head on the financial performance of an organization through various accounting ratios
Items Under Assets- Different heads and sub-heads and the impact each head on the financial performance of an organization through various accounting ratios
Items in the Profit and Loss Account- Identifying the various sources of income, expenses and their impact on the taxability of the firm plus the profitability.
3) Using financial ratios for detailed analysis (1 day)
Understanding and interpreting the financial statement using accounting ratios: Profitability Ratios, Liquidity Ratios, Current Ratios not covered in the previous section.
4) Understanding the current taxation policy and its implication on your business-
(A)Indirect Tax (GST)(1 day) - Based on all the provisions applicable to your business
Understanding the GST rules and policies applicable to your business structure (rates, type, ITC claims, RCM if applicable, filing procedure, penalties)
Understanding the impact of GST on your business based on the provisions discussed in the above section
(B) Direct Tax (Corporate Tax)(2 days) - Based on all the provisions applicable to your business
Understanding the current Corporate Tax Regime of Dual Rates (old rate + exemption or new rate without exemption) - A detailed discussion of the various provisions and exemptions for a comprehensive understanding.
Analyzing and evaluating your business in light of new dual-rate regime and provisions introduced in the budget 2020 (removal of DDT, ease of ESOP, etc wherever applicable).
5) Tax Treatment and planning (1 day)
How to treat the taxes as per the provisions discussed in the previous sessions
Understanding and analyzing multiple factors for drafting suitable taxation plans in view of the financial position of your business.